Ireland's international financial services industry has mapped out sufficient growth to create 10,000 new jobs over the next five years. Identifying seven drivers underpinning this strategy, the Irish government says they are all critical in ensuring its successful implementation.
Specific opportunities for the sector’s growth are to be found in international insurance and re-insurance; funds management, including alternative investment funds and asset management; banking and payment services; green financial services; Islamic finance and cross-border pensions.
The seven drivers of growth are:
- transparent and competitive direct and indirect tax framework
- credible, responsible and proportionate regulatory regime
- development of new business lines
- co-ordinated international engagement and marketing
- integrated support for investment and growth
- targeted development of appropriate skills
- sustained control of business costs
The Taoiseach, Enda Kenny, said, “The strategy recognises and fully supports the critical importance of a credible, responsible and proportionate regulatory system whose own capacity and reputation provides, in itself, a source of competitive advantage for this jurisdiction, attracting reputable, responsible and sustainable financial services activity.
The Taoiseach acknowledged the IFSC for showing “extraordinary resilience through the global financial crisis. Over the past 10 years, employment in the IFSC has grown by almost 400%. Today the sector employs 33,000 and contributes over €1bn in Corporation Tax.”
The government’s initiative for the sector’s development and growth has been welcomed by the IFSC Ireland whose chairman Pat Farrell, said, “This strategy document, specifically targeting significant growth in international financial services in Ireland, also serves to highlight the increasing importance of international finance to the economic future of Ireland.”
IFSC industry companies account for 36% of corporation tax receipts and contributed at least €1.4bn in 2009. IFSC companies pay close to €2bn in wages and salaries resulting in personal and payroll tax receipts of €713m. It encompasses some 500 firms and directly employs almost 32,700 people, accounting for 10% of multi-national employment in Ireland.
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