Press release
Minister McGrath and Minister of State Carroll MacNeill launch 2024 Ireland for Finance Action Plan
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Published on
Last updated on
The Minister for Finance Michael McGrath and Minister of State for Financial Services, Credit Unions, and Insurance Dr Jennifer Carroll MacNeill today (Friday 8 March) launch the second Action Plan from the updated Ireland for Finance strategy following Cabinet approval.
The updated Ireland for Finance strategy looks to further establish Ireland as the recognised global location of choice for specialist international financial services. The 2024 Action Plan details various key measures to realise this ambition over the course of this year, in collaboration with both public and private sector stakeholders. There is an estimated 57,600 people now directly employed in the international financial services sector, with the industry also indirectly supporting a range of professional areas. Following on from the update to the strategy in October 2022, the new Action Plan is focused on 13 key deliverables over the remainder of the year under the five themes, namely:
• Sustainable finance
• Fintech and Digital finance
• Diversity and Talent
• Regionalisation and Promotion
• Operating Environment
This plan contains a special edition on sustainable finance.
These 13 measures are in addition to the continued work that is carried out by organisations in the public and private sectors that allow Ireland to be the location of choice for international financial services firms.
Commenting on the launch, Minister McGrath noted:
“It is my great pleasure, in partnership with my colleague Minister of State Carroll MacNeill, to launch the Action Plan 2024 under the Update to the Ireland for Finance Strategy. This plan, developed by the Department of Finance in conjunction with private and public sector partners, clearly outlines our focus for the coming year. This includes the continued development of Ireland as a centre for sustainable finance and fintech, development of the required skills for careers in the financial services industry, and promotion of and support for companies operating in the sector. With this activity, we will further establish Ireland as a premier financial centre in Europe and a location of choice for specialist international financial services.”
Minister Carroll MacNeill said:
“We are at a pivotal moment for the next step of international financial services in Ireland as the twin powerhouses of fintech and sustainable finance look to change the course of investment and delivery of financial services products over the coming years.
The sector continues to contribute positively to our economy and society since the establishment of the Irish Financial Services Centre some four decades ago.
Action Plan 2024 under the updated Ireland for Finance Strategy sets out how the Irish Government and industry continue in partnership to enhance the environment for financial services firms in Ireland, and to improve our competitiveness as an attractive location for innovation and for international business.”
The update to Ireland for Finance Action Plan 2024 was launched by Minister McGrath and Minister of State Carroll MacNeill ahead of their respective participation in the St Patrick’s Day Programme, where Minister McGrath will visit China while Minister of State Carroll MacNeill travels to Miami, Costa Rica and Mexico.
Notes to editors
The update to Ireland for Finance utilises a whole-of-government approach which is supported through ongoing collaboration between public and private stakeholders and educational institutions to ensure the talent and expertise of all three sectors can continue to be successfully harnessed to build on existing achievements and secure the ambitions set out in Ireland for Finance.
The Strategy is updated each year by means of annual Action Plans. This approach ensures that the Strategy remains relevant and up-to-date in identifying and addressing emerging challenges. Each annual Action Plan contains a list of measures grouped under five themes be actioned in that year with a responsible stakeholder tasked with leading on the execution of each measure.
The implementation of the Strategy is overseen by a public sector High Level Implementation Committee (HLIC) with assistance from an Industry Advisory Committee (IAC). This Joint Committee meets quarterly and it is chaired by Minister of State Carroll MacNeill. The Minister of State is supported by the International Financial Services Unit in the Department of Finance. The HLIC membership consists of senior officials of the Departments of the Taoiseach; Further and Higher Education, Research, Innovation and Science; Foreign Affairs; Enterprise, Trade and Employment; and Finance and the Chief Executive Officers of the IDA and Enterprise Ireland. The IAC includes key industry stakeholders such as representative bodies (secretariat), advisory firms and senior executives from companies across the different international financial services sectors.
There are 13 measures detailed in Action Plan 2024, with the lead organisation noted against each below. These will be achieved through collaboration with relevant stakeholders.
1. Implement the updated Sustainable Finance Roadmap – International Sustainable Finance Centre of Excellence
2. Promote Ireland’s Evolving Sustainability Value Proposition – IDA Ireland
3. Assess the proposal for the establishment of a national fintech hub – Department of Enterprise, Trade and Employment and the Department of Finance
4. Enhanced supports for ambitious early stage fintech innovators expanding into their first international market – Enterprise Ireland
5. Support Innovative Fintech and Digital Finance Investments across the IFS Portfolio - IDA
6. Ireland South East Financial Services Cluster REISS Project – Feasibility study - South East Financial Services Cluster (SEFSC)
7. Continue funding towards internationalisation and scaling of Irish fintechs - Enterprise Ireland
8. Irish fintech and financial services companies achieving competitive advantage through innovation and digitisation – Enterprise Ireland
9. Establish an Expert Group on Future Skills Needs (EGFSN) national oversight and implementation group – EGFSN secretariat supporting the rotating chair
10. Promote regionalisation for international financial services investments – Enterprise Agencies
11. Team Ireland will support client participation in 2024 international fintech events – Enterprise Agencies
12. Review the Central Bank of Ireland’s approach to innovation engagement in financial services – Central Bank of Ireland
13. Covered bonds environment in Ireland – Department of Finance
ENDS