Public asked to give views on future direction of IFSC

The Irish Financial Services Centre in Dublin

Gavin McLoughlin

Junior Finance Minister Simon Harris has launched a public consultation process relating to the development of a new strategy for the International Financial Services sector.

The Minister has invited submissions on a number of questions from interested stakeholders and members of the public who wish to put forward their views on the matter.

"As stability returns to our economy we must now focus on enhancing this sector's continuing contribution to sustainable growth and job creation...it is my intention to bring a draft strategy to government with a view to its publication in early 2015," Mr Harris said yesterday.

Earlier this year Dublin's ranking as a financial centre fell to 70th out of 83 international financial centres in the Global Financial Centres index.

The city was ranked 10th in March 2009.

"This is going to be the starting point of the strategy… Ireland has seen such a huge economic fall...that we're in the process of rebuilding. I think there's been a reputational overhang there," Mr Harris told the Irish Independent after Dublin's fall in the index was announced.

He said that promotion of the Irish financial sector needs to be better co-ordinated.

"There's a significant number of brands in the market when it comes to selling the financial services sector. If you look at Luxembourg, there's one brand that promotes Luxembourg's financial services sector," he said.

"We've an awful lot of voices on the public sector side and the industry side, which I sometimes think can cloud the message," he said.

"I think a second thing that needs to be looked at, and this is all without pre-judging the strategy, is the actual physical footprint of the IFSC. Can we expand it?"