Dublin, 11 March – Taoiseach Enda Kenny, Tánaiste Joan Burton and Minister of State for International Banking (including IFSC) Simon Harris today launched ‘IFS2020 – a new Strategy for Ireland’s International Financial Services Sector.’
The Strategy represents a new action-oriented approach to growing and developing the international financial services sector based on the very successful Action Plan for Jobs model. It sets out a clear vision for the sector for the next five years and an ambitious target to create 10,000 net new jobs in the sector by 2020. A significant number of these jobs created will be in the regions, reflecting the increasing national profile of the sector, with one third of jobs currently outside Dublin.
Key priorities in the Strategy include:
- leveraging our unique ICT and international financial services clusters so that we become a global leader for fintech
- increasing the profile of Ireland as location for specialist international financial services by convening a major IFS summit in Ireland in 2016, developing a strategic programme of trade missions and international promotion for the sector and developing a single banner brand for overseas engagement
- actions to enhance our IFS ecosystem and competitiveness including in the areas of skills, innovation, physical infrastructure , and regulation and
- the creation of a new implementation framework driven by a High Level Public Sector Implementation Committee and a new IFS Industry Advisory Committee which will replace the IFSC Clearing House Group.
Launching the document the Taoiseach said: “As part of our Action Plan for Jobs, we will grow the International Financial Services industry and create new jobs. Today, the IFS sector directly employs 35,000 people. With this new strategy, we are targeting the creation of another 10,000 net new jobs in the sector by 2020. When I travel to the United States tomorrow I will be talking about why Ireland competes and wins on the global stage. This new strategy will ensure that International Financial Services companies in Ireland will continue to thrive and that they will play a key role in securing recovery for the benefit of the entire country.”
Welcoming the launch of the Strategy, the Tánaiste said: “Job creation is at the heart of the Government’s strategy for economic and social recovery and this focus is mirrored in this new IFS strategy. It aims to create an additional 10,000 jobs in IFS firms supported by the IDA and Enterprise Ireland. And those jobs in turn will create a virtuous circle, underlining Ireland’s attractiveness to the financial services sector, and contributing to the wider recovery now under way.”
Speaking about the key elements of the new Strategy, Minister of State Simon Harris T.D. said:
“Soon after my appointment it became clear that a new Strategy was needed for this key pillar of the Irish economy. The actions set out in IFS2020 will ensure Ireland is well-placed to take advantage of the job creation opportunities arising in this dynamic sector. I look forward to implementing this Strategy with the support of our industry partners. Together with a more tightly coordinated public sector, Ireland will continue to attract high quality investment and continue to foster more Irish start-ups and SME growth.”
Ends
Notes to Editors
#ifs2020
- Full information about the Strategy as well as the responses to the public consultation process can be accessed at www.finance.gov.ie/ifs2020.
- The preparation of the Strategy was led by Minister of State Harris supported by a public sector group. It was informed by extensive consultation in Ireland and overseas including an open public consultation process, a series of industry roundtables and a consultation event with the education sector.
- Implementation of the Strategy will be led by a High Level Implementation Committee chaired by the Minister of State and composed of key Secretaries General and Agency CEOs. It will meet quarterly with an IFS Industry Advisory Committee with representatives from both multinational and Irish-owned companies and will be supported by working groups to drive progress on specific actions as well as a project co-ordination team to be established in the Department of the Taoiseach.
- The jobs target is to grow direct employment in the sector by 10,000 right across the country from its current level of 35,000 up to 45,000 by 2020 (i.e. by end-2019). There are now significant numbers (almost 12,000 people) employed in IFS-related roles outside Dublin including in Kerry, Cork, Donegal, Kilkenny, Waterford and Shannon. It is expected this regionalisation of the IFS sector will continue during the lifespan of the new strategy. The IFS2020 target is the IFS sector’s contribution to the Government’s overall job-creation objectives: to create 40,000 new jobs in 2015 alone, and to restore the economy to full employment with a 2.1 million-strong workforce by 2018.
For further queries contact:
Brendan Loughnane
Finance Press Office
