Sunday 19 November 2017

Apartment heights must rise, State Street's Dargan warns

An aerial view of the IFSC in Dublin (Stock picture)
An aerial view of the IFSC in Dublin (Stock picture)
Samantha McCaughren

Samantha McCaughren

Susan Dargan, the head of financial services giant State Street in Ireland, has called on planners to overhaul building height restrictions to pave the way for more high-quality apartments in Dublin.

She said that if a shift of international financial services firm to the city materialised as a result of Brexit, more accommodation for workers could be an issue.

"If you see do see a move of activity because of Brexit, then we do need more of the type of accommodation we see around here [in the IFSC]," she said, "I would say they need to build higher, even if it's in certain pockets of the city."

State Street Ireland, which has been in Ireland for 20 years, employs 2,500 here and is one of the country's most significant employers in the sector.

She said there were huge opportunities if the wider environment is right.

"If the overall environment isn't optimal, we will lose out to other locations," said Dargan.

She also raised concerns about the marginal tax rate for middle earners in Ireland - which she said was much higher than in Britain.

Dargan also flagged concerns over the regulatory environment in Ireland, urging those enacting legislation here not to 'gold plate' the rules.

"I think we need to be more outward-looking in terms of what some of the other jurisdictions are doing in terms of enactment".

Dargan said we need to make sure "we retain Ireland as an attractive location to do business for international financial services."

State Street employs 30,000 people globally.

Sunday Indo Business

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