What separates the IFSC from other
financial hubs?
There is a large niche in aircraft leasing, building
on the legacy of GPA, and there is also a very large
niche in wholesale insurance: both captive and
reinsurance. In addition, there are 40 life assurance
firms based in the centre. It has a very substantive
international banking industry base, with a number
of interesting niche firms. Overall the IFSC has
made a fantastic contribution to the Irish economy
in internationally traded services, and it is widely
admired globally.
Ireland has suffered from a domestic
banking crisis, yet the IFSC has
remained resilient. What can you say
to reassure investors that the IFSC is
protected from the domestic situation?
The first point I would like to emphasise is that the
international industry based in the IFSC is
ring-fenced from risk in the national economy and
the domestic banking sector. It is important for
people to understand that there is no risk arising
from domestic events.
Second, regulation of the IFSC is widely admired
globally, despite some ill-informed comments
that may occur in the media from time to time.
Collectively, the government, the industry and
the various authorities are committed to working
proactively to give comfort, transparency and
assurance to our international partners regarding
the reality of the situation and the fact that the
IFSC is insulated from recent events.
That is the message of the IFSC Ireland initiative
lead by John Bruton - to ensure both domestic and
international audiences understand the contribution
and the competency of the IFSC.
We have a wonderful internationally traded
sector, with regard to both physical and services
exports - it is the envy of the world. As the second
most globalised economy in the world, we have a
very good basis on which to work our way out of
the current difficulties. Our competitiveness has
improved hugely, so maintaining the confidence of
international investors now is very important.
What are the current priorities of
the IFSC?
We want to attract new institutions to the IFSC and
grow the activities of the existing institutions based
there. One of the hidden, unheralded successes that
came out of the IFSC was the competitive dynamic
that developed between firms and led to the overall
growth of entire sectors, to the benefit of everyone.
We are not looking simply at attracting firms from
Wall Street or London. The very international
nature of the IFSC as a hub means that it is truly
global, and therefore an attractive destination for
firms from Continental Europe, South America, the
Middle East, China and other emerging markets
looking to expand beyond their home base.
What does the IFSC have to offer
these firms?
We can offer these firms a well-regulated EU
jurisdiction with a hugely skilled and experienced
workforce at a competitive cost. State Street has four
businesses here in Ireland, employing over 2,000
people. All of these businesses are internationally
focused and are growing strongly. These businesses
are also some of the fastest growing businesses in all
of State Street’s portfolio. Much of this success is a
direct result of our Irish employees. They do what
it takes to get the job done - hours, travel -whatever
the job demands. They show flexibility and have a
great work ethic. They are admired internationally
and rightly so.
99