By: Minister of State with responsibility for Financial Services, Credit Unions and Insurance; Sean Fleming
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Good morning everyone and thank you all for taking the time to join us here this morning.
I would also like to thank KPMG for hosting us in this wonderful venue. As a Chartered Accountant myself, it is fascinating to see how the industry has changed since I qualified.
Workplaces like the one we are in today offer us a glimpse into what the future holds for us. It’s the perfect example of what has changed in recent years, a facility that allows people to collaborate on projects, some in person and some joining online.
On that point I would like to welcome our colleagues from the Industry Advisory Committee that are joining us from overseas this morning.
I would like to thank all the Committee members from Ireland for their assistance in the update to the Ireland for Finance strategy.
The update to the Ireland for Finance strategy will focus on the future development of the international financial services sector in Ireland to the end of 2026.
Partnership between the private and public sector is at the heart of this strategy. We are refocusing the strategy and introducing a target of 5,000 net new jobs.
The invaluable efforts of the IDA and Enterprise Ireland will be crucial to the success of the government’s ambition.
The strategy will remain a concerted effort to build a vibrant and diverse international financial services industry, all working to the common goal of increasing the number and type of career opportunities available to people.
This new document is in many ways, fundamentally a people based strategy.
The international financial services sector in Ireland is creating more opportunity for more people across the country than ever before.
Direct employment in the sector is at its highest levels with over 52,000 people working in a diverse array of firms in banking, investment management and insurance.
These figures don’t include the tens of thousands working in domestic financial services and those who work in supporting sectors, such as legal, audit and accounting firms.
As the Minister of State with responsibility for international financial services, I recognise the growth potential this sector has in Ireland.
Ireland is the only English speaking, common law jurisdiction in the European Union which is an attractive proposition for companies globally.
The private-public partnership has been at the heart of the success we have achieved since the early days of the IFSC in the late 1980s.
It has also provided measured strategic responses to major shocks to the sector, such as COVID and Brexit.
It is these specific and measurable actions, and the consistent government support, that have made big successes possible, such as the large number of international firms that chose Ireland as their post Brexit EU location.
In the updated strategy, I am reaffirming the strategic vision of developing Ireland as the premier location of choice for green and digital financial services. The sustainable and digital transitions are the defining societal changes that the world is confronting and they are creating long-term opportunities for Ireland.
I see the fintech steering group as example of where the private sector and public can co-operate on the future policy direction for Ireland. This group will be expanded to the private sector this year. And I anticipate for the subject of fintech to feature heavily in the Retail Banking Review, which will be published later this year.
In addition to a renewed emphasis and prioritisation of green and digital finance, the Department of Finance will be directing stakeholders across three other priorities; increasing levels of talent and diversity, greater regionalisation and promotion and continuing to build the optimal operating environment.
I want to ensure that we are doing all that we can to capitalise on our significant success in these areas. This means we will work closely with industry to ensure that Ireland’s diverse talent pool can properly access the growing number of opportunities in the sector.
In doing so I want to see the benefits that the sector brings extended to more people at all stages of their career, those starting out and those considering financial services for the first time.
Initiatives such as the recently launched Women in Finance Charter can support this enhanced ambition of the strategy by creating an accountable process for financial services firms to make opportunities available to more people.
Education has also been a key feature of why international firms chose Ireland as the place to grow their businesses and in the future we are planning for even greater levels of collaboration to deliver access to the right skills.
In Budget 2023, the government announced extra funding for over 2,000 Skillnet course places in sustainable finance, green tech and climate change.
These will be developed and delivered under the Ireland for Finance annual action plans. That is just one example of how the strategy is working with industry to create the capacity necessary for Ireland to have a modern sustainable economy.
As we face into a more complicated and competitive landscape for financial centres, it is important that the government shows its determination to maximise the growth opportunities that financial services has for Ireland.
The updated Ireland for Finance strategy will deliver jobs for more people across the country, and build a more vibrant and diverse sector in the process.
I want to close by once again thanking the team at the department who worked on the update and to all of the different stakeholders from industry and the public sectors that provided inputs and suggestions.