THE number of people employed in the International Financial Services Centre in Dublin could grow from its present level of 2,500 to 7,500 by the end of the decade, according to the Minister of State at the Department of the Taoiseach, Mr Gay Mitchell.

However, this goal will only be achieved if the IFSC meets the competitive challenge posed by similar centres. "We need to establish and maintain legislative and regulatory structures which will maintain a pro-business environment and reinforce our competitive position," according to Mr Mitchell. The Minister, who has responsibility for the centre, plans to draw up a "blueprint" on the centre's future in the first half of this year. The plan will be based on the recommendations of two advisory committees established last year.

One committee comprises representatives from the Department of the Taoiseach, IDA Ireland, the National Treasury Management Agency and the Department of Finance. The second committee is made up of individuals from overseas financial institutions of the type that operate in offshore centres such as the IFSC.