International boost for Irish jobs sector

BETWEEN 1,000 and 2,000 Irish-based jobs are expected to be generated by international financial services firms every year for the next five years.

While IFSC Ireland — the representative board for international finance firms with an Irish presence — has no fixed targets for attracting new business, its council chairman Willie Slattery said the body would be happy with such employment numbers being met over the stated timeframe.

Mr Slattery — who also heads up the Irish operations of international financial services/investment management giant, State Street — said the new jobs would be generated by both existing IFSC firms and new companies looking to establish a presence here, and would be spread throughout the country.

He was speaking ahead of an IFSC Ireland event, held at the headquarters of the Irish Stock Exchange, last night.

Currently, around 500 IFSC-based businesses employ a combined 30,000 people around the country.

A recent report into the effectiveness of the IFSC, undertaken by Accenture and Financial Services Ireland, showed that companies based in Ireland contribute around €2.1bn in tax every year and jointly represent 36% of the total annual corporate tax take.

Part of the new marketing work of the IFSC Ireland Council will see a continuation of promotional international sales and advocacy trips undertaken by IFSC president, and former Taoiseach, John Bruton.

Already this year, Mr Bruton has visited New York, Boston and Frankfurt promoting the IFSC.

Mr Slattery said the IFSC Council is lobbying the Government over a number of issues necessary to maintain growth in overseas financial services investment in Ireland.

“Apart from just protecting our corporate tax rate; things like the protection of the country’s credit rating — one of the main things to which international investment companies are sensitive — a competitive income tax structure, as we’re competing with other countries for scarce, skilled labour; and a more predictable, reasonable and fair system of regulation which is open to new business are the things that will determine how successful Ireland will be in the next few years,” he said.

He added that Ireland’s reputation on the international stage hasn’t been damaged too much, saying that “sophisticated investment companies” can distinguish between problems emanating from a domestic banking system that was overly reliant on a property bubble and an all-round positive regulatory system.

He also said the protection of existing jobs in the sector is as important as the creation of new positions.