Martin says south-east to become financial hub

WATERFORD is well-positioned to become the new financial hub outside Dublin, according to Enterprise Minister Micheál Martin.

Earlier this week, international financial company BISYS announced it was bringing 250 jobs to Waterford over the next five years. The bulk of the jobs at the new base at the Butlerstown Industrial Park will be for graduates who will administer hedge funds.

Mr Martin said the announcement augured well for the future of the south-east as a major financial hub.

“These jobs will act as a magnet for other investors. This area has a critical mass of people and skills and has the capacity to attract jobs and projects like this and ensure their success.

“A cluster of companies in the international financial services area is beginning to take shape in the south-east and BISYS is a very welcome addition to this group,” Mr Martin said.

“With financial services companies in Wexford, Kilkenny and Waterford, the south-east region is quickly emerging as one of the preferred locations for the financial services industry outside of Dublin. Hedge fund administration is one of the fastest growing areas of financial services internationally.”

Local Fianna Fáil TD Ollie Wilkinson said the county was set for a major business boost after the BISYS announcement.

“This is welcome news for Waterford which suffered a major jobs setback earlier this year with the announcement that Waterford Crystal was to close its Dungarvan operation,” he said.

Senator Brendan Kenneally has said the county’s top business graduates were going to be offered a local outlet for their skills.

“Waterford has become known over the years more as a manufacturing blue-collar county, particularly in built-up areas.

“But BISYS’s announcement is an enormous vote of confidence in the educational dynamism and calibre of Waterford’s third-level graduates,” he said.

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