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European Financial Forum 2016 at Dublin Castle

European Financial Forum 2016 at Dublin Castle

Today, Cafico International attended Dublin Castle which played host to the European Financial Forum. This inaugural event, presented by the Financial Times in association with IDA Ireland and Enterprise Ireland, brought together industry leaders, policy makers, and experts to explore the disruptive forces that are shaping the financial sector into the future and discuss where opportunities lie.

Attending delegates were welcomed by Enda Kenny TD, An Taoiseach (Ireland’s Prime Minister) and the opening keynote address was delivered by Philip Lane, Governor, Central Bank of Ireland and Andrew Bailey, Deputy Governor for Prudential Regulation, Bank of England and CEO, Prudential Regulatory Authority. Panel discussions then focused on the Changing Macroeconomic and Business Climate, Evolving Regulation, Digital Disruption, Investment Funds, Insurance, and Fintech.

International Financial Services Ireland

The interactive discussions were excellent and noted Ireland’s Department of Finance’s International Financial Services Strategy 2020 (IFS2020), which seeks to fully capture the future opportunities in the international financial services sector in this country and highlighted the appointment of a Minister of State with specific responsibility for international financial services, demonstrating the Irish Government’s deep commitment to the sector. The Strategy’s vision is for Ireland to be the recognised global location of choice for specialist international financial services, building on our strengths in talent, technology, innovation and excellent client service, while focusing on capturing new opportunities in a changing marketplace and embracing the highest standards of governance.

While IFS2020 is a Government-led strategy, it also reflects Ireland’s well-established partnership approach between Government and Industry. The preparation of IFS2020 has benefited from extensive consultation with industry stakeholders and experts, and its successful implementation will depend on the continuation, and indeed enhancement of, the strategic partnership between Government and Industry.

Ireland today has a thriving and growing IFS sector, which is making an important contribution to the economy. The core of the IFS sector is the approximately 430 IDA Ireland and Enterprise Ireland client companies that provide internationally traded financial services, special purpose vehicles (SPV) and technologies. Half of these companies are Irish-owned while the other half are foreign-owned firms with operations here. As of end-2014, these IFS companies directly employ over 35,000 people. Three-quarters of IFS employment is provided by foreign-owned companies and one-quarter by Irish-owned companies.