FORMER TAOISEACH John Bruton is to become chairman of IFSC Ireland, a new body tasked with promoting Ireland’s international financial services industry.

Mr Bruton, who is also a former EU ambassador to the US, said his priority would be bringing jobs to Ireland and generating new employment opportunities in the IFSC for young people.

He will work with the industry to identify opportunities to develop the IFSC and act as a contact for potential investors.

“The international financial services industry in this country has remained resilient throughout the global downturn and is continuing to act as a source of well-paid employment, particularly for young qualified graduates,” Mr Bruton said yesterday.

The industry already supports more than 25,000 jobs and is a source of many further “spin-off” jobs, he said.

“I hope to be able to put my experience overseas, previously in the public sector and now in the private sector. . . to promote the industry in a manner that maximises the employment benefits of the IFSC for Ireland,” he added.

IFSC Ireland will be funded by a number of industry bodies including the Irish Funds Industry Association, Financial Services Ireland, the Institute of Bankers and the Irish Stock Exchange.

Barry O’Leary, chief executive of IDA Ireland, welcomed the appointment of a chairman “of such global standing” to represent IFSC Ireland, and said his organisation would support Mr Bruton in his role.

IDA Ireland believes there are significant investment opportunities that Ireland can win that will generate highly skilled employment in this industry, he said.

In a joint statement, the organisations that developed IFSC Ireland said Mr Bruton’s international credentials would be key to exploiting the full potential of the IFSC to create employment and generate economic activity.

“The industry believes that the IFSC can, once again, play an important role in supporting our economic recovery,” it said.