Bruton working 'to secure IFSC's future'

A NO VOTE in the upcoming fiscal treaty would have an adverse impact on Ireland’s financial services sector, the president of IFSC Ireland, John Bruton, has said.

At an event last night to mark the 25th anniversary of the IFSC at the Irish Stock Exchange, Mr Bruton highlighted the work that had been done over the last year to secure the future of the IFSC, which employs about 33,000 people directly.

“During the past year, there have been some 45 engagements at home and abroad,” he said.

As well as meeting parent organisations of companies with a presence in Ireland, the IFSC also actively pursued chief executives of multinationals which have a small presence in Ireland.

“We would hope that these CEOs now have a heightened awareness of the capability of Ireland and have Ireland on the map for future opportunities,” he said.

Ireland is also one of the world’s leading international reinsurance markets, Mr Bruton added.

More than half of the world’s top 20 reinsurers have operations in Ireland.

“In the past 10 years employment in the industry has risen by 400 per cent. No other industry can match that performance.

“ It contributes €1 billion in corporation profits tax and €0.7 billion in payroll taxes to the Irish Exchequer – and growing.”

Willie Slattery, chairman of the IFSC Ireland Council and head of State Street in Ireland, noted that Ireland had been ranked number one in terms of human capital in a recent report by the Economist Intelligence Unit.

Barry O’Leary, the head of IDA Ireland, highlighted the collaborative approach the IDA and the IFSC were taking towards securing foreign direct investment.

Mr Bruton stressed the importance of ensuring companies which already have a presence in the IFSC remain committed to Ireland.

“It [the IFSC] consists of 500 separate firms in a range of different sectors. These are mobile jobs. They are here by choice and they can leave by choice,” Mr Bruton said.

“They are here because we have built a talent pool in Ireland, in the relevant specialist fields, that is second to none.

“Basically these jobs are here because people feel that their money is safe here.”