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New strategy aims to increase employment by 10,000

New strategy aims to increase employment by 10,000

FG junior minister Simon Harris

FG junior minister Simon Harris

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New strategy aims to increase employment by 10,000

Private-sector secondments are to be offered to staff from some government departments and agencies to financial services firms at home and abroad.

The move is one of the actions set out in the Government's new strategy for the financial services sector here, which aims to boost employment in the sector by 10,000.

Secondments will be offered for staff in the Departments of Foreign Affairs and Trade and Finance as well as Enterprise Ireland and the IDA.

A scheme is already in place in Foreign Affairs to allow staff to take a secondment to aircraft- leasing company Avolon.

Under the new financial services strategy, a new umbrella brand for the financial services sector will be drawn up.

And the existing Clearing House Group, which includes representatives from the industrial and financial services sector, and is chaired by the Secretary General of the Department of the Taoiseach, will be replaced by an IFS industry advisory committee. The work will be supported by a small, IFS co-ordination team to be set up in the Taoiseach's department.

The strategy, launched by Taoiseach Enda Kenny, Tánaiste Joan Burton and Junior Finance Minister Simon Harris, has a target to boost employment in financial services by 10,000 by 2020 was laid down.

This is equivalent to an almost 30pc net increase in employment and will bring the numbers working in the sector here to 45,000.

There are 430 companies operating in the financial services sector here, half of which are foreign-owned.

At the end of last year, these companies employed 35,000, with about three-quarters of that number provided by foreign-owned companies.

The strategy points out that the Dublin docklands area has traditionally been the hub of financial services, but there has also been a significant growth in the number of companies operating across Dublin city and county, as well as areas outside of the capital. The strategy sets out a number of actions, including using the IDA and Enterprise Ireland to market Ireland as a hub for foreign investment, and to boost the presence of Irish financial services companies overseas.

A representative of the industry will also sit on the Export Trade Council, to "reflect the priority attached to the sector". Ireland will also host a major IFSC summit to highlight emerging trends and opportunities in the sector early next year.

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