IFSC should form partnership with City of London

Ireland's international financial services sector should forge closer links with the City of London in order to maximise its potential, Brian Hayes MEP has said.

Speaking at a joint IFSC Ireland-city of London event in Brussels on Tuesday, Mr Hayes said that Ireland and Britain’s financial services centres need to establish a structured partnership arrangement to coordinate on areas of common interest.

“It makes economic sense to build closer ties between the IFSC and the city of London. By developing a structured partnership arrangement with the city of London, the IFSC has the chance to maximise its potential,” he said.

Mr Hayes called for the establishment of a joint IFSC-City of London committee, including government representatives as well as industry players, which would meet regularly to coordinate on areas of mutual interest.

“No other arrangement exists in the world between financial services centres and we could become a leading example,” he said.

Mr Hayes suggested that the idea of a new financial services partnership arrangement be explored as part of general discussions to develop an action plan for greater partnership bewteen Dublin and London.

The close relationship between the city of London and the IFSC is seen by many as a key factor in the success of Ireland's international financial services sector to date. However, it is yet unclear what impact a potential exit from the European Union by the UK following next year's referendum might have.

Also speaking at the event, Minister of State Simon Harris noted the “positive impact of past collaboration between the Irish and UK financial sectors”.

“Continuing to put this hard-earned benefit front and centre in future debates on the UK’s membership of the European Union is incumbent on both business communities and other stakeholders who recognise the importance of ‘better together’ in an increasingly competitive global market place,” he said.