IDA aims to create new IFSC district
THE IDA has proposed plans to "take advantage of lower property prices, construction costs and State ownership via Nama to create a next generation IFSC in the Docklands area of Dublin", according to the latest minutes of the controversial Clearing House Group.
The proposal would include plans to "develop a new financial and international services district complete with signature buildings", the group's minutes state.
The Clearing House Group is made up of representatives of the financial sector in Ireland as well as State bodies. it is chaired by the secretary general of the Taoiseach's department. The low-profile group has come under scrutiny over claims that it has enormous influence over government policy.
The minutes also note that the IFSC sector is pushing hard for better tax rates for top international executives. "Further improvement of the special assignee relief programme should be considered as part of the job creation programme," says the financial services industry lobby group.
The IDA proposals are among many being considered by the Government as it unveils a stimulus programme to kick-start the economy and reduce unemployment.
Last week the Government announced plans to use the €6.5bn in the National Pensions Reserve Fund to bankroll a number of ambitious projects.