Monday 18 December 2017

More companies want to set up Irish operations -- IDA

Thomas Molloy

THE number of companies interested in setting up operations in Ireland is rising, the head of the IDA told a conference yesterday.

More companies are doing site visits, holding meetings with IDA officials and contacting the IDA's offices for information, IDA chief executive Barry O'Leary told a Finance Dublin conference in Dublin Castle on the future of the International Financial Services Centre.

"It's well up on last year and not just 2009, also 2008 and 2007," Mr O'Leary said.

The IFSC, which employs just under 25,000 people, has been relatively immune to the global meltdown. Many of the new jobs will be in the insurance sector, he added. Other sectors which show good prospects include so-called financial technology.

State Street, the Boston-based financial services company which employs 2,200 people in Ireland, has recently added 200 employees, while Citi plans to hire 200 more and invest €100m in research, Mr O'Leary noted.

A separate conference on the IFSC and developments in the offshore funds industry hosted by PriceWaterhouseCoopers yesterday was told that Ireland has acted swiftly to meet US President Barack Obama's concerns about tax havens.

PWC tax expert Pat Wall said Ireland has been quick to reassure the US by changing the law in this year's finance bill.

Irish Independent

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