Business Irish

Wednesday 22 May 2019

New State plan to lure financial services jobs

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The Government is tearing up its five-year strategy for the International Financial Services (IFS) sector in favour of a new one to ensure that Ireland remains a desirable location for international financial services in the wake of challenges such as Brexit and regulatory and tax reforms in the US.

IFS2020 planned to increase direct employment in the sector by 10,000 new jobs by 2020.

However, the Sunday Independent has learned that the Cabinet has approved the initiation of a new IFS2025 strategy, to be launched at next year’s European Financial Forum (EFF). An 11-strong group led by Michael D’Arcy, Minister of State for Financial Services and Insurance, held its first meeting last month. Each member of the group, which includes Carl Tannenbaum, chief economist at Northern Trust, Matheson’s Michael Jackson, and Olivia Hayden from PwC, has been tasked to develop specific policy papers relative to their area of expertise before a final document will be presented to the IFS2020 Industry Advisory Committee in September.

The group’s policy paper will be put to public consultation before final Government approval.

“We need to place the international financial services sector on a strong footing for the next decade,” said D’Arcy, adding that Ireland stands to gain more FDI from companies in the US seeking a passport to Europe for financial services.

The minister said that many of the companies in the IFS sector that had planned to locate in Ireland, or expand their operations here as a result of Brexit, had already done so.

Mr D'Arcy added that a new strategy was required to ensure Ireland was best-placed to facilitate FDI and investment from financial services companies in North America and further afield which need a foothold in Ireland to access the European Union.

The financial services sector received a boost last week when the Irish-international fintech company, Fexco, announced a significant expansion of its Killorglin, Co Kerry, headquarters, creating 175 new jobs over three years.

Sunday Indo Business

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