Following dismal ratings in an index of global financial centres that was published Monday, the Government announced today that it will soon begin a search for a new strategy for Dublin's International Services Centre (IFSC) - - the offshore financial centre.
Employment in international financial services is also located throughout the country but from an international perspective Dublin and the original core of the centre in the docklands area, remain in effect the key "shop front" of the offshore centre.
We reported on Monday that an index of global financial centres, reflecting selections by finance professionals and published every six months, ranked Dublin as 70th of 83 centres acrossteh globe - - down from 13 in September 2008.
Simon Harris, minister of state at the Department of Finance, today announced his intention to lead the preparation of a revised strategy for the International Financial Services Sector.
At the Enterprise Ireland Financial Services & Technology CEO Forum, he said: “My appointment as a minister of state with specific responsibility for the IFSC for the first time in twenty years demonstrates the importance that the Irish Government attaches to this sector.
Given the contribution of the international financial services industry to the Irish economy it is vital that there is a coherent and up-to- date strategy to drive growth in the sector. Therefore the Government has agreed that I will lead the preparation of a revised Strategy to ensure that we protect existing jobs and adapt to take advantage of new and emerging opportunities to further drive jobs and growth.”
He added that work on the strategy will begin shortly and include "focused and targeted consultation with relevant stakeholders".
It is expected that the strategy will be completed and brought to Government for agreement in early 2015.
There are over 30,000 employed in the sector.