Government to direct new finance jobs to regions outside Dublin

At least a third of all new international financial services jobs will be located in regional areas, the Government has promised.

Junior finance minister Eoghan Murphy yesterday said that his top priority is to create as many financial positions outside of Dublin when luring UK and foreign-based institutions who are looking to relocate as a result of Brexit.

However, he has warned that Government would not be “stupid” in allowing businesses relocate here that could pose a risk to the financial sector.

He added that the target of creating 10,000 financial jobs here by 2020 is likely to be exceeded as a result of Brexit.

“If Brexit hadn’t have happened we would be aiming to hit those numbers,” said Mr Murphy.

“Brexit has happened and all we have seen is an increase in interest in Ireland as a location and so we would hope to exceed that number.”

Some 2,600 positions have already been created since the action plan was rolled out last year.

“When we look at our jobs target of 10,000, I would like to see as much of that going out to the regions as possible because I think there is real potential out there,” Mr Murphy told a Brexit-focused briefing yesterday.

He dismissed any notion that the Central Bank and the regulator would not be able to cope with an influx of banking institutions relocating here.

“I have heard these concerns,” he said.

“I see it as well where you see a foreign paper or an international paper talking about the locations of choice for a German bank and it doesn’t mention Dublin and people wonder why.

“Often there are other reasons as to why we are not being mentioned that mightn’t have the purest motives behind them because we are in competition.

“I think the same is going on, to an extent, when they talk about capacity issues around the regulator.

“People are trying to give the impression in some areas that they are not up to the task, but from everything I have heard and seen I think they are. I think it’s in others’ interests to talk others down and talk themselves up — that’s competition, we have to be smart about it.”

However, he said Ireland is competitive enough to attract considerable financial business but the Government will not be opening the country up to any necessary risk.

“Of course we are in a position to take on new businesses that will be relocating out of the UK as a result of the Brexit decision, but we are not going to be stupid, we are not going to go down any new potentially risky avenues that may expose the Irish State in any way,” said Mr Murphy.

“There are a couple of particular areas where those risks exist.

“The Central Bank is well aware of the risks and we don’t want to take on any additional risks that may come back to bite us in the future.”

However, Mr Murphy outlined a number of initiates that the Government would be undertaking in order to ensure that Ireland is as competitive as possible in attracting jobs.

Among the infrastructural projects is a new bridge over the River Liffey in Dublin to link the old Irish Glass Bottle site with the original IFSC area.

He also suggested a new international school would be built in the north inner city to attract international bankers who wish to relocate with their families.