Minister of State Sean Fleming chaired a virtual meeting of the Ireland for Finance Joint Committees

The Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Sean Fleming T.D., on Tuesday 29 September, chaired the quarter three (Q3) meeting of the Joint Committees of the Ireland for Finance strategy, the first meeting to take place since his appointment in July. The virtual meeting brings together the key International Financial Services (IFS) stakeholders from the public and private sector to monitor the progress and future direction of the actions taken under the Ireland for Finance strategy.

The protection and growth of employment in the IFS sector is at the heart of the strategy and the Q3 meeting featured a detailed discussion on the impact of COVID-19, and what it means for the nearly 47,000 people working in the industry. The agenda also included an update on progress achieved during the first half of the year under Action Plan 2020. The publication and introduction in the Seanad of the Investment Limited Partnership legislation was also covered.

The meeting also discussed the preparation of the 2021 Action Plan which is expected to have a strong focus on future growth areas of FinTech and Sustainable Finance, in addition to the horizontal priorities of greater Diversity more Regional development.

Commenting on the meeting Minister Fleming said;

“I was delighted to have the opportunity to meet with the members of the Joint Committee to advance together our priorities for Ireland for Finance and the exciting and resilient IFS sector across the country. The people at the heart of this industry have worked hard to adapt to remote working in recent months and collectively we want to support this resilience and where possible take advantage of the growth opportunities in areas such as FinTech and Sustainable Finance. I expect these to form many of the positive measures, along with responding to the ongoing impact of Brexit, in the Action Plan for 2021 that will be developed and brought to Government. ”

The High Level Implementation Committee, chaired by Minister Fleming, consists of senior officials in the Departments of the Taoiseach, of Finance, of Business, Enterprise and Innovation, of Education and Skills, and of Foreign Affairs and Trade, and the CEOs of Enterprise Ireland and the IDA. The High Level Implementation Committee provides strategic leadership to continue the development of the sector and ensures coordinated, timely and effective implementation of the strategy.

The Industry Advisory Committee consists of executives from Irish and international firms representing all sub-sectors in the sector here. The Industry Advisory Committee supports the High Level Implementation Committee in implementing the strategy and in monitoring and reporting on progress.

Both committees meet together on a quarterly as the Joint Committee of Ireland for Finance.