The International Financial
Services Centre
Interview with William Slattery, Executive Vice-President
and Country Head - Ireland, State Street
William Slattery is a veteran of the financial
services industry in Ireland. Having worked for 22
years in the Central Bank of Ireland, he assisted
in developing the regulatory structure for the
International Financial Services Centre (IFSC),
the financial hub that dominates the northern bank
towards the mouth of the River Liffey.
As an executive vice-president with one of the
world’s leading financial institutions, State Street,
and head of their European offshore domiciles,
which includes; Luxembourg, the Channel Islands
and Ireland, Slattery is well positioned to discuss
Ireland’s international financial hub, the IFSC.
What was the reaction when the idea
of the International Financial Services
Centre (IFSC) was first put forward back
in the 1980s?
At the time, the reaction in the private sector was
a mixture of scepticism and mild hope. There was
already some activity in place including Guinness
Peat Aviation (GPA) - a commercial aircraft sales
and leasing company established in 1975, and some
tax-driven lending in relation to the Shannon Free
Zone. The two main Irish banks were also active,
and there was some foreign exchange activity.
Beyond that, there was really nothing else.
To what extent do you think the initial
vision has been realised?
There is no doubt that what’s been achieved has
exceeded the wildest dreams of all the participants
at that time. The IFSC now employs over 25,000
people in more than 500 firms. Today, the IFSC
is one of the major fund servicing domiciles in the
world. Almost 10 percent of EU funds are located
in the IFSC and it services 40 percent of global
alternative investment fund assets.