An Taoiseach Enda Kenny launched a new strategy for Dublin’s International Financial Service Centre today, stating that 10,000 new jobs could be created over the next five years.
This morning, Kenny said the IFSC had shown extraordinary resilience throughout the financial crisis.
Currently, about 33,000 people are employed at the IFSC, located on the city centre quays. It also contributes €1.4bn in corporation tax, and a further €700m in payroll taxes, according to a report published in 2010 by Accenture.
The ambitious plans announced this morning were developed by the IFSC Clearing House Group, which is chaired by Dermot McCarthy, secretary general to the Department of the Taoiseach.
Commenting on the new strategy, Financial Services Ireland director Brendan Bruen said, “The jobs target is challenging, but achievable…given the opportunities that exist across insurance, banking, fund administration and investment management, and the potential of the Green IFSC, payments and other emerging sectors.”
However, he warned that significant challenges would have to be overcome and the environment had to be “right”.
The strategy looks at tax and regulatory systems. The IFSC group, who will implement the plan, will also discuss plans for developing new business areas, marketing the centre internationally and targeting the development of skills.
Commenting on the regulatory aspect, Bruen said, “At the core of the strategy is ensuring world-class tax and regulatory regimes. The right regulatory environment does not mean light regulation. It means having a regulator that is credible, responsible and efficient. Through radical structural reform and extensive recruitment, the Central Bank has built the capacity to supervise the most complex businesses. This capacity will be at the heart of the IFSC’s growth potential.”