Target of 10,000 jobs for IFSC firms
Speaking yesterday at the launch of the Strategy for the International Financial Services Industry in Ireland: 2011-2016 report, which sets out a vision for the future development of the IFSC, Taoiseach Enda Kenny claimed the jobs target is a credible one and is based on expert assessments.
“The opportunities are real, the competitive strengths of Ireland are proven, and the capacity of the public authorities and the industry to cooperate to target growth opportunities is proven by the success of the industry to date,” Mr Kenny said.
“Job creation and economic growth remain as critical today as they were when the IFSC was created in 1987. But, unlike in 1987, today the IFSC builds from a position of strength.”
Currently, some 500 IFSC-based businesses employ a combined 30,000 people around the country. A Financial Services Ireland report into the effectiveness of the IFSC earlier this year showed that companies based here contribute around €2.1 billion in tax every year and jointly represent 36% of the total annual corporate tax take.
Yesterday’s strategy document identifies a number of growth drivers for the future of the international financial services sector here, including a more transparent and competitive tax framework, a responsible regulatory regime, the targeted development of appropriate skills and the development of new business lines.
The Federation of International Banks in Ireland called the report “a major step” in the promotion of Ireland as a financial services location. PricewaterhouseCoopers said it was “hugely positive”.
The group’s financial services tax partner, John O’Leary, said: “It is an unequivocal statement from the Government that the IFSC is open for business and that international financial services will play a key part in Ireland’s economic recovery. It has the full support of state agencies including the Central Bank, IDA and Enterprise Ireland.
“Companies operating in this sector now know what they can expect from policymakers over the next five years in all key areas, including tax policy, regulation and education and skills.”
