ireland for finance - assets.gov.iefinancial services sector on a path to rise even further in the...

A Ireland for Finance

IRELAND FOR FINANCEThe strategy for the development of Ireland’s international financial services sector to 2025

Prepared by the Department of Financegov.ie

April 2019

Contents

Foreword 1

Executive summary 5

Introduction 9 Backgroundtointernationalfinancial servicesinIreland 9

Overview of IFS sectors 11 Globalreach 13 Apro-businessenvironment 14 IFSinIreland–lookingforward 15 Visionandkeyobjectives 16 Employmenttargets 16 Progress indicators 17 Internationalrankings 17 Fourpillars 18 Horizontalpriorities 19 Regionalisation 19 Diversity 19 Sustainablefinance 19 Othergovernmentstrategies 20 Governancestructures 20 Acoherentapproach 21

Pillar 1: Operating Environment 25 Introduction 25 Strongandeffectiveregulation 25 Industryrepresentationofthesector 26 Legalsystem 27 Legislation 27 Supportforinternationaltaxation developments 28 Supportforsmallandmedium-sized enterprises 28 Environmentscanning 29 CapeTownConvention 29 Aviationleasingandbeyond 29

Pillar 2: Technology and Innovation 33 Introduction 33 Collaboration 33 Innovation 34 SupportsforIrish-ownedfinancialservices andfintechcompanies 37 Platforms 38 Paceoftechnologychange 38

Pillar 3: Talent 41 Introduction 41 Renewedfocusoneducationand lifelonglearning 41 Skillsdevelopment 42 Increaseduptakeofapprenticeships 42 Education–industrylinkages 43 Developmentofpostgraduateprogrammes 43 Skillsneedsanalysis 43 Increasingdiversity 44 Visaprogramme 45 SpecialAssigneeReliefProgramme(SARP) 45

Pillar 4: Communications and Promotion 47 Introduction 47 EuropeanFinancialForum 47 ClimateFinanceWeekIreland 47 ‘IFSIreland’brandingandwebsite 48 Communicatingthestrategyexternally 48 Communicatingthestrategydomestically 48 Communicatingthestrategyforandacross theregions 49 Othercommunicationsandpromotional issues 50 Cultureandlifestyle 51 Communicationsonthewider infrastructure 52

Appendix I: Action Measures for 2019 53 HeadlineActions 54 OperatingEnvironment 57 TechnologyandInnovation 61 Talent 63 Communications 67

Appendix II: Glossary 70

1 Ireland for Finance

Foreword

Ireland has built a very successful international financial services industry over the last three decades. From its origins in Dublin’s Docklands in 1987, the sector has now grown to become a truly national industry with a significant presence across the country in a number of regional locations including Cork, Galway, Letterkenny, Limerick, Waterford and Wexford.

2019marksthefinalyearoftheGovernment Strategy for Ireland’s International Financial Services Sector – IFS2020 – whichhasbeenverysuccessful.Thissuccesscanbemeasuredunderanumberofmetrics:

· employmentgrewfrom35,000in2015toapproximately44,000(attheendof2018)–anincreaseof25percent,whichrepresents90percentoftheIFS2020targetof10,000additionaljobsby2020,

· 14ofthetop15globalaircraftlessorsarenowbasedinIrelandandwecontinuetoattractglobalinvestmentintothatsector,includingfromAsiaandtheMiddleEast,

· Irelandisnowhometo20oftheworld’stop25financialservicescompanies, · withover€4trillioninfundassetsunderadministration,Irelandisthe3rdlargestglobalinvestmentfundsdomicile,thelargestEuropeandomicileforETFs,andaleadinglocationworldwideforhedgefundadministration,

· 17ofthetop20globalbanksand11oftheworld’stop15insurancecompanieshaveapresenceinIreland,and

· theIrishcross-borderinsurancesectorwritesbusinessintomorethan100countrieswithmorethan25millioncustomers.

Future success will demand even more commitmentThisgovernmentiscommittedtobuildingonthesuccessesalreadyachievedbythesector.OurnewstrategyisaimedatensuringthatIrelandcontinuestoberegardedasoneoftheworld’sleadingglobalfinancialcentres.ThestrategyalignswithotherkeygovernmentstrategiesincludingFuture Jobs Ireland 2019,theNational Development Plan 2018–2027,theNational Digital StrategyandtheNational Adaption Framework.

Iamgratefultoallthosewhorespondedtocallsforsubmissionsinrelationtothisstrategy.Wereceivedmanywellresearched,thoughtfulandthoughtprovokingsubmissionsfromawiderangeofindustrysectors,industryparticipantsandconsumersoffinancialservices.Iamalsogratefultoallthosewhohaveworkedtohelpdefineandrefinethatstrategyovermanymonths.Inparticular,IamgratefultothemembersoftheIndustryAdvisoryCommittee,myofficialsattheDepartmentofFinance,andthemembersoftheStrategicAdvisoryGroupfortheirworkinidentifyingandanalysingtheopportunitiesandchallengeswefaceandinhelpingustoshapeournewstrategy.IamconfidentthatthisnewstrategywillplaceIreland’sinternationalfinancialservicessectoronapathtoriseevenfurtherintheworldcompetitiverankingsandthatitwilldeliverfurtherstability,innovationandchoicetoinvestorsandconsumersoffinancialservicesworldwide.

Onethingthatisclearfromthisvaluableprocessisthatourfuturesuccessisgoingtorequireevenmorecommitment.Specifically,itisgoingtorequireamarketleadingcommitmenttocompete.

Improvingourcompetitiverankingswillrequire:

· clear,preciseandmeasurablearticulationsofourobjectivesineachofourtargetmarkets(forexample,remainingtheno.1locationinEuropeforexchange-tradedfunds),

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· clarityaboutwho,specifically,ourcompetitorsareineachofourtargetmarkets, · identifyingwhatourpointsofdifferentiationwillbe–inotherwords,howarewegoingtomeettheneedsofeachofourtargetmarketsbetterthanourspecificcompetitorsdo,and

· speedyandeffectiveimplementationofcompetitivenessenhancingmeasures.

Theenvironmentforinternationalfinancialservicesisincreasinglycompetitive.Industryparticipantscontinuallyfacepressurestooptimisetheirbusinessesbydeliveringnewandinnovativeproductsandbyexploitingprocessandlocationalefficiencies.Theymustdeliverthesewhilecontinuingtoservetheneedsoftheircustomersandensuringtheoverallcontinuedstabilityoftheglobalfinancialsystem.

Theindustryismoretechnologyintensivethanithaseverbeenandtheuseofartificialintelligence(AI)andautomationpresentbothopportunitiesandchallengesforIreland.Irelandmustcontinuetopositionitselfasalocationthatisopentoprovidinganinnovative,supportiveanddynamicenvironmentforcompanieslookingtoleverageourexpertiseandlonghistoryintechnologyandfinancialservices.OneofthenewmeasuresinthestrategytodrivethisaspectofdevelopmentistheestablishmentoftheFintechForesightGroupwhichwilladvisetheJointCommitteeaboutkeydevelopmentsintechnologyintheinternationalfinancialservices(IFS)sector.

InIreland,werecognisethatinordertocompeteforandwinbusinesswemustbeagileandcreativeinseekingtomeetthedemandsofcompaniesoperatinginarapidlychangingenvironment.Wealsorecognise,however,thedangersofpromisingmorethancanbedeliveredandtheimportanceofremainingtruetoourdualgoalsofmaintainingfinancialstabilityandupholdingEUregulatorypolicyinaconsistentway.OuraimmustthereforebetoensurethatIrelandisbothaprudentlocationfromwhichtooperateandisregardedgloballyasthemostcompetitivelocationinwhichtolocateandfromwhichtoconductactivities.

ThereforeIproposetomakeraisingthecompetitivenesspositionofIrelandintheleadingrankingsapriorityobjective.Forthistobeachieved,werequirestructuresthatwillenableustohaveongoingearlyvisibilityofkeydevelopmentsintheglobalfinancialservicescentresworldwideandanabilitytoquicklyassessthosedevelopmentsfromanIrishperspective.WemustbeinapositiontoidentifythosedevelopmentswhichpresentopportunitiesforIrelandandtoreject,onaninformedbasis,thosedevelopmentsthatwebelievewillnotaddtoIreland’sofferingorwhichwouldthreatenfinancialstabilityortheinterestsofconsumersorinvestors.Inthisregard,theCentralBankmustatalltimesretainitspositionasastrongandindependentregulatordeliveringeffectivelyonitsfinancialstability,prudentialandfinancialconductmandatesandwithhighlevelsofcredibilityaspartoftheEuropeansystemoffinancialsupervisionand,forbanks,theSingleSupervisoryMechanism(SSM).

Wemustalsobewillingtobecreativeandtocontinuetostayaheadofcompetitivepressuresthroughtheintroductionoflegislationwhichenhancesourproductoffering,whilecontinuingtoensureadequateprotectionofthepublicandinvestors.

BeinginapositiontoreactquicklyandtoimplementchangerapidlyalsorequiresthatwelookinternallyatourstructuresandthewayinwhichweconductbusinesswithinIreland.IbelievethatwealsoneedtoconsiderwhetherwehavetheappropriatestructuresinplaceformarketingtheIrishinternationalfinancialservicesofferinginternationally.Inachanginglandscape,wheresomeofourcompetitorsareinvestingheavilyinmarketinginitiativesandwhereitisevidentthatthoseinitiativesareincreasingthevisibilityofcertainjurisdictionsthroughouttheworld,wemustaskhowweinIrelandneedtoadapttothechangingcompetitivelandscape.

TheIndustrialDevelopmentAuthority(IDA)andEnterpriseIrelandhavebeenkeycontributorstothedevelopmentofourinternationalfinancialservicesindustry.Ihavenodoubtthatthenumberofstaffemployedacrossthesixmainbusinessareas–justunder44,000peopleattheendof2018–wouldbemuchloweriftheagencieshadnotbeencentraltoourmarketingeffortsovermanyyears.Likewise,thedevelopmentofthe‘IFSIreland’brandhasbeenanimportantfirststepinbuildinganintegratedofferingacrossdifferentsectors


ininternationalfinancialservices.WemustcontinuetobuildontheworkdoneundertheIFSIrelandbrandtoidentifywhereandhowthatworkcouldbeenhancedbyadditionalsupport,bynewapproachestomarketingandpromotion,orbyotherinitiatives.

WemustalsolookbeyondbrandingtotheskillsavailableintheworkforceintheinternationalfinancialservicessectorinIreland.Increasedautomationandrapiddevelopmentoftechnologymakeitcriticalthatourworkforceremainsadaptableandskilled.Wemustinvestineducationandtrainingtoensureworkerscanupdatetheirskillsinordertostayrelevantandproductive.WemustalsobringthestrengthsthatIrelandhastoofferinthetechnologysectormorestrategicallytogetherwiththestrengthsofourinternationalfinancialservicesindustryinordertopositionIrelandastheworldleaderinfintech,platformdevelopment,andtechnology-basedfinancialservices.

Ireland’skeyassetsincludeitspeopleandtalent:thecountryhasawell-educated,highlyskilled,flexible,internationallydiverseandmultilingualworkforce.With33percentofthepopulationunder25yearsold,IrelandhastheyoungestpopulationintheEU,andover50percentofthoseaged30–34haveathird-levelqualification–abovetheOrganisationforEconomicCo-operationandDevelopment(OECD)average.IrelandistheonlyEnglish-speaking,commonlawcountryinboththeEUandtheeurozone.Itpossessesastrongpro-businessenvironment,characterisedbyanopeneconomywithastableandconsistentrateofcorporationtax.IrelandhasastrongandfullyindependentfinancialservicesregulatorthatisfullyembeddedintheEuropeanSystemofFinancialSupervisionandtheSingleSupervisoryMechanism.Irelandalsohascloseandlong-establishedbusinesslinkswithboththeUKandtheUS.

OverridingallofthesedevelopmentsmustbeacommitmenttoensuringthatthecultureofourinternationalfinancialservicessectorinIrelandisstrong,thatIrelandisrecognisedasadiverse,people-friendlyplaceinwhichtoworkandlive,andthatIrelandisajurisdictionwhichupholdsthevaluesofconsumerprotectionandinnovationinabalancedandpositiveway.Akeyprioritywillbethepushforgreaterdiversityoftalentinthesector.Thisgoesbeyondthenumberofwomenintheworkplaceorinleadership;itwillalsoseektoimprovediversityofage,ethnicity,sexualorientation,education,background,nationality,disability,beliefs,andmore.Finally,regionalenterprisegrowthandjobcreationisakeyelementofnationalpolicy.

Todeliverontheseobjectives,thisIFSstrategyisbuiltonfourkeypillars,focusingontheoperatingenvironment,ontechnologyandinnovation,ontalent,andoncommunicationsandpromotion.ActionpointswillbeidentifiedundereachofthesepillarswithaviewtodeliveringtheimprovementsthatwillenableIrelandtoincreaseitsglobalcompetitiveness,toimproveitsinternationalvisibility,toinvestinworld-leadingtalent,toinnovateinwaysthatwillenhanceefficienciesandproductdelivery,andtopositionitselfastheinternationalfinancialservicescentreofchoicefortheglobalfinancialservicesmarket.

MichaelD’ArcyTD Minister of State for Financial Services and Insurance 26April2019


Executive Summary

Over the last 30 years, Ireland has built a well-regarded, specialist IFS sector comprising more than 430 companies and approximately 44,000 employees. The IFS sector makes a significant contribution to the economy. Ireland is the third largest global centre for fund administration with €4.2 trillion worth of assets under administration. Overall, many aspects of IFS in Ireland work well because of the ambition, hard work and dedication of the people who work in both the industry and the public sector.

Themultinationalorforeign-ownedsegmentoftheindustryaccountsforapproximatelythree-quartersofthetotalnumberoffirmsand80percentofheadcount,makingforeigndirectinvestment(FDI)akeyfeatureofthesector.Theinternationaldimensionoftheindustryhasexpandedinthenumberandmixofinvestors,withasignificantincreaseintherangeandsophisticationofactivitiesundertakeninIreland.

OurvisionisforIrelandtoremaininternationallycompetitiveandatop-tierlocationofchoiceforspecialistIFS.Thisstrategyseekstobuilduponthesuccessofpreviousstrategies.

TheprincipalobjectiveforthisstrategyistomoveIrelandfurtherupthevaluechainandtocontinuegrowingthesectorsIrelandalreadyhasinplace,toensuretheycancapitaliseonchangesandopportunitiesthatarise.Inparallel,Irelandwillneedtodevelopnewandalternativebusinesslinesinordertoadapttothechangingenvironment,tocapturemoreIFSinvestmentfromnewgeographicalmarkets,andtoensurethatIreland’sofferingremainsrelevantinlightoftechnologicalandmarketshifts.

IrelandistheonlyEnglish-speaking,commonlawcountryinboththeEUandtheeurozone.Itpossessesastrongpro-businessenvironment,characterisedbyanopeneconomywithastableandconsistentrateofcorporationtax.IrelandhasastrongandfullyindependentfinancialservicesregulatorthatisfullyembeddedintheEuropeanSystemofFinancialSupervisionandtheSingleSupervisoryMechanism(SSM).Irelandalsohascloseandlong-establishedbusinesslinkswithboththeUKandtheUS.

Ireland’skeyassetsincludeitspeopleandtalent;thecountryhasawell-educated,highlyskilled,flexible,internationallydiverseandmultilingualworkforce.With33percentofthepopulationunder25yearsold,IrelandhastheyoungestpopulationintheEU,andover50percentofthoseaged30–34haveathird-levelqualification–abovetheOECDaverage.

Globally,Irelandisseenasacompetitivelocationbecauseofitsbusinessecosystem.Thecountryscoreshighlyinkeyareasacrossarangeofindependentthird-partymetrics:in2018,ForbesrankedIrelandasthe2ndbestcountryintheeurozonefordoingbusinessand11thoverallintheworld;theInternationalInstituteforManagementDevelopmentrankedIreland12thintheworldforoverallcompetitiveness;andtheGlobalInnovationIndexrankedIreland10thintheworld.Wewanttoimproveourofferingandourstanding.

Thisstrategyisaboutpositioningnowforthefutureandaboutharnessingtheindustry’spotentialtodeliversustainableeconomicdevelopmentandemployment.Thiswillrequireincreasedcollaborationandpartnershipsbetweenallactors:government,industry–fromestablishedgloballeadersandincumbentfirmstostart-ups–andeducationalinstitutionsatdomestic,EUandgloballevels.Fullyusingpublic–privatecollaborationandcontinuingawhole-of-governmentapproachwillbekeytoensuringthesuccessofthisstrategy.

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Theseobjectiveswillbesupportedbyactionmeasuressetoutacrossfourpillars:operationalenvironment;technologyandinnovation;talent;andcommunicationsandpromotion.Horizontalprioritieswillbeintegratedacrossallofthepillars.Thethreehorizontalprioritiesare:diversity,regionalisation,andsustainablefinance.Seekingtoachievegreaterdiversityoftalentwithinthesectorwillbecore.Theaimwillbetoachievegreaterdiversityacrossanumbergrounds,includinggender,age,ethnicity,sexualorientation,education,nationality,disability,andbelief.Nationalpolicyhasmaderegionalenterprisegrowthandjobcreationapriority,andthatisstronglyreflectedinthisstrategy.WhiletheregionshaveoftenbeenhighlightedforofferinglowercoststhanDublin,theyhavemanyotherbenefitsasbasesforoperationsincludinganavailablelabourpool,third-levelinstitutionsengagedwithlocalfirms,theavailabilityofcommercialrealestate,airconnectivity,andqualityoflife.Promotingtheseadvantageswillformakeypartofthecommunicationsprocessunderthisstrategy.Thethirdhorizontalpriorityistheexpansionofsustainablefinanceandapushtoimprovethedepthandawarenessofthisareawillbeakeytaskoverthelifeofthestrategy.

TheestablishmentofaFintechForesightGroupwillbringtogetherstakeholdersandtaskthemwithscanningforandadvisingonallrelevantdevelopmentsinbothfintechandgeneraltechnologyforthewiderIFSsector.ThiswillallowthestrategytocapitaliseonemergingopportunitiesandtoensuretheannualactionplansremainrelevanttotherapidlychangingIFSecosystem.ThisgroupwillworktoexpandthevariouslinkagesandencouragegreatercollaborationbetweenfintechcompaniesandIrishthird-levelinstitutionsthroughengagementwithtechnologycentres,researchcentresandtechnologygateways.ItalsoaimstoenhanceinteractionbetweenfintechcompaniesandIFScompaniestoidentifyopportunitiesforsynergy.

ItwillbevitaltoupskillandretrainstafftokeepabreastofchangesandtoensurethatIrelandcanmoveupthevaluechainandremainatop-tierIFSlocation.Thiswillensuretheflowofstaffneededandthattheskillsareinplacetomaximisetheopportunitiesthatwillariseinemergingareas.TheNationalSkillsCouncil’sremitistoadviseontheprioritisationofidentifiedskillsneedsandonhowtosecuredeliveryofresponsestoidentifiedneeds,andtheIFSsectorwillbeconsideredalongsideothersectorsoftheeconomywithskillsrequirements.Forthisstrategy,akeychallengewillbetoenhancethecollaborativeapproachbetweeneducationinstitutionsandIFScompaniestoensureanadequatesupplyofskillsnecessaryforthesectortomeettheneedsarisingfromchangesinfinancialtechnology.

Geopoliticaldevelopmentsalsopresentpotentialchallenges.TheseincludeBrexitanditsaftermath,internationaltradedisputeswiththeirassociatedrestrictionsontrade,andchangestoregulatoryorsupervisoryregimes.However,theycanalsobeanimportantsourceofopportunities.Free-tradeagreements,negotiatedbytheEuropeanCommissiononbehalfofEUMemberStates,allowforincreasedmarketaccesswithkeytradepartners,bothintermsofexportopportunitiesforIrish-basedfinancialservicescompaniesandFDIintoIreland.Inordertomeetthesechallengesandensurethatanygeneralopportunitiesthatarisearerealisedinthecomingyears,thisstrategywillbuilduponwhatworkedwellunderthepreviousstrategyandinvestigatehowwecanimproveonwhathasbeenachievedtodate.

Thecommitteestructuresputinplaceunderthepreviousstrategywillbeusedtoensurethatthetalentsandexpertiseofbothsectorsandacrossallrelevantgovernmentdepartmentsandstateagencieswillbeharnessedtodeliverthestrategy’sobjectives.

AdedicatedMinisterofStateattheDepartmentofFinancewillleadtheimplementationofthisstrategy,allowingatargetedandfocusedapproachtodevelopingthesectorwithconsiderablepoliticalcommitment.TheDepartmentofFinancewillactassecretariatandwillsupporttheMinisterofStateinleadingthesector’scontinueddevelopmentandgrowth.


ThisstructuremaximisestheresourcesavailableinboththepublicandprivatesectorstoachievethesharedambitionofgrowinganddevelopingtheIFSindustryacrossIreland.EngagementattheJointCommittee(whichconsistsofboththepublicandprivatesectors)isalsobeingbroadenedtoincludequarterlypresentationsbykeyindustryfiguresondevelopingareasofstrategicimportance.TheorganisationsthatformtheJointCommitteewillbeaskedtoensuregenderbalanceinthecommittee’smembership,inlinewiththeactionsinthisstrategy.

Annualactionplanswillbepreparedtoallowaclearandtransparentmethodwithwhichtotrackprogressagainstclearlydefinedmetricsandtimelinesandensureaccountabilityforallactorsinthestrategy.Theplanswillalsoallowforannualreviewstoestablishnewprioritiesandallowthestrategytobeflexibleandadapttoaworldwherechangeiseverconstant.


Introduction

Background to international financial services in IrelandIreland has succeeded in building a very successful international financial services (IFS) industry in that last 30 years.

Morethan430firmsemploy44,000peopleinbankingandpayments,funds,insuranceandreinsurance,investmentandassetmanagement,aircraftleasing,and,increasinglyinrecentyears,fintech(financialtechnology).Approximately300multinationalandforeignfirmsemployabout80percentofthepeopleworkingintheIFSsector,whichmakesFDIanimportantfeatureofthesectorinIreland.TheinternationalshareoftheindustryhasexpandedsincetheUKvotedin2016toleavetheEU.ThisgrowthhasreflectedinbothintherangeandsophisticationofactivitiesundertakeninIrelandandinthemixandnumberofinvestors.

ThesectorhasasignificantpresenceacrossthecountryinseveralregionallocationsincludingCork,Drogheda,Galway,Kilkenny,Letterkenny,Limerick,Waterford,andWexford,makingitagenuinelynationalindustry.Thesectormakesasignificantcontributiontotheeconomyofanestimated€11billioninexports,6.3percentofGDP,and€2billionintaxreceipts.

TheGovernment Strategy for Ireland’s International Financial Services Sector 2015–2020(IFS2020)endsin2019.IFS2020hasbeenverysuccessfulsinceitslaunchbythegovernmentinMarch2015.

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OVER

2015 2018

35k 44k

430COMPANIES

17 of the top 20 global banks

14 of the top 15 global aircraft lessors are now based in Ireland

11 of the top 15 insurance companies

A STABLE &PREDICTABLE business environment

OVER

2015 2018

35k 44k

430COMPANIES





OVER

2015 2018

35k 44k

430COMPANIES





4thlargest exporter of financial services in EU

#1

no.1location worldwide for hedge fund administration

4.2 trillionof investment fund assets under administration

Increasedemploymentfrom35,000in2015to44,000attheendof2018

OVER

2015 2018

35k 44k

430COMPANIES





IFS Landscape


Overview of IFS Sector

Ireland’s IFS sector covers many different strands. The current importance and recent developments in a number of areas are outlined below.

Investment management and fund servicesIrelandisthethirdlargestfundjurisdictionintheworldandthesecondlargestinEuropewith7,290domiciledfundsmanaging€2.4trillionofassets,and6,624non-domiciledfundsmanaging€1.8trillionofassetsattheendof2018.Over900fundmanagersfromover50countrieshaveassetsadministeredinIreland.Seventeenofthetop20globalassetmanagershaveIrish-domiciledfundsandthesearedistributedtoinvestorsinover90countriesaroundtheworld.Theecosystemforfundshasbeenbuiltoverthelast30yearsandnowrepresentsarecognisedglobalcentreofexcellence.

Morerecently,anincreasingnumberofassetmanagershavechosentoincreasetheircommitmenttotheirfundoperationsbyopeningofficestosupportfutureregulatoryrequirementsandtoallowthemtocontinuetoserviceEU27clientsfromanIrishbase.TheseincludeLeggMason,AberdeenStandard,BaillieGifford,Hermesandanumberofotherhigh-profilefundmanagers.Thesenewoperationshaveastrongfocusonregulatoryoversightandcomplianceactivities.

IrelandisaleadingEuropeandomicileforexchange-tradedfunds(ETFs).Ireland’shighlydevelopedservicemodelensuresthatETFissuershaveaccesstoserviceproviderswithhighlyautomatedandscalableglobalmodels.

Investment banking MajorinvestmentbanksarealsobasedinIreland.In2017,BankofAmericaMerrillLynchbecamethefirstmajorUK-basedentitytoselectDublinasitsnewbaseforEUoperations.JPMorganhasannouncedplanstohireasignificantnumberofpeopleinDublin.BarclayshasalsoopenednewofficesinDublintoextenditsIrishandpan-Europeanactivities

Investment fund and debt listing Since2018,EuronextDublin(formerlytheIrishStockExchange)isthegloballeaderfordebtfundlistingsworldwideandfortradingIrishshares.EuronextDublinhasover35,000listedsecurities,7,000classes,4,000issuers,andinvestmentmanagersfrommorethan40locations.

Trading platformsInadditiontotheregulatedmarket,EuronextDublinoperatestheEuronextGrowthDublinMTF.VirtuPosit(formerlyITG),afinancialtechnologycompany,operatesanalternativeMTFfortheEuropeanmarketfromDublin.SeveralleadingMTFoperatorshaveappliedtotheCentralBankforauthorisationfollowingBrexit,includingRefinitiv(formerlyThomsonReuters)andEquiLend.

Ratings agenciesS&PGlobalandKrollBondRatingAgency(KBRA)haveselectedIrelandastheirEuropeanheadquartersfortheirESMAregulatedbusiness.Inaddition,theDepositaryTrustandClearingCorporation(DTCC)hasopenedaDublinofficeforitsEuropeanUnionTradeRepository.

Corporate treasury operationsAlongsideregulatedfrontofficeactivitiesinbanksandotherfinancialservicesfirmsthatincorporatesophisticatedtreasuryoperations,IrelandisaprominentinternationallocationforcorporatetreasuryactivitiesandactsastheglobalcorporatetreasurycentreforahostofmultinationalorganisationsbeyondtheIFSsector.

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InsuranceTheinsurancesectorisamajoremployerintheIrisheconomy,employingmorethan15,000people.TotalfinancialassetsofIrishinsurancecorporationsincreasedby€14billionto€304billionoverthetwoyearstoSeptember2018. TheIrishcross-borderinsurancesectorwritesbusinessintomorethan100countrieswithmorethan25millioncustomers.

ReinsuranceThereinsurancesectorinIrelandisaninternationallyfocusedbusiness-to-businesssector.Irishreinsurancefirmsgenerated€17.7billioninpremiumincomein2017,almostallofwhichwasearnedabroad.

FintechFintechisanumbrellatermfor technologyforthefinancial servicessector;itincludesfinancialsoftware,‘regtech’,‘insurtech’,andpayments.Thecountryisnowrecognisedasaglobalhubforfintechandisoneofaveryfewlocationswithaprovenrecordofaccomplishmentinthefinancialservicesandtechnologyarena.Allofthetop10globalsoftwarecompaniesandthetop10‘born-on-the-Internet’companieshavechosentolocateinIreland.

PaymentsIrelandisasignificantlocationforpaymentstechnologyfirms,with25companiesemploying2,000people.Irelandhasalongrecordofsuccessinpayments,bothwithindigenousfirmsandfromattractingsomeoftheworld’slargestpaymentbusinessestoIreland.

Aviation financing AircraftleasingcompaniesinIrelandmanageassetsvaluedatover€159billion,whichisequivalentto63percentoftheworld’sfleetofleasedaircraft.Theindustryemploysnearly5,000peopleinIreland.Thenumberofaircraftunderleaseincreasedby36percentbetween2012and2016,andindustrygrowthof22percentisexpectedby2021.

Environmental, social and governance (ESG) fund management ThegrowthofESGinvestmentissteadilyincreasingandIrelandalreadyhasaclusterofrenewableenergyinfrastructurefundmanagerswith€7billionofassetsundermanagement.TheseincludeBlackRock,BrookfieldRenewable,GreencoatRenewables,NTR,InframEnergy,andMainstreamRenewableCapital.

Global business services Globalbusinessservices(GBS)companiesprovidefunctionssuchasIT,legalservices,HR,finance,andprocurement,amongothers,tootherfirms.GBScentresareamajoremployerinIrelandwithapproximately45,000workinginavarietyofrolesindifferentsectorsthroughouttheregions.ForIFS,thesecanincluderolesinareassuchasR&D,ITdevelopment,legalservices,accounting,andfinancialfunctions.IDAIrelandhasastrategythataimstomakeIreland‘globallyrecognisedasacentreofexcellenceforGBS,leadinginspecialisedtalentandinnovativebusinessservices’.Italsoaimstoexpandhigher-valueareassuchasAI,automation,androbotics.


Global reachThe global economy continues to expand, although in January 2019 the IMF noted that this expansion is weakening. This continued growth offers opportunities for Ireland, while the challenges create a need for Ireland’s IFS sector to diversify its presence across the world’s regions.

FirmsintheIFSsectorhavebeenverysuccessfulintappingintonewandemergingareasofinternationalfinancialservicesandsecuringnewmarkets,whichhashelpedthemdeveloptheirbusinessesandcreateextraemployment.Inmanycases,theyareassistedbyEnterpriseIreland(EI),whichworkswithIrish-ownedfinancialservicesandfintechcompaniesatallstagesofdevelopment–fromstart-upstolargebusinesses–thatdemonstratetheambitiontoscaleinworldmarkets.TheIrishfirmsareexportingproductsandservicestodiversifiedmarketswhichhighlightstheextentofourglobalreach.EIreportsthatapproximately30percentoftotalclientcompanyexportsinfintechgototheUK,30percenttotheAmericas,andmorethan17percentgototheAsia–Pacificregion.However,thelocationanddistributionofthegrowthintheglobaleconomy,andtheeconomicpowerandinfluencethataccompanyit,areshiftingwiththerebalancingofgeopoliticalandeconomicpowertowardsAsia.

Asiaisaregionofgreatdiversity,fromtheestablishedandadvancedeconomyofJapantotheemergingeconomicandgeopoliticalstrengthsofChinaandIndia.TheOECDprojectsthatby2030ChinaandIndiatogetherwillaccountfor35percentofglobalgrossdomesticproduct(GDP),whileOECDcountries’sharewillfallbymorethan10percent.

VariousgovernmentstrategiesrecognisetheimportanceofAsiaasaregionfortradewithIreland,includingGlobal Ireland: Ireland’s Global Footprint to 2025andtheforthcomingAsia–Pacificstrategy.ThestrategicimportanceofAsiaappliestoIrelandgenerally,butalsototheIFSsector.Ireland’sconnectivitywithChinaandtheentireAsianregionhasfurtherdeepenedwiththeestablishmenthereofseveralChinesefinancialservicesinstitutions,withIreland’smembershipoftheAsianInfrastructuralInvestmentBank,andwiththeintroductionofdirectairlinksfromDublintoHongKong(viaCathayPacific)andtoBeijingandShenzhen(viaHainanAirlines).

InDecember2016,thePeople’sBankofChinaandtheCentralBankofIrelandconfirmedthatIrelandhadbeengrantedanRenminbiQualifiedForeignInstitutionalInvestor(RQFII)quotaof50billionyuan(€6.8billion),makingIrelandthe17thjurisdictionoutsideChinatobeawardedaquota.ThisallowsIrish-domiciledfinancialinstitutionstoinvestinChina’sdomesticbondandequitymarketsusingChina’sowncurrency,andfirmshavebeguntakingupthisquota.

ThisstrategyandtheactionplansdevelopedunderitwillconsiderfurtherhowtodeepenandexpanditspresenceinChina,IndiaandacrossSouthEastAsia.

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A pro-business environment Irelandcontinuestohaveaverycompetitiveofferingasaplacetodobusiness.ItwasthesecondbesteurozonecountryintheForbes Best Countries for Business2018ranking,andplaced11thintheworldoverall.TheInternationalInstituteforManagementDevelopmentranksIreland12thintheworld,seventhinEurope,andthirdintheeurozoneforoverallcompetitiveness.Thisisanimprovementfromour

previousworldrankingsof24thin2011and15thin2014.Irelandisranked10thintheGlobal Innovation Index 2018rankings,andfourthinknowledgeandtechnologyoutputsandforinfrastructure.

Cultureconcernsvaluesandethics;itisanintangiblequalitybutaveryimportantconsiderationforassessingcompetitiveness12.SomeofIreland’sadvantagesintermsofitsvaluesandcultureincludeabusiness-friendlyenvironment,itseducatedworkforce,andthatitisEnglish-speaking.Ouroveralloffering–althoughnotwithoutpressures–continuestoratehighlyinaverydynamicandanincreasinglycompetitiveinternationalenvironment.

1 AccordingtoBeateReszat,‘Globalisationhasledtoanincreasingcompetitionbetweenfinancialcentresworldwideandculturehasbecomeonedeterminantofcompetitiveness’.BReszat(2000)‘Cultureandfinanceinaglobalisedworld–Anuneasyrelation’,Hamburg Institute of International Economics HWWA Discussion Papers,No.101.

A well-regulated financial sector, with an independent regulator that has an international reputation for delivering high quality, effective financial regulation and supervision

Effective engagement between public and private stakeholders

A business-friendly environment

A prominent reputation in product and technological developments

English speaking

A well-educated workforce, supported by colleges and third-level institutions with good international reputations

Competitive costs and pricing


IFS in Ireland – looking forwardThisstrategyhighlightsthegovernment’scommitmenttodevelopingIreland’sIFSsector.Thiscommitmenthasbeeninplaceforoverthreedecades,sincetheInternationalFinancialServicesCentrewasestablishedin1987.Thesectorhasprovenresilientovermultipleeconomiccyclesandtochangesininternationalregulatoryframeworks.

TheIrishgovernancemodelcombinesstability,apartnershipapproach,andappropriateflexibility,whichallowsustorespondtorapidlychangingglobaldynamicsandtoemergingchallengesandopportunities.

Profoundchangesthatcontinuetoaffectthesectorincluderestructuringtriggeredbytheglobalfinancialcrisis,regulatoryandtechnologicalchanges,climaterisk,macroeconomictrends,andgeopoliticaldevelopments.

Globally,theIFSindustryisbecomingincreasinglycostsensitive,technologicallyenabled,heavilyregulated,andselectiveofbothproductandgeographicalfocus.Theindustryisineffectrunningaquasi-permanentoptimisationagendainwhichitcontinuallyseeksefficienciesincapital,product,process,andlocation.InIreland,theindustryhasgrown,becomemoretechnology-intensive,addedmoreregulatedfront-officeactivity,createdastrongfintechecosystem,becomeanemerginghubforsustainablefinance,andstrengtheneditsproductandserviceoffering.Thesectorisrelativelylabourintensive(especiallyinback-officefunctions),andhasasignificantmultipliereffectthroughitsextensiveuseoflegal,audit,accounting,software,andotherprofessionalservicesfirms.

AIandautomationcouldreduceemploymentinthesector,especiallyinback-officefunctions.Oneoftheaimsofthisstrategyistoavoidaconcentrationofbusinessactivitiesthatcouldbevulnerabletothateffect.Thiswillbecoupledwitheffortstosecureactivitiesthatarehigherupthevaluechain.DevelopmentsinAIandautomationwillneedfurtheranalysisonanongoingbasistoensurethatIrelandcanreacttoemergingchallengesandopportunities.ThisanalysiswillbeinformedbytheworkoftheEU,IMF,WorldBank,andOECD,andbyindustry.ItwillalsoneedtoidentifywhichtypesofworkandwhichIFSsectorsfacethegreatestthreatsfromAIandautomationandhowthesecanbestbeaddressed.Ontheotherhand,developmentsintechnologycanalsohaveapositiveimpactonIFSinIreland.Itprovidesopportunitiestostreamlinebusinessprocesses,reducecosts,andimprovethelevelofskillsavailable. Thelevelofexpertiseandlinkagesinfinancialservices

andtechnologyinIreland,togetherwiththehighlevelsofeducationandskilledworkersintheeconomy,meanthatIrelandiswellplacedtocounterthesechallengesandmaximisetheopportunitiesthatemerge.Thisstrategysupportsthestructuresalreadyinplace,andpromotesnewactionstoensurethatIrelandhasacoordinatedresponsetothesechallenges.

ItisclearthatmanycurrentIFSjobscouldundergosignificantlevelsofchangeinthenextfivetotenyears.Forsomesubsectors,jobsinthefuturewillbeverydifferentfromtoday’sandthereisthepotentialfortheretobefeweroftheminsomeareasofthesector.Conversely,newjobsarelikelytobecreatedinnewareasofactivity,someofwhichareintheveryearlystagesofdevelopment.Irelandwillneedtofuture-proofexistingemploymentandbusinessactivitiesbyidentifyingvulnerableareasandworkingwithcompaniestodevelopmechanismstoassisttheiradaptation.Asworkersmovebetweenoccupationsandsectors,therewillneedtobeagreaterfocusonreskillingandupskillingthosealreadyinwork,onimprovinglifelonglearning,andonensuringgraduatesareequippedwiththeskillstocontributeinthehigh-techeconomyofthefuture.Wemustprepareourselvesforchangeandensureoureconomyiswellpositionedtoadapt.AtanationallevelinMarch2019,thegovernmentlaunchedFuture Jobs Ireland 2019: Preparing Now for Tomorrow’s Economy,awhole-of-governmentframeworktoenhanceproductivity,ensurequalityandsustainablejobs,andbuildaresilientandinnovativeeconomy.Itwillensurewearewellpositionedtoadapttothetechnologicalandotherchangesthatoureconomyandsocietywillfaceintheyearsahead.Thiswillinvolveworkingwiththeeducationsector,EnterpriseIrelandandtheIDA.

ThequestionofhowIrelandcanbetterpositionitselftowinagreatershareofbusinessfromtheAsia–Pacificregionwillalsoneedfurtherconsideration.Irelandhasmadeprogressinrecentyears,suchasensuringthatChineseRQFIIquotasareavailabletoIrishfundsandthatIreland’sattractivenessasafundsdomicileiscleartoChineseassetmanagers.IrelandoffersChinaanidealrouteforaccesstoglobalcapitalmarkets,andhowwecanharnessthatopportunitywillbeconsideredoverthelifeofthestrategy.

Thisstrategyprovidesanannualopportunitythroughtheactionplanstoidentifyandimplementactionsthatmaybecomenecessarybecauseofdevelopmentsinthewiderecosystem.

16

Vision and key objectives Overall, many aspects of the IFS industry are working well through the ambition, hard work and dedication of the people working in it and in the public sector. In this context, this strategy is about positioning now for the future, and about harnessing the industry’s potential to deliver sustainable economic development and employment for the benefit of all our citizens.

The vision of this strategy is for Ireland to be a top-tier location of choice for specialist international financial services and to enhance and protect our future competitiveness. Therefore, our key objectives are to leverage the success achieved to date to maintain and extend existing business lines and to expand into emerging geographical markets and new product areas.

Employment targetsTheemploymenttargetforthisstrategyistoreach50,000peopleindirectemploymentinthesectorby2025.Thisrepresentsanetincreaseofaround5,000overthetargetsetoutinIFS2020.IFSinIrelandremainsvibrant,withastrongcapacitytoattractnewbusinessandjobs,asdemonstratedbytheachievementsrecordedoverrecentyears.However,thesectorfacesmajortransformativechallengesarisingfromtechnologicaldevelopmentsthatareincreasinginpaceandscopewitharelatedpotentialforimpactonexistingactivities.InIreland,asinothercountries,thesetechnologicaldevelopmentsmaysignificantlychangethenatureofworkandtheeconomy.WhilesomeaspectsofIFSarewellsuitedtoautomationintermsofservicedeliveryimprovement,theExpertGrouponFutureSkillsNeedsfoundthatfinancialservices

wasoneoftwosectorsintheIrisheconomywhichisnotexpectedtobeemployingmorepeoplein2023thanin2018.Thepotentialimpactfromtechnologicaldevelopmentsoninternationalfinancialservicesislikelytobemorepronouncedthaninothersectorsoftheeconomybecausethisareaoperatesinaglobalenvironmentthathasalreadybeenfundamentallychangedbytechnology.

Althoughthestrategytargetsoveralljobgrowth,italsoaimstoensurethatthejobslocatedinIrelandwillbehighquality,wellpaidand‘sticky’(thatis,lesslikelytobeoutsourcedoreasilytransferrable).Technologicaldevelopmentswillsignificantlyimpactinternationalfinancialservicesandemploymentinthesectorbutthestrategyseekstoensurethatthejobsoverthenextfiveyearswillbejobswithaninherenthighervalue:oneswith


improvedskilllevels,greatersalaries,moreresilienttoshocks,andmorespin-offpotentialfortherestoftheeconomy.Highervaluejobsarealsolesslikelytobeaffectedbyincreasedlevelsofautomationinthesector.

Inoverallterms,thestrategyiscognisantoftheever-evolvingimpactoftechnologyandautomation,andpotentialimpactonemployment.Theannualactionplanswillreviewandevaluatetheimpactsoftechnologyontheindustrytoensurethatthestrategyremainsrelevantandup-to-dateinidentifyingandaddressingemergingchallengesandopportunitiesforemployment.

Progress indicators Thisstrategywillbeassessedfirstbyitsprogresstowardsachievingthetargetof50,000peopleemployedinthesectorby2025.However,thisisjustonemeasureofsuccess,andinordertogiveafullpictureofthedevelopmentandgrowthoftheindustry,anumberofsuccessindicatorshavebeenselectedwhichwillbereportedonperiodically.

ThesuccessindicatorsareasuiteofmeasuresthatwillreflecttheoverallgrowthanddevelopmentofthesectorincludingarangeoftrendssuchasIFSemployment,regionalgrowth,newandspecialisedsubsectors,high-levelpoststhatwillreflectamoveupthevaluechain,thebreadthofskillsandsubsectors,andthedepthofspecialisedfinancialservicesavailableinIreland.

Otherindicatorstobereportedonfromtimetotimeincludethenumberofcompaniesineachsector,includingthenumberofmarketleaders,thenumberofnewinvestmentsorexpansionsannounced,andtheshareofaspecificproductorgeographicalmarket.

International rankingsManyfirmslookingatestablishingapresenceinIrelandconsiderthecountry’spositioncomparedwithotherjurisdictionsonarangeofmeasures.SuccessindicatorsinthisareaincludepresenceinselectedforeignmarketsandIreland’srankingingloballyrecognisedrankingindices.Therefore,anincreasinglyimportantmetricwillbeIreland’srankingsasafinancialservicescentreataglobalandEUlevel,anditsoverallcompetitiveoffering,suchasratingsbyForbesandtheNewYorkStockExchange.Wealsoaimtoincreaseourperformanceinanumberofspecialisedindicesforsustainablefinanceandfintech,suchastheGlobal Fintech Hub Report(whichranksDublinonanumberoffintechmetrics).OtherindicesincludeIreland’srankingsincompetitiveness,easeofdoingbusiness,innovationandproductivityasmeasuredbyrecognisedinternationalorganisationssuchastheOECD,theIMF,etc.

Irelandhaswithinitsgrasptheopportunitytobeaworldleaderby2025asalocationforfinancialservicesandasasourceoftechnologyandinnovation-ledsolutions.ItwillbeacountrythatsucceedsinembracinganddrivingpositivedisruptioninfinancialservicesandinmaintainingaregulatorysystemthatprotectsandservesIreland’sinterests.

Withthispotentialinmind,anothertargetforthestrategywillbetoensurethatIrelandremainsalocationofchoiceforinternationalfinancialservicesinthefaceofgrowingcompetitionfromotherjurisdictionsandthechallengeposedbytechnologicaldevelopments.Overthelifeofthestrategy,Irelandwillseektobeamongstthetop-ratedfinancialcentres.Thiswillbemeasuredbyreferencetorankingsofinternationalfinancialcentresandrankingsforparticularsectorswithfinancialservices,andakeymetricwillbeforIrelandtofurtherimproveitsrelativerankingamongstEuropeancentres.

18

Four pillarsTheimplementationofthisstrategy’sobjectivesisstructuredaroundfourpillars.ThesearedesignedtomaintainexistingachievementswhileenablinggrowthacrossallsectorsinIFS.Actionmeasuresundereachofthesepillarswillbesetoutinannualactionplans.

Top Tier Location of Choice for Specialist IFS

Annual Action Plans

Public – Private Collaboration

Operating Environment

Technology& Innovation

Talent Communications& Promotion

Pillar1

Pillar4

Pillar2

Pillar3

Pillar1,Operating Environment,isfocusedonensuringthepolicy,cultureandlegislative conditionsunderpinningIFSwillsupportgrowth.

Pillar2,Technology and Innovation,isfocusedonprovidingacollaborativeapproachtoaddressingemergingchallengesandopportunitiesintechnologicaldevelopments.

Pillar3,Talent,seekstoensurethatwecontinue tohaveskilledpeopletomeetthedemandsofthe IFSsector,includingmeetingneedsfornewand changingskills.

Pillar4,Communications and Promotion,isfocusedonensuringthatIreland’sIFSofferingiscommunicatedtoallthosewhoareormaybeattractedtoininvestinginIreland.


Horizontal prioritiesThree horizontal priorities will apply across the four pillars: regionalisation, sustainable finance, and diversity.

RegionalisationRegionalenterprisegrowthandjobcreationisakeyelementofnationalpolicy,asarticulatedinProject Ireland 2040: National Planning Framework,in Future Jobs Ireland 2019: Preparing Now for Tomorrow’s Economy, in Enterprise 2025: Ireland’s National Enterprise Policy 2015–2025,andinthe Regional Enterprise Plans to 2020.ThisstrategyforIFSreflectsthatnationalpriority.EstablishingaregionalpresenceoutsideDublinprovidesthepotentialforbenefitssuchasreducedcostsforIFScompaniesandsupportstheregionstorealisetheirfulleconomicpotential.Italsoenablesbusinessestodrawonregionallabourpoolsandwell-renownedthird-levelinstitutionsthatworksuccessfullywithIFScompanies.

HousingandinfrastructuremaybetwoconstraintssometimesassociatedwithDublin.However,Dublinisnotaloneinthisandthesearecommonchallengesexperiencedbymanyinternationalcitiesandfinancialcentres.ThegovernmenthasrecognisedthesupplyconstraintsinDublinandisimplementinganumberofactionstotacklethisthroughRebuilding Ireland and its Action Plan for Housing and Homelessness.Demonstrableprogressisbeingmadeinincreasinghousingsupplywith21,450newhomesbecoming

availablenationallyin2018.RegionallocationsofferarealalternativetolocatinginDublinbothasaviableprimarysiteandasaviablesecondsitetoasiteinDublin.

DiversityWorkforcediversityisimportantforfinancialservicesfirms.TheCentralBankofIrelandhashighlightedresearchwhichshowsthathavingdiverseteamscanimprovethequalityofdecision-making,reducegroupthink,andallowassumptionstobechallengedmoreeffectively.Heterogeneousteamsare,onaverage,betterthanhomogeneousteamsforcreativelysolvingcomplexproblems.Theyincreasethenumberofperspectives,providebetterunderstandingofcustomerneeds,andadoptflexiblemanagementapproaches.Inadiverseandinclusiveworkplace,thereisgreaterpotentialforinternalcrowdsourcingofideas,innovation,challengingofideas,andrefiningideasinrealtime.

Sustainable financeSustainablefinanceisthecapitalrequiredtotackleclimatechange.Sustainablefinanceincludesgreenbonds,ESGandsociallyresponsibleinvesting(SRI)investments,sustainableinfrastructuralinvestments,climatefinance,andperformancebonds.EUdevelopmentsonsustainablefinancerepresentasignificantopportunityforIrelandtobeinthevanguardofthisgrowingarea.

Todate,Irelandhasdonesignificantworkinthissectorwithsomenotableachievements.Irelandissueditsfirstsovereigngreenbondinlate2018,

SUSTAINABLEFINANCE POSITION

IRELAND'S

HALF OF ASSET MANAGERS

2019€31bn

IN SUSTAINABLE FINANCE

ACTIVITIES UNDERWAY

€500m CLIMATE ACTION

FUND ESTABLISHED

1ST

COUNTRY IN THE WORLD

TO DIVEST FROM FOSSIL FUELS 2018

2MEMBERS OF THE TEG

ARE BASED IN DUBLIN

50% ARE INVESTING IN

SUSTAINABILITY-THEMED

ACTIVITIES TO FIGHT

CLIMATE CHANGE

81% HAVE A RESPONSIBLE

INVESTMENT POLICY

IN PLACE

DEEP DIVE ANALYSIS

ON EDUCATION

AND SKILLS

HAVE PUT SUSTAINABILITY-THEMED STRATEGY IN PLACE

RESPONSIBLE INVESTOR EDITOR IN CHIEF SAYS IRELAND IS “IN IT TO WIN IT”

(If there is a race to become a green finance hub, Ireland is very much in it to win it.)

UNITED NATION'S ENVIRONMENT FC4S EUROPEAN NODE IS BASED IN IRELAND

€22bn CLIMATE ACTION

INFRASTRUCTURE

INVESTMENT PROGRAMME

UNDERWAY

€3bn STATE BACKED GREEN

BOND ISSUED 2018

sustainablenation.ie @SusNatIrl

NATIONAL

BLUEPRINT ON

SUSTAINABLE

FINANCE 2019

IN THE HEADLINES

IRELAND IS THE HQ

FOR THE UN ENVIRONMENT

FC4S EUROPE INITIATIVE

Source:SustainableNationIreland

20

showingitscommitmenttodevelopingthissector.Inaddition,investmentinESGfundsissteadilyincreasing.Irelandwillalsobecomethefirstcountryintheworldtodivestpublicmoneyfromfossilfuelcompaniesandindustry–some€318million–followingthepassingoftheFossilFuelDivestment Billin2018.

Irelandhasanumberofworldleadersinsustainablefinanceinvestments,andincreasinglyinassetmanagementcompanies,insurancecompaniesandpensionfunds.TheimportanceofDublinasalocationforsustainablefinanceissignalledbyDublin’sinvolvementinFC4S(theInternationalNetworkofFinancialCentresforSustainability),thecity’sselectionasitsEuropeanbase,andappointmentsatstrategiclevelsinthisareatothenetwork.

Actionmeasurestosupporttheseandotherprioritieswillbesetoutintheannualactionplansundertherelevantpillar,e.g.educationcoursesinsustainablefinance.

Other government strategiesAnimportantfactorforthisstrategyistoensurethatitcloselyalignswithotherkeyGovernmentstrategiesincludingFuture Jobs Ireland 2019,theNational Development Plan,theNational Digital StrategyandtheNational Adaption Framework.

Whilstthisstrategycannot,anddoesnot,dealwithinfrastructure,itwillbeimportanttofullyarticulateimportantconsiderationsforgrowinganddevelopingIreland’sIFSsector,toalignthemwiththeclimateagenda,andtotakeintoaccountanyotherrelevantgovernmentstrategiesandplansdealingwithinfrastructure.Officeaccommodation,housing,urbantransport,internationalairconnectivity,andthereliableprovisionofinfrastructuretosuccessfullyunderpintechnology-basedservicesareimportant.Infrastructureinareassuchaswater,cleanenergy,healthcareandeducationarealsoimportant.

Project Ireland 2040,nowbeingimplemented,providesformassiveincreasesininvestmentinourpublicinfrastructureincludinghousing,transport,broadband,education,andhealthcare.Aninvestmentof€116billionovertenyearsaimstoremovebottlenecks,modernisepublicservices,reducecongestion,andtoensureeconomicdevelopmentisbroughttoallpartsofourcountry,withcapacityforfuturegrowth.Capitalspendingoninfrastructureisbudgetedtoincreaseby28percentin2019.

TheEuropeanCommissionnegotiatesfree-tradeagreementsonbehalfofEuropeanUnionMember

States.Theseagreementsprovidesignificantopportunitiestoliberalisemarketsandincreasemarketaccesswithkeytradepartners,intermsofbothexportopportunitiesforIrish-basedfinancialservicescompaniesandFDIintoIreland.ItwillbeimportantthatIrelandcontinuestoeffectivelyarticulateitsinterestsandprioritiesregardingfinancialserviceschaptersinfuturefreetradeagreements,includingthroughcollaborationwithlike-mindedMemberStates.Itwillbeessentialthatrelevantagenciesanddepartmentscontinuetocollaborateeffectivelytoensurethishappens.

Governance structuresTheIFSstrategyisawhole-of-governmentstrategy,supportedthroughcollaborationbetweenpublicandprivatestakeholders.StructureswereputinplaceunderIFS2020toensurethetalentsandexpertiseofbothsectorscouldbeharnessed,reflectingthethemeofcollaborationwhichpermeatesthisstrategy.

Thegovernanceofthisstrategyprovidesfortransparentoversightofprogress.ItsimplementationwillbeledbyadedicatedMinisterofStateattheDepartmentofFinance.Thisallowsafocusedapproachtothesector’sdevelopmentwithconsiderablepoliticalcommitmenttoIFSasasignificantcontributortoIreland’seconomicgrowth.

AdedicatedteamintheDepartmentofFinanceactsasthesecretariatforthestrategyandsupportstheMinisterofState.Thisteamprovidesoversightandcoordinationoftheworkofthepublicandprivatesectorsinimplementingthestrategy.Theteam,withindustryinput,alsogeneratesannualactionplansandreportsonprogressduringthelifeofthestrategy.Thiswillrequireadequateresourcing.TheresourcingofthisareaisimportantandwillbeconsideredinthecontextoftheimplementationofthisstrategyandtheexpansionoftheIFSsectorinIreland.

TheMinisterofStatechairsthepublicsectorHighLevelImplementationCommittee(HLIC),whichconsistsoftheseniorofficialsoftheDepartmentsoftheTaoiseach,ofFinance,ofBusiness,EnterpriseandInnovation,ofEducationandSkills,andofForeignAffairsandTrade,andtheCEOsofEnterpriseIrelandandtheIDA.TheHLICprovidesstrategicleadershiptocontinuethedevelopmentofthesectorandensurescoordinated,timelyandeffectiveimplementationofthestrategy.TheHLICwillreporttogovernmenteverysixmonthsonprogressoftheannualactionplans.

TheIndustryAdvisoryCommittee(IAC)consistsof


representativesofIrishandinternationalIFScompanies.TheIACsupportstheHLICinimplementingthestrategyandinmonitoringandreportingonprogress.Inparticular,itwilladviseonemergingopportunitiesandenablersofgrowthinthesector,andonchallengesandbarriers.Thiscommitteewillstrivetocontinuetoachieve50:50genderdiversitytoreflectthefocusofthehorizontalthemeofdiversity.

TheIACforthepreviousstrategy,IFS2020,includedoneinternationalmemberwhobroughtanoutsideperspectiveontheopportunitiesandchallengesforIreland’sIFSsector.Forthisstrategy,apanelofinternationaladvisorswillbeestablished.ItsmembershipwillbedrawnfromthevarioussubsectorsofIFSandwillincludeSMEsaswellaslargercompanies,ensuringafairreflectionofgeographicalspreadanddiversity.TheHLICandIACwillmeetquarterlyastheJointCommitteetoensureregularupdatesareavailableandtoensurehorizonscanningfordevelopmentsorchallengesisundertaken.TheJointCommittee’sworkwillincluderegularfocusedpresentationsbymembersandrelevantexternalbodiesontopicssuchasemergingchallengesandopportunitiesthatfocusonkeyareassuchasregionalisationandskillsdevelopment.

Flexibility,transparency,andaccountabilityarekeystandardsinthegovernanceofthestrategy.Flexibilityinparticularisensuredthroughthepreparationofannualactionplansandquarterlymeetingsofthecommittees,whichallowsemergingchallengesandopportunitiestobeidentifiedandconsidered,andtimelystepsdeterminedtorespondtothem.AccountabilityandtransparencyareensuredthroughthechairingofthecommitteeseveryquarterbytheMinisterofState,throughreportingonprogresstothegovernmenteverysixmonths,andthroughthepublicationoftheminutesofthecommitteesandtheprogressreports.

A coherent approachThisdeliveryofthisstrategyisgroundedineffectivecollaborationbetweenthepublicandprivatesectors,drawingonthestrengthsthateachcanofferandrespectingtheirdifferentrolesintheeconomyandIrishsociety.Thefourpillars–operatingenvironment,technologyandinnovation,talent,andcommunicationsandpromotion–arethecorestructurethatwillensureastrategicfocusonthekeyissuesthatneedtobeaddressedtofurtherdeveloptheIFSsectoroverthelifeofthestrategy.Ineachyear,thepillarswillbebuiltuponwithannualactionplanswhichwillidentifyspecificactionsacrossthefourpillarsandwhichrespondtoemergingdevelopments.TheoverallobjectiveistomakeIrelandatop-tierlocationofchoiceforspecialistinternationalfinancialservices.

Minister of State

Joint Committee

High Level Implementation

Committee

IndustryAdvisory

Committee

22

Top Tier Location of Choice for Specialist IFS

Annual Action Plans

Public – Private Collaboration


Technology& Innovation

Talent Communications& Promotion

Pillar1

Pillar4

Pillar2

Pillar3


Pillar 1: Operating Environment

IntroductionPillar 1 deals with the key enablers necessary to ensure that Ireland has an effective and efficient operating environment. The operating environment is key to maintaining and growing existing products and markets, along with identifying and developing new areas. The main focus in this pillar is policy and legislation.

Strong and effective regulationAstrongandeffectiveregulatorisessentialtofinancialstabilityandtoinvestorandconsumerprotection.TheCentralBankofIrelandissucharegulator.

Itprovideshigh-quality,effectiveregulationandsupervision,andisfullyembeddedintheEuropeanSystemofFinancialSupervisionand–forbanks–theSingleSupervisoryMechanism(SSM).TheCentralBankofIrelanddischargesitsstatutorymandatethroughahigh-qualityregulatoryframework,effectivegatekeepingandassertivesupervision,underpinnedbyrobustenforcementsystems.Itiscommittedtoprovidinghigh-quality,timelyandtransparentprocessesinauthorisation,supervision,andpolicydevelopment.

TheCentral Bank of Ireland Strategic Plan 2019–2021 setsoutfivestrategicthemesthattheCentralBankofIrelandwillfocuson.Theseare:strengtheningresilience,Brexit,strengtheningconsumerprotection,engagingandinfluencing,andenhancingorganisationalcapability.

TheCentralBankofIrelandseekstouseitsinfluence,bothwithinEuropeandinternationally,toensureaconsistentandeffectiveapproachtofinancialregulation.

Financialstabilityandhighlevelsofinvestorandconsumerprotectionunderpinconfidenceandtrustinafinancialsystem.Theyalsoprovideacontextinwhichinnovationandcompetitionbeneficialtoconsumersoffinancialproductscantakeplace.In2018,theCentralBanklauncheditsInnovationHubtobetterfacilitatefirms’engagementwiththeCentralBankoninnovation.ThisengagementallowsfortheexistingintelligenceondevelopmentsinthefintechsectortobefurtherexpandedandprovidesopportunitiesfortheCentralBanktodeepenitsunderstandingofemergingtechnologiesbeforetheyenterthemainstream

SincetheUKvotedin2016toleavetheEU,therehasbeenanotableincreaseinthenumberoffirmsseekingauthorisationfromtheCentralBank.Thishasincludedanumberoffirmsinareasrelatedtocapitalmarketsandinvestmentbankingthatoperateanexpandedrangeofbusinessmodels.Inresponse,theCentralBankestablishedanewInvestmentBanksandBrokerDealersDivision.Moreover,anumberofthenewfirmswillfallwithinscopeofSSMsupervision.

TheCentralBankofIrelandiscommittedtohighlevelsoftransparencyandeffectiveengagementwithstakeholders,includingindustrystakeholders.

TheestablishmentofaCentralBankstakeholdergroupwillbeconsidered.Suchagroupcouldprovideformoreformalstructuredengagementonmarketandregulatorydevelopmentsandtrends.ResearchwillbeundertakentoidentifyinternationalbestpracticeandtodrawinsightsfromtheimplementationofvariousmodelsinotherEUMemberStatesforstructuresofengagementbetweencentralbanksandfinancialservicesstakeholders,andthisresearchwillbeanalysedtoidentifyhowthatmighttranslateintotheIrishsystem.

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Industry representation of the sectorToreflecttherapidongoingexpansionoftheIrishfinancialservicessector,thesectoralrepresentativebodieshavecommittedtocontinuetoworktogethertohelpdeliveranecosystemthatfacilitatesthegrowthoftraditionalandemergingfinancialservicesproviders.ThiswillincludeacoordinatedEUapproachonissueswheretheyhavesharedadvocacyobjectivesandconsiderationofhowtoexpandandoptimisetheirinfluencewithinEurope.

Overview of sectors

Insurance InvestmentManagement

Banking Payments Start-ups Prop Traders

Fund/Servicing

Source:IDA


Legal systemAreliableandefficientlegalsystemisessentialforanyjurisdiction’sdevelopmentofathriving,internationallycompetitivefinancialservicesindustry.TheIrishjudiciaryiswidelyregardedashavingarecordofintegrity,commercialawareness,fairness,andimpartiality.

TheCommercialCourtprovidesefficientandeffectivedisputeresolutionincasessuchasdisputesofacommercialnaturewherethevalueoftheclaimisatleast€1million.ItalsoprovideseffectiveresolutioninproceedingsconcerninganyfunctionoftheRegistrarundertheCapeTownConventionortheAircraftProtocoltotheConvention.TheIrishcourtsystem’sefficientprocesseswereoneofthekeystrengthshighlightedwhentheInternationalRegistryofMobileAssetsforprotectingandenforcinginternationalinterestsinaircraftchosetolocateinIreland.

InJuly2018,anIrishlawversionoftheInternationalSwapsandDerivativesAssociation’s(ISDA)industrystandardMasterAgreementwasintroduced.UsersofthisagreementcannowchooseIrishlawtogoverntheirderivativescontractsandusetheIrishcourtstodeterminerelateddisputes.ThisinitiativeformspartofISDA’sstrategytoprovideusersofitsdocumentationwiththetoolstheyneedtofuture-prooftheircontracts.

Finally,thereisajointinitiativeoftheBarofIrelandandtheLawSocietytopromoteIrelandasa‘LeadingCentreGloballyforInternationalLegalServices’.

LegislationMuchofthelegislationgoverningtheIFSsectoremanatesfromtheEU.IrelandneedstocontinuetoinfluenceEUpolicyandlegislationfromtheearlystageofdevelopment,wellbeforetheEuropeanCommissionpublishesproposals,bycontributingtotheconsultationprocess.ThisensuresthatanydraftlegislationrecognisesIreland’spolicyobjectives.AllrelevantgovernmentdepartmentsmustcarefullyexamineCommissionproposalstoassesstheimplicationsforIrelandatbothanoverallandasectorallevel.Whenneeded,andwhereitisappropriateandinlinewiththenationalposition,consultationwithindustryrepresentativesathomeandabroadshouldbeinitiatedearlyintheprocesssothatallaspectsoftheproposalsareunderstoodandanalysed.Thiswillrequireseriousandproactiveengagementbyindustryparticipantsattherelevantstagesandwithappropriatebodies.

Irelandwillalsocontinuetoexplorearrangementsfortheexchangeofstaffandexpertisebetweenthepublicandprivatesectorstoworkonparticularchallengesandopportunities.Inaddition,theCentralBankofIrelandsupportsstaffsecondmenttootherregulatoryandsupervisoryauthorities,includingEuropeaninstitutions.TheCentralBankalsosupportsreciprocalarrangementsforstafffromtheseinstitutionstoIreland.

WorkingcloselywitharangeofEUpartnershasalwaysbeenimportantforIrelandandwillremainapriority.However,strengtheninganddiversifyingourrelationshipswithintheEUhasassumedrenewedimportanceinlightofBrexit,giventhattheUKhasbeenaveryimportantallyonmany,thoughnotall,issuesrelatingtoIFS.BuildingnewallianceswillbeimportantinordertoinfluencethedebateatEUlevel.AconcreteexampleofeffortsonalliancebuildingandinfluencingEUpolicyisthejointpaperonCapitalMarketsUnion(CMU)thatIrelandputforwardinconjunctionwithDenmark,Estonia,Finland,Latvia,Lithuania,theNetherlands,andSweden.

WewillcontinuetoassessthepotentialimpactonIrelandandtherestoftheEUofproposalsintheEuropeanCommission’sAction Plan on Financing Sustainable GrowthanditsproposalsonaCapitalMarketsUnionandonaBankingUnion.

Financialserviceslegislationisconstantlybeingupdatedandamended,generallyonanannualbasis.ThisincludesthetranspositionofEUDirectivesandtheDepartmentofFinancedevelopinglegislationspecifictothefinancialservicesindustry,suchastheIrishCollectiveAsset-managementVehicleAct2015.ThisprovidesthelegislativeframeworkforanIrishbespokevehicleforinvestmentfunds.Theupdatingandamendingoflegislationmustcontinueonatimelybasisandinapragmaticmanner.Ingeneral,adoptinglegislationislengthyandcomplexbecauseofthetimeneededfordrafting,thevariouspolicyconsultations,assessments,andrefinementsasitpassesthroughtheOireachtas.Aspartofthisprocess,theIndustryAdvisoryCommitteewillbetaskedwithidentifyingandmakingsubmissionsonnationallegislativeprovisionsthattheyconsiderimportanttofurtherdeveloptheoperatingenvironment.Therefore,annualactionplansunderthestrategyshouldattempttoidentifypriorityareaswherelegislationmayberequired,andallrelevantgovernmentdepartmentsshouldworktoprogressthatlegislationthroughthevariousstagesifagreeabletothegovernment.

28

Pan-European Personal Pension Product (PEPP)In2017theCommissionpublishedaproposalforaPan-EuropeanPersonalPensionProduct(PEPP)intheformofadraftEURegulation.TheCommissionaimstolaythefoundationsforasafer,morecost-efficientandtransparentmarketinaffordableandvoluntarypersonalpensionsavingsthatcanbemanagedonapan-Europeanscale.ThisproposalwillultimatelyhelpworktowardsthegoalofaCapitalMarketsUnionbychannellingmoresavingstowardslong-terminvestmentsintheEU.ThePEPPisoneofmanyinitiativesunderwayatEUleveltounlockfundingthatcanflowfromEurope'ssaversintoproductiveinvestmentsacrossEurope.

Inearly2019,politicalagreementbetweentheEuropeanParliamentandMemberStateswasreachedonthePEPPRegulation.DepartmentofFinanceofficialswilltakethestepsneededtoimplementthelegislationinIreland,anditisestimatedthatPEPPsmaybeavailabletoconsumersfromlate2020.

Support for international taxation developmentsIrelandhasastrongpro-businessenvironment,aninclusiveandopeneconomyandastableandconsistent12.5percentrateofcorporationtax–oneofthemostcompetitiveandtransparentratesintheOECD.Despitevaryingeconomiccircumstancesandpressures,thestabilityofthisratehasbeenmaintainedoverthepastdecadeandthegovernmentremainscommittedtoretainingthisrate.Thisstabilityofthe12.5percentrategivesconsiderablecertaintytobusiness,whichisanimportantfactorwheninternationalfirmsdecidewheretolocate.

Irelandremainsfirmlycommittedtotheimportanceofhavingaconsensus-basedandstableinternationaltaxframework,agreedgloballyattheOECD.Ireland’sdeepengagementwiththeOECD’sBaseErosionandProfitShiftingProjectisanimportantpartoftheoperatingenvironmentforIFSfirms.Manyaspectsoftheexistingtaxregimearepro-businessandhelptheinitialdevelopmentoftheIFSsectorandcontinuetosupportitsongoinggrowth.Otherpoliciesaimedatpromotingthedevelopmentofindustryincludethefollowing:

· TheEmploymentandInvestmentIncentiveofferstaxrelieftoinvestorsinsmalltomedium-sizedcompaniesthathavepotentialforstronggrowth.

· TheStart-upRefundsforEntrepreneurs(SURE)taxreliefsupportsthosestartingnewbusinesses.

· TheStart-upCapitalInitiativebeginsin2019andwillprovideatailoredcapital-raisingincentivefornewmicro-enterprises.

· TheKeyEmployeeEngagementProgramme(KEEP)isafocusedshareoptionprogramme,intendedtohelpSMEsattractandretaintalentinahighlycompetitivelabourmarket.

· TheKnowledgeDevelopmentBox(KDB)isanintellectualpropertyrelieftoencouragecompaniestocarryouttheirsubstantiveactivitiesinIreland.

· TheResearchandDevelopment(R&D)taxcreditprovidesa25percenttaxcreditforallqualifyingR&Dexpendituretoencouragecompaniestoundertakehighvalue-addedR&DactivityinIreland,therebysupportingjobsandinvestmenthere.

· Taxrelieffornewstart-upcompanies(colloquiallyknownasthe‘Three-YearStart-UpRelief’)providesrelieffromcorporationtaxontradingincome(andcertaincapitalgains)fornewcompaniesinthefirstthreeyearsoftrading.

Irelandalsohasdoubletaxationagreementswith74countries,whichareimportantforallinternationallyfocusedbusinessesinIreland.Irelandwillcontinueseekingtomaintain,expandandenhancethistreatynetwork.

Support for small and medium-sized enterprisesTheDepartmentofBusiness,EnterpriseandInnovationnotesthatthereareover170supportsfrom27differentgovernmentdepartments,agenciesandinitiativesforIrishstart-upsandsmallbusinesses.Across-governmentalonlinetoolallowscompaniestodeterminewhichsupportstheymaybeeligibleforandprovidesinformationonlocalenterpriseofficesandonaccessingcredit.Thesearekeptunderreviewtoensuretheyremainrelevantandeffectiveandtheyareconstantlyevolving.Irishindustryisinvolvedinthisreview.


Environment scanningTogrow,theIrishIFSsectormustremainflexibleandabletofacethechallengesthatarelikelytoemerge.Thismeansthatbothindustryandthepublicsectorwillneedtoenhancetheirapproachtoenvironmentscanning,toidentifyandmitigatepotentialchallengesandtorecogniseandexploitopportunities.Thisstrategyprovidesformoreengagementbetweenthepublicandprivatesectors.Thiswillincludeestablishingworkinggroupsofindustryandpublicsectorexpertstoscantheregulatory,legislativeandbusinessenvironmentinareaswhereIrelandhasdevelopedastrongreputation,andinemergingsectorssuchasfintech,payments,platform-basedactivities,andmaritimefinance(includingopportunitiesforashippingservicecentre).AnexistingexampleistheFinanceGreenIrelandCommittee,whichfocusesongreenandsustainablefinance.

Finance Green Ireland Committee (environment scanning activity)Theglobaltransitiontoalow-carboneconomicmodelisanopportunityforfinancialcentrestoplayaleadingroleinunlockingthecapitalrequiredtokeepglobalwarmingbelow2°CandtomeettargetsintheParisAgreementandtheUNSustainableDevelopmentGoals.Sustainablefinanceactivitieswillcontinuetoincreasewithchangingmarketforces,thespreadofpoliciesandinitiativesdesignedtoacceleratethetransition,technicaladvances,andotherinnovationsthatsupportnewproductdevelopmentinfinancialcentres.

TheFinanceGreenIrelandCommitteeprovidesexpertadviceonthegreenandsustainablefinanceagendaandaimstodriveawarenessofIreland’sworld-leadingsustainablefinancecredentials.ItpromotesIrelandasaleadingsustainablefinancehubandadvocatesforpolicyandregulatorycertaintytoallowlocalandglobalcapitaltocontributetoIreland’snationaldecarbonisationefforts.

Cape Town ConventionTheCapeTownConventiononInternationalInterestsinMobileEquipmentwasadoptedin2001andenteredintoforcein2016.Itcreatesauniforminternationallegalframeworktoprotectinvestorsinaircraft.

Aviation leasing and beyondAviationleasinghasexperiencedsignificantgrowthineconomicactivity,inthenumberofcompaniesandinemploymentlevelsunderIFS2020.Althoughthereissomeexpectationthatthesetrendsmaycontinue,thereareemergingchallengestothissectorespeciallyfromChinaandotherAsianlocations.AcombinedapproachbetweenindustryandgovernmentisrequiredtoensurethatongoinganalysisoftheemergingchallengesandopportunitiesisunderstoodsothatIrelandcancontinuetoholditspositionasaleadinglocationforaviationleasing.

Inaddition,considerationcanbegiventothedevelopmentofrelatedareaswhicharealsolargelycoveredbytheCapeTownConvention,whichledtotheinitialgrowthofaviationleasing.TheLuxembourgProtocoltotheConvention,onrailwayrollingstock,wasadoptedin2007andtheBerlinProtocol,onspaceassets,wasadoptedin2012.Onceinforce,theywillcreateasimilarlegalframeworktorecogniseandregulatethesecurityinterestsoflenders,lessorsandvendorsofrailwayrollingstockandspaceassets,whichshouldresultinanincreasedpoolofcapitalfinanceavailableforinvestment.Theimplicationsandbenefitsofratifyingtheseprotocolscouldbeexaminedoverthelifetimeofthestrategy,ifdeemedappropriate.

30

50+

5,000

MSc

€550m+leasing companies based in Ireland

contribution to the local economy

first European Masters in Aviation Finance

of the world’s leased aircraft are managed from Irelandlocal jobs

Not just a leader in Ireland but in Europe

Supporting60%

over

Double tax agreements74

40

Enviable legal and regulatory framework

Committed governmental support

Years of experience dating back to the foundation of GPA

Highly skilled workforce

Home to Aviareto – managers of the international registry of mobile assets

50+

5,000

MSc






Supporting60%

over


40






50+

5,000

MSc






Supporting60%

over


40






50+

5,000

MSc






Supporting60%

over


40






50+

5,000

MSc






Supporting60%

over


40






Why Ireland?

Ireland’s aircraft leasing industry at a glance

Source:AircraftLeasingIreland


Pillar 2: Technology & Innovation

IntroductionPerhaps more than the other pillars, technology and innovation underpin much of the possible advances in existing markets and into new markets, and underpin maintenance of what has already been achieved.

Thedigitalrevolutionhasthepotentialtobeoneofthegreatestdisruptorsinthefinancialservicessectorinthenextdecade.Toolssuchasblockchain,AI,andbigdatawilltransformthewayinwhichmanyfinancialservicessectorscurrentlyoperateanddeliverservicestocustomers.Althoughthiscouldbeperceivedasathreat,italsoprovidesopportunitiesforbetter,fasterandcheaperservicesforclientsandcustomers.TheIrishfinancialservicesindustrywillneedtoseizeopportunitiesthatemergefromthese,andother,financialinnovations.ThisstrategywillworktoprovidethestructuresneededforIrishcompaniestoexaminewaysinwhichtheycantakeadvantageoftheseopportunities.

Thepositivepotentialimpactoffintechonimprovedfinancialaccessinthedevelopingworldisasignificantbenefit.AccordingtotheWorldBank,digitalfinancecanleadtogreaterfinancialinclusion,expansionoffinancialservicestonon-financialsectors,andtheexpansionofbasicservicestoindividuals,sincenearly80percentofpeopleinthedevelopingworldalreadyownamobilephone(whereasonly63percenthaveaccesstoafinancialaccount).Ireland,asacentreforfintech,canplayakeyroleinthedevelopmentofnewservicesavailabletoconsumersglobally.

AsignificantanduniquestrengthofIrelandisthecombinationofthedeepdomainknowledgeinfinancialservices,ontheonehand,andtechnologycapabilities,ontheother.Thedivisionbetweenfinancialservicesandtechnologyisbecomingevermoreblurred,withfrequentcrossoverandsuccessfulcollaborationsbetweencompaniesineacharea.Thiscollaborationisacceleratingthedigitaltransformationofthefinancialservicesecosystem.

Technologicalchangesaffectexistingbusinessmodelsinthefinancialservicessector,leadingtogreaterlevelsofcollaborationacrosssectorsandbetweencompaniesofdifferentsizes.Start-upscontributeagilityandlargeincumbentsprovidetheabilityfortheuseofnewdevelopmentsatalargescale.TheEuropeanCommission’sFinTech Action Plan provides avaluableroadmapforIreland.Thisisparticularlyrelevantinareassuchasopenbanking,includingstandardisationofbankingapplicationprogramminginterfaces(APIs),engagementwiththeEUFintechLab,andregulatoryapproachestonewlydevelopingfinancialservices.

CollaborationCollaborationisasignificantthemeinthispillarbecauseclosercooperationbetweenincumbentsandnewcompaniesintheIrishfinancialservicessectorwillmaximisethesector’sgrowthpotentialoverthecomingdecade.Irelandmustbuildonitsexistingcompetitiveadvantageinthisarea,namelyastrongrecordofengagementacrossandbetweenmultinationals,start-ups,government,academia,andotherstakeholders.

Manyoftheworld’sleadingtechnologyfirmsinhardware,softwareandtheinternetemploythousandsofpeopleacrossIreland.Inthefuture,thereshouldbegreatercollaborationbetweenfintechfirms(andIFScompaniesingeneral)andtheseglobaltechnologygiants.Ineffect,thiscanbea‘digitalbridge’fromSiliconDockstotheInternationalFinancialServicesCentre.Thereshouldalsobecloserlinksbetweeninternationalfintechcompaniesandindigenoustechnologyfirms,buildingonsignificantgrowthinrecentyearsfollowingEnterpriseIreland’seffortstoexpandexportsandcountertheadverseaspectsofBrexit.

EnterpriseIrelandwillseektoworkcloselywithIDAIreland,representativebodies,andtheIFSindustrytocontinuedevelopingspecificactivitiesthatconnectfinancialservicesandfintechcompanies.Thiswillaimtodevelopcapabilities,createopportunitiesandgeneratesynergies,especiallywheretherearestrongprospects–forexample,openbanking.Thiscollaborationwillinvolvespecificactivitiesoncommercialopportunities(forexample,globalsourcing)andoninnovation(forexample,theDisruptiveTechnologiesInnovationFund)among

34

others.Anumberoffocusedeventswillbeincludedasspecificactionsintheannualactionplans.

TechnologycompaniesinIrelandareseenasveryattractiveemployersandareattheforefrontofdevelopingnewtechnology.Similarly,therearecareeropportunitiesintechnologyrolesatIFScompaniesandincutting-edgeprojectssuchastheKBCITandInnovationHub,Citi’sGlobalResearch,Development,InnovationandLearning(RDIL)centre,andDeloitte’sBlockchainLab.Providingopportunitiesforengineersandtechnologiststomovebetweensectorscancreateopportunitiesformoreinnovationandgrowth.EnterpriseIrelandseekstobroadenanddeepenongoingcollaborationbetweeninnovation-ledcompaniesandIFScompanies.

Closercollaborationbetweenfintechcompaniesandthird-levelinstitutionsandrelevanttechnologycentresincludingCeADAR(theCentreforAppliedDataAnalytics)willalsobecriticalinenablingaccesstoinnovationandR&D.Increasingtheselinksiskeytomovingtheseactivitiesandrelatedemploymentupthevaluechain.

Collaborationwithotherjurisdictionswillbecomeincreasinglyimportant.GivenIreland’sexpertiseinfintechanditssuccessasaglobalfinancialservicescentre,itsabilitytooperateasa‘fintechbridge’fromtheEUtolocationssuchasSingapore,HongKong,AbuDhabi,andpost-BrexitLondonwillbeassessedduringthelifeofthestrategyandusedtocreatefutureopportunities.

Additionally,thegovernment-supportedinitiativetoestablishaGrandCanalInnovationDistrict(GCID)willbeanimportantfeatureofthestrategy.AlthoughtheroadmapfortheGCIDisstilltobefinalised,itislikelytofacilitateincreasedcollaborationbetweenthefinancialservices,technology,digitalmedia,andeducationsectors,andprovideafocalpointforeducationandinnovationinfinancialservices.IDAIrelandwillconsultwithallrelevantpartiesinvolvedindevelopingtheGCIDandwillprepareareportonhowthedistrictcouldsupporttheIFSindustry’sfuturedevelopment.TheJointCommitteewillworkwiththeIDA,governmentdepartments,highereducationinstitutions,industry,andotherstakeholderstoidentifyactionsrelevanttotheGCIDthatmightbeincludedinIFSannualactionplansoverthelifeofthestrategy.

InnovationIrelandisrapidlydevelopingexpertiseinenablinginnovativetechnologies,whichcanallowexpansionintonewmarketsandgrowthinexistingmarkets.

Irelandalreadyhasmanyexcellentexamplesoflargemultinationalfinancialservicescompaniessuccessfullyengagingwithfintechinnovators.Thisincludesprovidingstart-upspaceandmentoring(suchasCiti’sAcceleratorHubandUlsterBank’ssupportforDogpatchLabs).TheextenttowhichfinancialservicescompanieswillconsiderIrelandforsimilaractivitieswillbeanimportantfactorinthesector’sgrowth.

Inaddition,growingnumbersofIFSfirmsarechoosingIrelandasalocationforresearchingnewfinancialtechnologies–theyincludeMetLife,FirstData,Citi,Infosys,Mastercard,Aon,Fidelity,Prudential,DeutscheBank,andUnitedHealthGroup.Toensurethiscontinues,itwillbevitaltoincreasetheuseofthegrowingnumberofinnovationhubs.Thiswillneedtheencouragementandsupportofkeystakeholders.Inthiscontext,IDAIrelandwillcontinuetotargetfinancialservicesandfintechinvestments,whilesimultaneouslysupportingtechnologydevelopmentactivitywithinitsexistingclientbase.Likewise,EnterpriseIrelandwillcontinuetosupportstart-upandscalingactivitiesinfintechandthebroaderfinancialservicessectorandtoassistcompaniesthatprovidesupporttofinancialservicesfirms.OtherstakeholderssuchastheCentralBank,theDepartmentofFinance,andindustrywillcontinuetoplayacrucialpartinshapingtheecosystemtosupportstart-ups,existingfinancialserviceproviders,fintechbusinesses,andglobaltechnologycompanies.

Inaddition,theCentralBankhasidentifiedthatitwillactontheemergingrisks,opportunitiesandchallengespresentedbyfinancialinnovationandtherapidlyevolvingtechnologicallandscapewithinwhichit,thefirmsandindividualsthatitsupervisesandregulatesoperate.TheCentralBankhasestablishedaninnovationhubwhichprovidesanaccessible,directpointofcontactforregulatedandunregulatedfintechfirmsandforotherincumbentsseekingtoinnovate.TheycanengagewiththeCentralBankonrelevantpartsoftheregulatoryregime,specificsupervisionrulesandpolicies,andonnavigatingIreland’ssupervisoryandregulatorylandscape.In2019,theCentralBankwillundertakeaninternalreviewoftheinnovationhubtoassessitseffectiveness,theresourcesrequiredandwhatpotentialenhancementsmaybeappropriate.

InthecontextoftheEuropeanCommission’sAction Plan: Financing Sustainable Growth,animportantareaofinnovationandsignificantgrowthforIFSinIrelandissustainablefinance–inparticular,theunderlying


RESEARCH

CENTRES

GO

VE

RN

ME

NT

&

REG

ULA

TOR

S

INN

OVATIO

N LA

BS

TEC

HN

OLO

GY

FIR

MS

INDUSTRY BODIES

FINA

NCIA

L

FIRMS

INCUBATORS

ACAD

EMIA

FINTECH

SVC INVESTORS

Fintech and blockchain ecosystem in Ireland

Source:IDA

36

datainfrastructure,analytics,andfinancialproductdevelopment.ApplyingadvancesinmachinelearningandAItobothenvironmentalissuesandfinancialdatasetsopensupopportunitiesin:

· testing,andscalingdataandanalyticsinnovationsingreenAIandgreendatascienceactivities,

· evidence-basedsustainableinvestingandmodellingtheimpactsoftheUNSustainableDevelopmentGoals,and

· developinganti-greenwashingidentificationtoolsforinvestors.

Moreover,agrowingnumberoflargecompaniesaredevelopingnewproductstosupportthesustainablefinanceandthebroaderESGagendas.Thispresentsanopportunitytodevelopamechanismtoacceleratethedevelopmentofsuchsector-themedinnovations.Inbothrealisingopportunitiesandexploringtheestablishmentofasustainablefinanceinnovationcentreofexcellence,IrelandissupportedintheseeffortsbytheEUEITClimate-KnowledgeandInnovationCommunity(KIC),theworld’slargestclimateinnovationplatform.

FinTech FusionInSeptember2018,ScienceFoundationIrelandawardedtheADAPTResearchCentre€1.9minfundingforFinTechFusion,aresearchprogrammethatwillstrengthentheinternationalcompetitivenessoftheIrishfinancialservicesindustrythroughtheproductionofnewresultsfromcutting-edgefintechresearch,generatedbyateamofIreland’stopresearchersandtheirforward-lookingindustrycollaborators.Industrypartners,includingFidelityInvestments,DeutscheBörse,andZurich,willmatchtheinvestmentfromSFIwith€3m,creatinga€5mresearchprogramme.Thebreakthroughtechnologies,forgedfromacademicexpertiseandindustryexperience,willprovideIreland’sstart-upsandmultinationalswiththebasisforoptimised,cost-efficientandrisk-managedproductsthatwillimprovecompetitivenessandbuildconsumertrustthroughefficientandtransparentregulatorycompliance.

TheunionoffinancialresearchexpertisebroughtbyAcademicsfromtheUCDMichaelSmurfitGraduateBusinessSchoolandoftechnologyexpertisebroughtbytheADAPTResearchCentreinstitutionsworkingwiththeInsightCentresforDataAnalyticsandwithLero,theIrishsoftwareresearchcentre,createsaunique,highlyrelevantresearchinfrastructurethatwillacceleratethedigitaltransformationofthefinancialandinsuranceinstitutionsthatcollaborateintheprogramme.

FinTechFusionwillcreateimpactinanumberofwaysacrossthreepillarsofregtech,insuretechandpaytechbyconductingexcellentscientificinvestigation,publishingintop-rankedjournalsandpresentingstudiesatleadingconferencesworldwide.ItwillincreaseIreland’sR&Dcapacity,forgingnewsynergies,notonlybetweenuniversities,butalsobetweenacademiaandindustry,deliveringtoolsforincreasedcompetitivenessandacceleratedpayment,regulationandinsuranceprocedures.Researchinpaytechwillimprovepaymentprocessestoprovideabettercustomerexperiencewithseamlesstransactions.Regtechwillprovideenhancedregulatorycomplianceandreduceassociatedcosts.Insuretechwillintroducemethodstodetectfraudandanalyselivingbehaviours,therebyinformingthedevelopmentofinsurancepoliciesinthefuture.

FinTechFusionwillbeattheforefrontofcreatinghighlyinnovativefinancialbusinessservicesmodelsandproducts.Atthecentreoftheseresearchthemeswillbeafocusonproducinghigh-quality,publishedscience.Throughacollectivedrive,itwillplaceIrelandinthecentreofaprofounderaofchangefortheglobalbusinessandresearchlandscapesanddeliversignificanteconomicandsocialimpact.


Supports for Irish-owned financial services and fintech companiesOverthelifeofthestrategy,EnterpriseIreland’sGlobal/SectorFinancialServicesTeamwillcontinuetodrivetheglobalexpansionbyIrish-ownedfinancialservicesandfintechcompaniesacrossmarketsbyworkingone-to-onewithcompaniesontheirbusinessplans.Thiswillincludekeysalesandmarketing,operationsandinnovationactivities,ensuringIrish-ownedfintechandfinancialservicescompaniessustainandgrowmarketshare,particularlyinthecontextofBrexit.EnterpriseIrelandwillcontinuetodevelopthesupportsitprovidestoentrepreneursandinnovation-ledstart-ups,includingfintechstart-ups.Thiswillincludenewapproachestofunding,whereappropriate.ThiswillalsoincludeworkingwiththeDepartmentofFinanceandtheDepartmentofForeignAffairsandTradetoidentifyanddeveloppossibleopportunitiesforfintechcompanieswithrelevantinternationalfinancialinstitutions(forexample,theWorldBank,theAsianDevelopmentBank,andtheEuropeanInvestmentBank).Togetherwiththeseinstitutions,thiswillseektodevelopnewwaystosolveidentifiedissueswherenocurrentsolutionsexist,usingmethodssuchashackathons,prototyping,andinnovativepre-commercialprocurement.

WhileEnterpriseIrelandhasbeeninstrumentalingrowingIrish-ownedfinancialservicesandfintechcompanies,thefuturedevelopmentofinnovation-ledstart-upswillrequiresufficientfundingfromtheprivatesector.Thiswillincludethematicinvestorswhofocusontechnology-enabledinnovations.Asthesectorandtheenvironmentcontinuetoevolveoverthelifeofthestrategy,thenatureandleveloffundingrequiredbystart-upswillneedtobemonitoredonanongoingbasistoensurethatsuitablepolicyprovisionsaremade.

TheroleofsmartcitiesandtownsinIrelandwillbeconsideredwithspecificreferencetofintechandfinancialservicesasatestbedandsourceofnewopportunities.Inparticular,EnterpriseIrelandwillconsiderthefeasibilitythistypeofprojectinconjunctionwithkeystakeholders.Anyrecommendationstobeimplementedwillbeincludedinannualactionplans.

Fintech Foresight GroupEnsuringimplementationofthestrategyremainsoncourseandthevisionisachievedwillrequirecontinualbutstructuredmonitoringofever-evolvinginnovationandtechnologicaltrendsinfintech.OneofthenewmeasurestodrivethisaspectofthedevelopmentinthestrategyistheestablishmentofaFintechForesightGroup.Membershipwillincludemultinationalfinancialservicescompanies,globaltechnologycompanieslocatedinIreland,existingindigenousfintechcompaniesandstart-ups,third-levelinstitutions,publicsectorrepresentatives,andinternationalexpertswithastrongrecordinthisarea.Thisgroupwillbechairedbyanindustry-appointedchair.

ItwilladvisetheMinisterandJointCommitteeofpertinenttechnicaldevelopmentsintheIFSsector.Thetechnologiesthatcouldbeinvolvedinfintechincludemachinelearningandcognitivecomputing,bigdataanalytics,blockchain,regtech,mobilepayments,alongwithothersatthegroup’sdiscretion.

Thegroup’scontributionwillinformpolicyandhelpscopetheannualactionplanspreparedunderthestrategy.OneparticulartaskforthegroupwillbetofocusonhowIrelandshouldseektopositionitselfontechnologicaldevelopmentsbeyond2025.

ThegroupwillmeetasappropriatetoreviewtheIFSlandscape.Itwillberesponsiblefordeliveringspecificactionsundertheactionplan,whichwillincludeworkingwithgovernmentagenciestoembedstructuresforincreasedcollaborationbetweentheIFSsector,technologyfirms,theeducationsector,andgovernment.

TheIFSJointCommitteewillworktoconsiderdevelopmentsandchangesintechnologyandnewadvancesmadeoverthelifeofthestrategy,aswellastheappropriateresponse.Thesemayinclude,butarenotlimitedto,designinganddeployingcoursestocapitaliseonthesedevelopments,andpromotingthemarkettoattractemploymentandbusinesses.

38

PlatformsBusinessmodelsthataredata-intensiveyetcapital-lightandusecloudcomputingtechnologyhaveledtoinnovationssuchascrowdfunding,peer-to-peerlending,andcashlesstransactions.GivenIreland’sprovenexpertiseinfinancialservicesandtechnology,thereisscopetomovefrommerelyprovidingservicefunctionstoplatformstoundertakingtheirdevelopmentandoperation.ThiswillincreasetheopportunityforplatformstobecontrolledandmanagedfromIreland.

Irelandisaworld-leadinglocationforboththetechnologyandaircraftleasingsectors.ItiscriticalthatweharnessthiscompetitiveadvantagebyusingthelatesttechnologicaldevelopmentstoprovideinnovativesolutionsandproductstosupporttheaircraftleasingandwiderIFSsector.

Pace of technology changeGiventhelikelyfuturepaceofchangearisingfromtechnologysuchasdistributedledgertechnology,robotics,andAI,itisvaluabletoengagewithstakeholdersandundertakespecialistresearchinthisareaoverthelifeofthestrategy.Thisway,Irelandcancontributeto,andshape,theautomationagendaandidentifyhowcompaniescanbestretrainandredeploystaff.TheremaybeothernicheswhereIrelandcouldseektodevelopexpertise.

GiventhepresenceinIrelandofglobaltechnologycompanies,thepresenceofleadinginternationalfinancialservicesfirms,andthecutting-edgeR&Dandinnovationbeingundertakenbythird-levelinstitutions,Irelandiswellplacedtobecomealeaderincybersecurity.ThepossibilityofestablishinganEU-widecybersecurityorganisationwillbeexploredinthelifetimeofthestrategy.Theopportunitiesforcybersecurityinfinancialserviceswillevolveintandemwithhowthesectordevelops.

39 Ireland for Finance16 17Ireland for Finance

We are a committed member of the European Union and we consistently rank as one of the best countries in the world for doing business

We offer guaranteed access to financial services regulatory passporting across the EU

Culture and lifestyle

Although it is not an outcome of IFS2020, Ireland is increasingly becoming an attractive location for people employed in IFS to live and work. This is based on a wide range of factors. Ireland is a place of stunning natural beauty with plenty of natural resources to enjoy, including 3,000km of coastline, more than 30 mountain ranges, 37 rivers, six national parks and countless beaches.

Irish people are renowned for being open and welcoming, and for our passion, humour, and imagination. Steeped in history and mythology, ours is a creative tradition expressed through art, music, dance, theatre, literature and film. We relish the opportunity to play, to share, to compete and to challenge ourselves. We value our sense of community and we embrace difference. There are lots of things to do in Ireland; perhaps this is one of the reasons why a 2016 survey by Indeed found that employees in Ireland are the fourth happiest in the world, while employees in Dublin are the happiest in Europe.

Irish society is increasingly diverse as more people from around the world choose to live, work and study here. Ireland ranks 12th out of 146 countries on the Social Progress Index 2018. Some 15 per

cent of Ireland’s workforce is international meaning that proportionally Ireland has the third-highest international workforce in Europe. Ireland is a multilingual society – over 600,000 Irish residents speaking a foreign language fluently. A 2015 Eurobarometer report on discrimination in the EU showed Ireland has much higher rates of acceptance than other EU countries on issues of gender, race, sexuality, age and disability. In that same year, Ireland became the first country in the world to introduce equal marriage rights for same-sex couples through a popular vote.

Other indicators for lifestyle and enjoyment show very positive results. Ireland ranks eighth on the UN Development Programme’s Human Development Index (HDI). The HDI was created to emphasise that people and their capabilities should be the ultimate criteria for assessing a country’s development, not economic growth alone. Ireland is fourth on the Cato Institute World Freedom Index, which is a global index of civic, political and social freedom. In 2018, Ireland was recognised as the 10th most peaceful country in the Global Peace Index.

We believe that work must harmonise with life, as summarised by the phrase ‘Ireland – a great place to live and work’.

Why Ireland?

There are many factors that make Ireland an attractive and competitive location for foreign Direct Investment by global financial institutions:

When the UK leaves the EU, Ireland will become the only English speaking, common law jurisdiction

We have a highly-regarded education system with over 50% of Irish 30–34 year olds holding a third-level degree – higher than any other country in the EU

We have a highly skilled English-speaking workforce, access to 325m EU workers, including UK workers via the common travel agreement

We are committed to our stable and competitive corporation tax regime 12.5%

50%over

12.5%

50%over

12.5%

50%over

12.5%

50%over

12.5%

50%over

12.5%

50%over

12.5%


Pillar 3: Talent

IntroductionIreland’s IFS sector draws a significant competitive advantage from its well-educated, highly skilled and adaptable workforce, which was a key pillar of the success of IFS2020.

However,skillsarevulnerabletoobsolescenceandaconsistentfocusmustbemaintainedonworkforcedevelopment.Advancesintechnologyandcompetitiveandgeopoliticalforcesconstantlycreaterequirementsfornewskills.

Irelandisfortunatetohaveayoung,well-educatedpopulationandagrowingbirthrate.Ithasthehighestproportionofunder15sintheEUand52percentofIrish25-to34-year-oldsholdathird-levelqualification.Irelandhasapopulationofnearlyfivemillionpeopleand,crucially,itsEUmembershipprovidesunfetteredaccesstoaworking-agepopulationofover325milliontoserveitstalentrequirements.Inaddition,theCommonTravelAreabetweenIrelandandtheUKallowsworkerstomovefreelybetweenthetwojurisdictionsforemploymentpurposes.Thiswillcontinuepost-Brexit,incontrasttothepositionwithotherEUMemberStates.

TheimpactofBrexitfeedsintothetalentavailableinIreland.Thereareapproximatelyroughly2.25millionEUnationalsworkingintheUK,someofwhommaybelookingtorelocate.TheCharteredInstituteofPersonnelandDevelopmentreports2thatthenumberofEU-bornworkersintheUKincreasedbyjust7,000betweenQ12017andQ12018,comparedwithanincreaseof148,000betweenQ12016andQ12017,adecreaseof95percent.IrelandisarealalternativetotheUKforpeoplelookingtorelocate,duetoitsEnglishspeaking,young,internationalpopulationanditsvibrantcities.

2 https://www.cipd.ie/news-views/brexit/uk-labour-supply-impact

AmajorHumanCapitalInitiativewasannouncedinBudget2019.Thering-fencedallocation,totalling €300millionbetween2020and2024,willforma keypartofthegovernment’sstrategicresponsetoBrexitandotherchallengesfacingtheeconomy.Itwillmeetthefutureskillsneedsoftheeconomyandprovideadditionalinvestmentinhighereducation.

Renewed focus on education and lifelong learningAkeyrequirementforthesuccessofthisstrategywillbetheavailabilityofsufficientnumbersofpeoplewiththeskillsneeded–inquantityandquality–forthesectortocontinuegrowingandmovingupthevaluechain.Partofthisprocesswillbetoencourageongoinglearninganddevelopment.Theretrainingandupskillingneedsofthesectorwillbecontinuallyreviewedoverthecourseofthestrategy.

SkillnetIrelandisanenterprise-ledbodythatprovidescompanieswithnewopportunitiestodeveloprelevant,effectiveanswerstotheirtraininganddevelopmentneeds.Itappliesanenterprise-ledapproachtoworkforcedevelopmentinwhichgroupsofbusinessesprimarilyowntheprocessofdeterminingandaddressingtrainingneeds.Encouragingenterprisetoleadtheprocesshelpstoensurethattheprogrammesarerelevanttoindustryneeds.Thisdecentralisedapproachalsoenablescohesiveenterprisenetworkingandtheflexibilitytorespondtochangingskillsneedsthroughbothformalandinformallearning.SeveralSkillnetIrelandlearningnetworkswillcontributetoimplementingIFSworkforceinitiativesthatalignwiththisstrategy.

FinuasisSkillnetIreland’sleadprogrammefortheIFSsector’seducationalandskillsneeds.IthasthreelearningnetworksexclusivelyfocusedonIFS:AviationFinanceFinuasSkillnet;LawSocietyFinuasSkillnet;andIFSSkillnet.ThereareseveralotherSkillnetnetworks3thatincreasinglysupport

3 TechnologyIrelandICTSkillnet,TechnologyIrelandSoftwareSkillnet,SustainabilitySkillnetandregionalnetworksprimarilylocatedintheWest,Mid-WestandSouth-West.

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Ireland’sIFSsector.Finuaswillcontinuetorespondtoemergingneedsandopportunities.Inaddition,theFinuasnetworkswillcollaborateextensivelywithkeyindustrystakeholdersandeducationproviderstodeviseinnovativeeducationandtrainingprogrammesforIreland’sIFSsector.

Insupportofthesustainablefinanceagenda,SustainabilitySkillnetworkstodevelopleadershipcapacityandspecialistskillsacrossthesustainablefinanceandbroaderESGagendatosupportIreland’semergenceasasustainablefinancehub.

SkillnetIrelandwillcontinuetosupportcompaniesinthebanking,fintech,insurance,securitisation,aircraftleasing,fundsandassetmanagementsectorstoaddressissuesofworkforceplanning,development,andinnovation.Thedevelopmentofspecificprogrammestoencourageenterpriselearningandskillsdevelopmentwillberegularlyassessedandtranslatedintostrategicactions.

Springboard+Springboard+complementsthecorestate-fundededucationandtrainingsystemandprovideshighereducationopportunitiesthatarefree,orfundedat90percent,inareasofidentifiedskillsneeds,toenablethetargetgrouptoupskillorreskill.Theinitiative’soriginaltargetgroupwasunemployedpeople,butthefocushassincebeenwidenedtoincludemorepeopleinemployment.Coursesaredevelopedinconjunctionwithindustryandchosenannuallybyanindependentpanel.Springboard+2018providedmorethan8,000courseplaces,includingonIFS-relatedcourses.

TheintroductionofsmarttechnologysuchasAI,theInternetofthings,andbigdataanalyticsmayleadtothetransformationofbusinessmodelswithanincreasingfocusonexistingandnewserviceofferings.Theimpactofthisonfinancialservicesisunknown,butithasthepotentialtodisplaceasignificantnumberofjobs.ThebestwaytorespondtothischallengeistoensurethatweprepareforandeducatetheworkforcesothatthehighvaluejobswillbelocatedinIreland.

Skills developmentEncouragingforeignlanguagesandSTEM-relatedsubjectsshouldcontinuetobeaprioritythroughtheeducationsystemfromprimarytopostgraduatelevelandthroughthewholelifecycle.

TheDepartmentofEducationandSkillspublishedSTEM Education Policy Statement 2017–2026 in November2017,anditwillbeimplementedoverthelifetimeofthisstrategy.Specificoutcomesthatare

relevanttotheIFSsectorinclude:

· femaleuptakeofSTEMsubjectstoincreaseby40percent,

· qualitycareerinformationtobeavailabletoallschoolsforlearnersandparents,and

· increasedpartnershipsbetweenschools,industry,publicsectorbodies,researchorganisations,furtherandhigher-levelinstitutions,andthewiderSTEMcommunity.

InitiativesunderthestrategycanencouragegreaternumbersofwomenandgirlstotakecoursesinSTEMsubjectsand,induecourse,toenterrelatedemployment.

Future Jobs Ireland 2019hasalsoidentifiedthisasakeyareaandhassetambitioustargetsforincreasingourlifelonglearningrateandbasicdigitalskills,etc.Inaddition,theTechnology Skills 2022 initiativeisIreland’sthirdICTskillsactionplanandisacollaborativeeffortbygovernment,theeducationandtrainingsystemandindustrytomeetIreland’shighlevelICTskillsneeds.TheSkillstoAdvanceinitiativeallowsfortargetedsupportedforvulnerablegroups,particularlythosewhohavelowerskillslevelsandwhoneedmoreopportunitiestoadvancetheirworkinglives.

Increased uptake of apprenticeshipsAsnewandemergingsubsectorsoffinancialservicescontinuetogrow,theavailabilityofahigh-qualityskillsbasewillbecrucial.Apprenticeshipsallowindividualsfromavarietyofeducationalbackgroundstodevelopthekeyskillsneededforacareerinfinancialservices.

Apprenticeshipsthatcombineacademicstudywithon-the-jobtrainingareavailableininsurance,accounting,andIFS.Successfulapplicantshavetheabilitytonotonlyimprovetheirskills,butalsotoearnasalary.LaunchingIFSapprenticeshipswasakeyeducationaloutputunderIFS2020.

Aspartofthisstrategy,theexistingIFSapprenticeshipschemeswillbedevelopedfurther,withongoingpromotionofthecurrentapprenticeshiproutes.IncreasingboththenumberofapprenticesandthenumberofemployersintheschemeswillensureapipelineofskilledstaffforthesectorandwillkeepIrelandcompetitive.ApprenticeshipsprovideanopportunitytohighlightIFScareeropportunitiestoschoolleaversandtoensureearlyentryintotheworkforceatage18–19years,ratherthanadelayedentryafteradegreecourse.Additionally,


apprenticeshipssecurecommittedemployeesforabusinesswhereastrongrelationshipbetweenworkandstudyisestablishedbyanemployee-apprenticeandtheiremployer.Thisimprovesemployers’abilitytoattractandretainstaff.

OneofthemeasuresofsuccessforthiselementofthestrategywillbethenumberofparticipantsonIFSapprenticeships.TheApprenticeshipCouncil’songoing‘GenerationApprenticeship’campaignpromotesthisinitiative.Apprenticeshipscouldalsobeencouragedbyeffortstodevelopschooleducationprogrammesworkingwiththird-levelproviders in dedicated DEIS4areas,andtodevelopaLocalHeroesprogramme.

Education–industry linkagesForward-thinkingorganisationsareincreasinglyengagingwiththird-levelinstitutionstomeettheirskillsneedsformainstreamaswellasresearchroles.Itisimportanttoadvancecoordinationbetweenindustryandthird-levelinstitutionstosupportthedevelopmentofskillsandinnovation.Closercoordinationandcooperationbetweenindustryandtraininginstitutionswillensurethatprogrammescontinuetomeettheneedsoftheindustryandregulatedprofessions.Benefitscanbeparticularlyimportantinregionallocations.Severalregionallybasedinternationalfinancialinstitutionsarealreadyinvolvedinthisworkonaninformalbasis.

Anexampleofthiscollaborationisintheaviationleasingsectorwhichneededacontinuedsupplyofskills.Educationcoursesweredevelopedtomeetthatneed.Industrysupportedthecoursedesignbyidentifyingmodulesandbyofferingexperiencedpersonneltoteachspecialisttopics.ThismodelcanbereplicatedacrossmanyareasinIFS.

TheNetworkofRegionalSkillsFora,createdaspartofthegovernment’sskillsarchitectureassetoutin Ireland’s National Skills Strategy 2025,providesanopportunityforemployersandtheeducationandtrainingsystemtoworktogethertomeettheirregions’emergingskillsneeds.ClosercollaborationbetweenindustryandtheRegionalSkillsForawillcontributetoadeepeningandbroadeningoftheskillsbaseavailableinthevariousregionsandwillfurtherincreasetheselocations’attractivenesstoemployers.

4 Launchedin2005bytheDepartmentofEducationandSkills,DEIS(DeliveringEqualityofOpportunityinSchools)isthemostrecentnationalprogrammeaimedataddressingtheeducationalneedsofchildrenandyoungpeoplefromdisadvantagedcommunities.

Factorsaffectingthedemandforhighereducationalprogrammesincludepotentialemploymentoptionsoncompletionandtheircost.Althoughemploymentoptionsforundergraduatesandpost-graduatesaregoodatthemoment,deferringemploymentandengaginginaresearchmastersisanadditionalexpenseforstudents.Co-fundingofcoursefeesbyindustryortheprovisionoffundingtostudentsbyemployerswithapathwaytoindustryemploymentareusefulmeanstobridgethegapbetweenacademiaandindustry.

Development of postgraduate programmesWiththerapidexpansionoftheIFSsectorcomesagreaterdemandforanappropriatelyskilledworkforce,especiallyinaviation,payments,compliance,financialservices,fintech,sustainablefinance,andresponsibleinvestment.Recentyearshaveseenawelcomedevelopmentofrelevantprogrammesintheseareas.

InordertosafeguardIreland’spositionandensureanongoingstreamofqualifiedpersonnel,continuedprovisionofeducationprogrammesbeyondgraduatedegreelevelisessential.TheseprogrammesareakeysourceofIreland’sattractiveness,givingthecountryanopportunitytobecomeatruecentreofexcellenceindevelopinghumancapitalfortheindustry.

Whereskillsneedshavebeenidentified,thedevelopmentofpostgraduateprogrammeswillbeconsideredandincludedinannualactionplans.Examplesofcoursestobeconsideredinthefutureincludepaymentsandthebroaderdigitaleconomy,andfinanceandtheaviationsector.Lessspecificcoursesonfinancialservicesandbigdatamayalsobeneeded.Coursedevelopmentshouldbecarriedoutinconjunctionwithindustry,usingindustryexpertsaslecturerswhereappropriate.

Skills needs analysisWhileIrelandbothproducesandattractsaverycapablepooloftechnologytalent,theindustrycontinuestogrowquickly,andmanyskillsareinhighdemand.Itwillbeimportanttoidentifytheskillsneeds,particularlyinnew,innovativeandemergingsectors,andinrelatedareaswhereadditionaleducationandtrainingprovisionmayberequired.

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ThisstrategywillseektoengagewiththeExpertGrouponFutureSkillsNeedstoconsiderIFS.Thisanalysiswillneedtocoverallsectorsandtohighlightemergingneedsbysectorandbyregion.Amongotherthingsthisengagementmayhighlightareaswhereeducationandtrainingschemesmaybeneededthatwillprovideworkersforcurrentandfutureneedsacrossavarietyofindustrysubsectorssuchasaviationleasing,appliedalternativeassets,sustainablefinance,law,andfintech.

TheIFSandbusinessservicessectorsalsoneedhighlyskilledICTprofessionals.Anyskillsneedsanalysisshouldtakeaccountofthisdemand,inadditiontoproducingtalenttoservetechnologycompaniesinIreland.TechnologycompaniesinIrelandspanawiderangeoffields,frommobilepaymenttech,gamedesign,andcloudcomputingsolutionstoembeddedtechnologies,theInternetofthings,anddatasecurity.However,highlyskilledICTprofessionalsarenotjustneededintheICTsectoritselfbutalsoinmanyotherfast-growingsectorsoftheeconomysuchasIFSandbusinessservices.

Increasing diversityIncreasingdiversityintheIFSsectorisimportantfortworeasons.First,astheCentralBankofIrelandnotes,diversityofviewsandexperience–alongwithindependencewithinmanagementbodies–formsanessentialsafeguardagainstindustrypracticesthatrestricttheinvestmentpotentialoffirmsand,insomecases,putsmanagers’interestsaheadofinvestors’interests.Researchhasshowndiversityisoneofthemosteffectivewaystoenhancecomplianceandcorporategovernance.Second,diversityisincreasinglyimportantinordertomaintainandfurtherenhanceIreland’sattractivenessasalocationforIFS.

Diversitygoesbeyondthenumberofwomenintheworkplaceorinleadership.Italsomeansdiversityofage,ethnicity,sexualorientation,education,nationality,disability,beliefs,andmore.

AccordingtotheCentralBankofIreland,thereremainsaseriousdeficitinthediversityofbackground,experience,and–critically–thinkingatseniorlevelsinfinancialservicesinIreland.Diversegroupstendtohaveawell-roundedviewonbusinessissuesandrisks.Itiswidelybelievedthatgreaterdiversityofthoughtresultsinbetterdecision-makingandimprovedriskmanagement,whileavoidingthedangerofgroupthink.

Giventhepositiveimpactthatdiversitycanhaveonbehaviourandcultureinfinancialfirms,genderimbalanceisasignificantconcern.Approximately80percentofthemostseniorandinfluential

appointmentsinregulatedfirmsinIrelandbetween2012and2016weremen.

Theannualactionplanswillincludeinitiativesfocusedonbothincreasingwomen’sparticipationandonachievingbroaderdiversityandparticipationamongstminoritygroups.TheinitiativeswillalsohelpwithdemystifyingacareerinIFSandshowcasingitspotentialforvarietyinthesector–bothforthoseenteringorchangingcareer,andacrosstheregions.

Anexampleofthiswillbetheintroduction,overthelifeofthestrategy,ofa‘HeroesinIFSProgramme’.Initiallytargetedtowardsgirlsinschoolandyoungwomeninthird-leveleducation,theprogrammewillinvitehigh-profilewomeninIFStotalkabouttheircareersandtheopportunitiesavailabletothosewhochoosetopursueacareerinthesector.Thiswillbeexpandedacrossthelifeofthestrategytocoverotherareasofdiversityanddisadvantage.ThisprogrammewillexaminewaysitcanlinkintoScienceFoundationIreland’sSmartFuturesprogrammeaspartofdevelopingtheIFSprogramme.

Thestrategywillseektoworkwithgroupssuchas100WomeninFinance,whichisaglobalnetworkofprofessionalsworkingtogethertoempowerwomenateverystageoftheircareersinthefinanceandalternativeinvestmentindustries.ThiswaslaunchedinIrelandin2017withakeyfocusonsupportingwomenintheircareers,fromentryleveltoboardparticipation.Itisalreadyundertakingsomeworkthataimstopromotewomeninkeypositions.

Anotherwaytotacklediversityisbyincreasinglabourmarketparticipation.Currently,IrelandranksbelowtheEUaverageinthis,whichpresentsasignificantbarriertoaneconomyapproachingfullemployment.Asof2018,Ireland’slabourmarketparticipationrateforpeopleaged15orolder(62.2percentasofQ42018)comparesfavourablytotheEU15butisbelowtheequivalentratefortheUK(63.1percentasofQ32018).ThisisapriorityinFuture Jobs Ireland,whichincludesambitioustargetsforincreasingparticipationratesincludingamongwomenandolderworkers.

Overthelifeofthestrategy,alternativeroutesintoacareerinIFSwillbeassessed.Thisprocesswillconsiderdevelopinginternshipprogrammesforunder-representedgroupssuchassociallyexcludedanddisadvantagedindividualswithlimitedcareeropportunities,whoconstituteanuntappedtalentpool.TheseprogrammescouldbesimilartograduatedevelopmentprogrammesalreadyunderwayinIFScompanies.Theremaybesomeadditionalflexibilityconsideredforsomeofthetargetgroup,suchasusingtechnologyandremoteaccesstoremovebarrierstoentry.


ThestrategywillcontinuetosupporttheworkoftheNorthEastInnerCityInitiativethrough:

· increasingemploymentandtrainingopportunitiesforpeopleinthecommunity,

· engagingwithongoingeducationinitiativessuchasP-TECH,CareerLEAP,andtheNEICTransitionYearWorkExperienceProgramme,

· coordinatedcorporatesocialresponsibility,and · expandingthenumberoffinancialservicesapprenticeshipsinthearea.

Visa programmeCompaniesinIrelandhaveaccesstoalabourpoolofover325millionpeoplefromacrosstheEU,buttheymayalsoneedpeoplefromoutsidetheEUwithcertainspecificskillswhowillrequireemploymentpermitsorvisas.IDAIrelandadvisesclientcompaniesonthisprocess,includingthemosteffectivewaystonavigatetheimmigrationsystem.Itwillcontinuetoliaisewiththerelevantgovernmentdepartmentstoassistinsecuringvisasandemploymentpermitsforseniormanagementandtechnicalandresearchstaffwhenthosepermissionsareneeded.

TheEmploymentPermitsOnlineSystem(EPOS)providesforastreamlinedprocessthatiseasytouseandhasafastturnaroundtime.

Special Assignee Relief Programme (SARP)TheSpecialAssigneeReliefProgramme(SARP)wasintroducedinBudget2012.Itisatargetedmeasureaimedatreducingthecosttocompaniesofassigningcertainskilledindividualsandkeydecision-makersfromabroadtopositionsintheirIrish-basedoperationsoranassociatedcompany.Theschemerelievesaportionoftheincometaxtheindividualpaysonannualearningsabove€75,000andbelow€1millionperannum.Therehavebeenanumberofchangestothereliefsinceitwasfirstintroducedwhichhavemadethereliefmoreaccessibleandattractive.TheFinanceAct2016extendedtherelieftoemployeesarrivingtoworkinIrelanduptotheendof2020.


Pillar 4: Communications & Promotion

IntroductionIt is critical to continue promoting Ireland as a leading global centre of choice for IFS.

Thegovernment’sstrategyGlobal Ireland: Ireland’s Global Footprint to 2025andotherstrategiesdevelopedtodrivetheworkoftheDepartmentofForeignAffairsandTrade,ofIDAIrelandandofEnterpriseIrelandwillhelpinformtheinitialthinkingontheoveralloutreachprogrammeforthisstrategybyprovidingavaluableoperatingcontext.Moreimportantly,thisstrategywillbeinformedbythesuccessofIFS2020:whatworkedwellandwhatcanbeimproved.Issuessuchasemergingnewareasfordevelopment,includingnewgeographicalandproductmarketswillalsobeimportant.

European Financial ForumIthasbeenstronglyrecommendedthattheEuropeanFinancialForum(EFF)continuestobeheldinDublinCastleinthefirstquarterofeachyearastheannualflagshipeventofthisstrategy.Forthisstrategy,theeventwillbeplacedonathree-yearplanningcyclefrom2020toensurethatpotentialthemesandspeakersfortheEFFcanbeidentifiedinthemediumtermwhilealsoavoidingunnecessaryannualtenderingandrelatedlogistics.TheEFFshouldcontinuetobeapartnershipbetweenIDAIreland,theDepartmentofFinance,andotherstakeholdersincludingtheIFSindustry.

ThelevelofambitionfortheEFFshouldalsoincreasebyfocusingonleadinganddistinguishedspeakers,notallofwhomhavetocomefromfinancialservices,withalargernumberofbreak-outsessions,possibleexpansionintoasecondday,andbook-endingtheconferencewitheventsatthestartandconclusionoftheofficialforum.TheIDAandEnterpriseIrelandcanleadtheseevents,buttheuseofprivatesectorsponsors,representativeorganisationsorindividualbusinessesshouldalsobeexplored.Adoptingathree-

yearplanningcyclewillenabletheEFFtobecomeamajorglobaleventandsecuregreaterreturnsfromtheinvestmentinorganisinganddeliveringit.

InordertodeveloptheEFFoverthecomingyears,officialspreparingtheEFFshouldattendsimilareventsworldwidetolearnfromthem,tonetwork,tohighlighttheforum,andtoidentifypotentialspeakersordelegates.ThisisparticularlyimportantforMinisterialvisitsabroad,engagementsbyIreland’sembassynetwork,andeventsorganisedbyIDAIrelandorEnterpriseIreland.Ideally,thisactivityshouldincludeindustryandrepresentativebodieswheneverpossible.

Climate Finance Week IrelandInrecentyears,theCOP21ParisAgreement,theUNSustainableDevelopmentGoals,theincreasingsevereweather,andforestfireshavepushedclimatechangetowardsthetopoftheinvestoragenda.Thefinancialservicessectorhasacriticalroletoplayinmobilisingcapitaltomeetthischallenge.Leadingcapitalmarketinstitutionsaredefininghowtheycanmovebeyondincrementaltotransformationaltransactionsandsustainablefinancecanformpartoftheirday-to-daystrategicactivities.

Insupportofthistransition,theannualClimateFinanceWeekIrelandorganisedbySustainableNationIrelandensurescapitalmarketparticipantsinIrelandhaveaccesstoglobalthoughtleadershipinthisarea,tobestpracticeasitrelatestothesustainablefinanceandbroaderESGagenda,andtoexamplesofinnovationinaction.Theeventfocusesonwhatittakestomobilisethesustainablefinanceandinvestmentflows,reportingandaccountingthatcanputEuropeontracktomeettheaimsofthe2015ParisClimateaccord.Importantly,ClimateFinanceWeekIrelandbringstogetherpoliticalleaders,c-suiteexecutivesfromacrossthefinancialservicessector,high-levelofficialsfrompublicpolicy,regulatorybodies,stateagencies,andacademicleaders.

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‘IFS Ireland’ branding and websiteTheuseoftheIFSIrelandbrandandwebsiteshouldbereviewedandre-energised.

Forthisstrategy,itisrecommendedthattheIFSbannerbrandisusedforallIFS-relatedpromotionalworkbyboththepublicandprivatesectors,domesticallyandinternationally,withoutexception.ConsiderationwillhavetobegivenastowhethertousethecurrentIFSIrelandbrandortodevelopanewone.Whatevertheoutcome,‘BrandIreland’shouldbefullyutilisedonallpossibleoccasions.InadditiontoensuringitsuseatallIFSevents,greateruseofthebrandcanbemadebymerchandisingthelogo.SponsorshipofsportingandculturaleventswithaparticularIFSfocusoronelikelytoinvolvepeopleinvolvedinIFSshouldbeconsidered.

Akeyelementofanypromotionalworkforthisstrategywillrequirecreatinganewwebsite.Giventheincreasingimportanceofdigitalcommunicationsandanonlinepresence,itisessentialthatkeystakeholdershaveaccesstoup-to-dateandrelevantinformationaboutIFSinIreland,aboutthecountryasaplacetoliveandwork,aboutinvestinginIrelandanditsbusinessenvironmentanditsopportunities,andaboutanyotherissuesthatbothfirmsandindividualswillwantwhenmakingdecisionsaboutchoosingIrelandasplacetoestablishorexpandabusiness,tomoveto,oraboutfinancialservicesasacareer.Thiswillrequireadequateresourcing.

Communicating the strategy externallyThecriticalmessagetobecommunicatedunderthestrategywillbe‘WhyIreland?’ThemessageofsellingIrelandmustbeclearandconcise,highlightingafewkeypointsandtheadvantagetobusinessesoflocatinghere.Thesemessages,whichwillcontinuetobedrivenbythecommunicationssub-groupoftheIFSCommittees,willbekeptunderreviewandamendedasnecessaryoverthelifeofthestrategytoensurethattheyremainrelevantandcaptureongoingdevelopments.ExamplesofthisalreadyexistinanumberofsubsectorsasdevelopedbyrepresentativebodieslikeIrishFundsandInsuranceIreland.

ItisintendedthatinternationalvisitsbyMinistersandseniorofficialsfromtherelevantdepartmentsandagenciestokeymarketswillpromoteIFSin

Ireland.Basedonconsultationwiththeembassynetwork,IDAIrelandandEnterpriseIrelandwilldevelopaprogrammeforthetradeeventstoinvolveMinistersandofficials,representativeorganisations,andindividualbusinesses.

Attendanceandparticipationininternationaltradefairsandfinancialevents,suchasEurofiforumsandseminars,willalsotakeplace.Basedonidentifiedin-marketbusinessopportunitiesinthecontextofstrategicbusinessplans,individualbusinesseswillbeencouragedtoparticipateinMinisterialmissionsandrelevanttradeevents.

Animportant,butsometimesneglected,aspectofpromotingIFSinvolvesoutreachactivitiesbetweentheStateandbusiness.SucheventsprovideforexchangesofinformationonparticularaspectsofIFS,orengagementswheregovernmentdepartmentsandstateagencies,includingtheCentralBankofIreland,usetheopportunitytoexplaincertainaspectsoftheirworktoindustry.InvolvingtheCentralBankofIrelandisparticularlyvaluable,andthisshouldcontinueasanimportantaspectofitsengagementwithcompaniesthatareconsideringexpandingtheirbusinessinIrelandorthoseconsideringmovingtoIrelandasanewenterprise.

Underthisstrategy,clearmessagingwillbedevelopedonthebenefitsofstartingafinancialservicesbusinessinorrelocatingafinancialservicesbusinesstoaregionallocationandontheadvantagesofusingregionalcentresfor‘secondsite’offices.OthermessagingneedstoincludeIreland’sworld-classreputationforcybersecurity,informationsecurityculture,andexecutionandapplication,amongotherareas.

Communicating the strategy domesticallyThereareanumberofreasonswhyitisnecessarytohighlighttheimportanceofthefinancialservicessectortothegeneralpublicinIreland.First,itdemonstratesthebenefitofthesectorfortheeconomyintermsofGDPandemployment.ThisiscriticalwhengeneratingsupportforIFSinitiativessuchasthisstrategyandrelatedactions.Second,highlightingIFSdomesticallyisnecessarytopromotethesectorasapotentialcareerchoiceforschoolleavers,graduates,andpeopleworkinginotherpartsoftheeconomy.

TheIFSsectorinIrelandoffersopportunitiesforemployment,anditisanationwideindustrywith30percentoftheemploymentoutsideDublin.PromotingIFSasacareerchoicewaspartofthe


previousIFSstrategy,andthiswillcontinue,withaspecificfocusonthevariedcareeropportunities,salariesandchoiceofemployers.HavingavibrantIFSindustryalsoprovidesopportunitiesforentrepreneurshipandprovidesamarketforventuressupportedbyEnterpriseIreland.

MuchworkwillbedoneinIrelandtotrytogrowtheactivitiesofbusinessesalreadylocatedhere.Ideally,high-levelspeakers–Ministers,seniorpublicofficiallevelsandseniorfiguresfromindustryandrepresentativeorganisations–shouldbeencouragedtoparticipateindomesticeventswhereIFScanbehighlightedandpromoted.Inadditiontobuildingonexistingrelationships,theseengagementswillhelpbuildnetworksandserveasameansofexchanginginformationonrelevantdevelopments.

Communicating the strategy for and across the regions AvitalissueforthisstrategywillbetopromoteandmarkettheregionsaslocationsofchoiceinIrelandfornewandexpandingbusinesses.UnderIFS2020,severalinitiativeswereputinplaceforthispurpose,suchaspromotionalmaterialpreparedbytheIDA–includingaregionalnewsletterandacommunicationsdeckhighlightingtheadvantagesoftheregions–andaregionalconsultationforum.TheIDAandEnterpriseIrelandalsoregularlypromotesecondsitesandtheregionsasviablelocationsforbusiness.

AgoodexampleofhowregionalisationcansucceedistheM1paymentscorridor.OthersuccesseswhichcouldformthebasisofcasestudiesfortheregionssuchasBNYMelloninWexford,StateStreetinKilkenny,PramericainLetterkenny;ClearstreamandWillisTowersWatsoninCork;NorthernTrustinLimerick;FexcoinKerry;MetLifeinGalway,andAXAinAthlone.

Underthisstrategy,Ireland’sregionalofferingwillbeassessedtoexaminehowitcanbeimprovedtoattractadditionalactivitiestolocationsoutsideDublin.ThiswillexplorewhethertherearespecificsectorsofIFS–bothexistingbusinessandnewbusinessareas–thatcanbeidentifiedanddevelopedwiththeregionsinmind.

RegionallocationsforIFSnotonlybringimmediateemploymentbenefitsandtheassociatedmultipliereffects,butalsohelptoimprovethegeneralpopulation’sunderstandingofwhatthesectoroffers,itsviabilityasapotentialcareer,andthebenefittotheoveralleconomy.

TheimportanceoflinksbetweenIFSemployers,educationalinstitutions(bothundergraduateandpostgraduate)andtheeducationandtrainingboards(forschoolleavers)shouldnotbeunderestimated.TheselinksarevitalbecauseIFSfirmsinregionallocationsrelyonlocaleducationinstitutionstoprovideaskilledworkforce,andinturn,IFSfirmsprovidecareeropportunitiesforskilledworkersinregionallocations.Somelargeinternationalfinancialinstitutionsarealreadyinvolvedinthisworkonaninformalandlocalbasis;thereshouldbeanexaminationofwhethertoputthisonamoreformalbasis.

The Regional Enterprise Plansprocessisakeypolicyresponseforsupportingemploymentgrowthacrosseightregions,withpublicandprivatestakeholdersengagedindrivingtherangeofinnovativeandpracticalactionssetoutinplansrelevanttoeachregion.AnobjectiveoftheRegional Enterprise Plansisidentifyingsignificantsectoralstrengthsinregionallocations.ThiscanhelpwithunderpinningthedevelopmentofregionalstrengthsintheIFSsector.Thiswouldalsoenabletheregionstoidentifytheirinfrastructuralofferingsandtovisualisethechallengestheyfaceintryingtoattractbusinesses.Itwillalsoallowtheoverarchingstrategytotargetareasofconcernmoreeasilyonaregion-by-regionbasis,andwilllinkitmorecloselytoothergovernmentstrategies.

RegionalisationwillbecriticalforthegrowthoftheIFSsectorasitoffersthepossibilityoflowercostsforfirmsandoffersopportunitiesforsecond-siteoperationsorsupportingsiteswhichcancomplementsitesinDublin.Regionalbasesarealsoattractivelocationsintheirownright.Harnessingtheconsiderableinterestandcapabilityamongregionalactorstoidentifyandfacilitatetheestablishmentofsecond-siteofficeoperationstosupplementgrowingIFSoperationsneedstocontinue.Organisationsinanumberofregionshavealreadytakenstepsinpromotingtheiroffering.Forexample,CorkChamberofCommercehasundertakensignificantworkthroughitsfinancialservicesforumtopromotethecityasIreland’ssecondhubforIFS.

EnterpriseIrelandwillidentifypotentialclustersoffintechactivityinregionallocationsinthecontextoftheimplementationoftheRegional Enterprise Plans to 2020.Thiswillincludethepotentialforsmaller-scaleclustersandacceleratorsthatclearlydemonstrateearlybutidentifiablepotentialforIFSasaregionalsectorspecialisation.

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Other communications and promotional issuesOtherinitiativesinthestrategyincludeexploringtheuseofIFSchampions–high-levelinternationalfigureswhocanbereliedupontopromoteIrelandandIFSdomesticallyandinternationally,especiallyusingtheirpersonalnetworks.RelatedtothisisthecreationofIFSAlumni–individualswhohaveworkedinIFSinIrelandandwhowouldbeinvitedintoanewlyestablishedalumnicommunitytopromoteIrelandonanongoingbasis.AnAnnualAwardsCeremonyfortheIFSsectorwillalsobeconsidered.IndividualsandbusinesseswhohadmadeanimportantcontributiontoIFSinIrelandwouldbehonouredatahigh-levelevent,possiblyaroundtheEuropeanFinancialForum.

Ireland’sembassynetworkandtherelatedinternationalofficesofIDAIrelandandEnterpriseIrelandhaveproveninvaluableanditisrecommendedthattheirrolecontinuesunderthisstrategy,especiallywiththeaddedimpetusofGlobal Ireland, thegovernment’sinitiativetodoublethescopeandimpactofIreland’sglobalfootprintintheperiodto2025,andthemovetowardsincludingallgovernmentdepartmentsandstateagenciesinaforeigncityinasingle‘IrelandHouse’.Underthisstrategy,thereshouldbegreateruseoftheIrishdiaspora,bothrecentmoversandlonger-establishedexpatriates,forpromotionandforinformationgatheringtoaccuratelycapturewhatworksandwhatdoesnotwork.EmbassiesshouldexpandtheirnetworksofIrishpeopleintheircountriestoincludemoreindividualsworkinginIFS.Allrelevantpromotionalmaterialshouldbetranslatedintothelanguageofthecountrywheretheembassyislocated,toenableeaseofaccesstoinformation.


Culture and lifestyleIreland is increasingly becoming an attractive location for people to live and work. This is based on a wide range of factors. Ireland is a place of stunning natural beauty with plenty of natural resources to enjoy, including 3,000 km of coastline, more than 30 mountain ranges, 37 rivers, six national parks and countless beaches.

Irishpeoplearerenownedforbeingopenandwelcoming,andforourpassion,humour,andimagination.Steepedinhistoryandmythology,oursisacreativetraditionexpressedthroughart,music,dance,theatre,literatureandfilm.Werelishtheopportunitytoplay,toshare,tocompeteandtochallengeourselves.Wevalueoursenseofcommunityandweembracedifference.TherearelotsofthingstodoinIreland;perhapsthisisoneofthereasonswhya2016surveybyIndeedfoundthatemployeesinIrelandarethefourthhappiestintheworld,whileemployeesinDublinarethehappiest inEurope.

Irishsocietyisincreasinglydiverseasmorepeoplefromaroundtheworldchoosetolive,workandstudyhere.Irelandranks12thoutof146countriesonthe2018SocialProgressIndex.Some15percentofIreland’sworkforceisinternationalmeaningthatproportionallyIrelandhasthethird-highestinternationalworkforceinEurope.Irelandisa

multilingualsociety–over600,000Irishresidentsspeakingaforeignlanguagefluently.A2015EurobarometerreportondiscriminationintheEUshowedIrelandhasmuchhigherratesofacceptancethanotherEUcountriesonissuesofgender,race,sexuality,ageanddisability.Inthatsameyear,Irelandbecamethefirstcountryintheworldtointroduceequalmarriagerightsforsame-sexcouplesthroughapopularvote.

Otherindicatorsforlifestyleandenjoymentshowverypositiveresults.IrelandranksfourthontheUNDevelopmentProgramme’sHumanDevelopmentIndex(HDI)for2018.TheHDIwascreatedtoemphasisethatpeopleandtheircapabilitiesshouldbetheultimatecriteriaforassessingacountry’sdevelopment,noteconomicgrowth.In2018,Irelandwasrecognisedasthe10thmostpeacefulcountryintheGlobalPeaceIndex.

Webelievethatworkmustharmonisewithlife,assummarisedbythephrase‘Ireland–agreatplacetoliveandwork’.

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Communications on the wider infrastructureWhilethisstrategyfocusesonthespecificareasofourIFSsector,asignificantnumberofadditionalfactorswillinfluencefirms’investmentdecisionswhenchoosingtoeitherestablishoperationsinanewlocationorexpandoperationsinanexistinglocation.Factorssuchashousing,commercialrealestate,education,transport,communicationsinfrastructure,andregionalconnectivityareessentialtocontinuedeconomicandsocialprogressandtoensuringIreland

remainsadestinationofchoiceforhigh-qualityinvestment.

Althoughtheseareasaretheresponsibilityofanumberofgovernmentdepartmentsandstateagencies,itisimportantthatthisstrategyrespondstowiderinfrastructuraldevelopmentsandtoimprovementsinpublicservicesacrossthecountry.

Thismessagingwillalsoreflectthewhole-of-governmentapproachtotheIFSsector,whichwasakeyelementunderIFS2020andwillcontinueinthisstrategy.Itwillalsoreflectthemandateofgovernmentdepartments,IDAIrelandandEnterpriseIrelandtopromotetheindustry,anddrivecompetitivenessandinnovationwithinthesector.

Multiple suitable locations to choose from

Source:IDA


Appendix I: Action Measures for 2019

54


Summary of Actions Lead Stakeholder Deadline

1 EU legislative and regulatory proposals

TheDepartmentofFinancewillmeetindustryrepresentativebodiesperiodicallytoexchangeviewsandtodiscussprogressonEUdossiersinfinancialservices.

TheDepartmentofFinancewillcontinueeverysixmonthstomeettheincomingPresidencyoftheCounciloftheEUtoexaminepotentialissuesandexpandonIreland’sEUprioritiesincludingfinancialservices.

TheDepartmentofFinance’sengagementmayincludevisitstoBrusselstoDGFISMAtodiscussfinancialserviceswiththeCommissionerandCommissionofficialsonaregularbasis.

D/Fin Industry,PSCG,IDA

H1,H2

2 Consider the establishment of a stakeholder engagement group

TheestablishmentofaCentralBankstakeholderengagementgroupwillbeconsidered.ResearchwillbeundertakentoidentifyinternationalbestpracticeandtodrawinsightsfromtheimplementationofvariousmodelsinotherEUMemberStatesforstructuresofengagementbetweencentralbanks,industryandconsumers,andthisresearchwillbeanalysedtoidentifyhowthatmighttranslateintotheIrishsystem.

D/Fin D/FAT,Industry,EI,IDA

Q4

3 Develop a national blueprint to guide Irish green and sustainable finance activities

InthecontextoftheEU Action Plan on Financing Sustainable Growthandofanalysingcurrenttrendsandfutureneeds,theFinanceGreenIrelandCommitteewilldevelopanationalblueprinttoguidedomesticandinternationalgreenandsustainablefinanceactivitiesacrossthethemesofenablingenvironment,skillsdevelopment,innovation,domesticandinternationalpromotionalcampaigns,andinternationalcollaboration.

Inpartnershipwithindustrybodies,anoutputoftheblueprintwillseeSustainableNationIrelandengagewithseniordecisionmakersinEurope,AsiaandNorthAmericatoshowcaseandpromotethescaleandsophisticationofIreland’semerginggreenandsustainablefinanceactivities.

SNI Industry,FinanceGreenIrelandCommittee

Q3

Headline Actions


Technology and Innovation


4 Establish a Fintech Foresight Group

AFintechForesightGroupofpublicandprivatestakeholderswillbeestablishedtodrivethedevelopmentoffintechunderthestrategy.Thetechnologiesthatcouldbeinvolvedinfintechincludemachinelearningandcognitivecomputing,bigdataanalytics,blockchain,regtechandmobilepayments

Membershipwillbebroadandincluderepresentativesfromallelementsoffintech.

Thisindustry-ledgroupwilladvisetheMinister(andJointCommittee)ofrelevantdevelopmentsinallsubsectorsoffintechandgeneraltechnologyforthewiderIFSsector.

InitialprojectsfortheFintechForesightGrouptoexplorewouldinclude:

· Support a virtual digital bridge from the ‘Silicon Docks’ in Dublin to IFS companies in Dublin and in other regions ThepurposeistoformalisethefosteringofcloserlinksandgreatercollaborationbetweenfinancialservicescompaniesandtheglobaltechnologygiantsbasedinandaroundtheSiliconDocksandbuildinglinksfarbeyondthisscopetolinktheseindustriesformutualbenefit.

· Linkages and collaboration between fintech companies and third-level institutions ThepurposeistoexpandthevariouslinkagesandencouragegreatercollaborationbetweenfintechcompaniesandIrishthird-levelinstitutionsthroughcollaborationwithtechnologycentres,researchcentresandtechnologygateways.

· Linkage with Grand Canal Innovation District TheFintechForesightGroupwillforgearelationshipwiththeGrandCanalInnovationDistrictasitbuildsasustainableinnovationecosystemintheSiliconDocksareafrom2019on.

· Fintech bridge with other jurisdictions TheFintechForesightGroupcouldexplorethepotentialforformalcollaborationagreementswithotherjurisdictions,andforfacilitatingafintechbridgefromwithintheEUtootherglobalfintechlocationssuchasSingapore,HongKong,andtheUAE.

BPFI

FintechForesightGroup

HLIC,IAC,BPFI/FPAI,Industryassociations,Third-levelinstitutions,EI,IDA

Q2

Quarterly

Talent


5 Women in Finance Charter

TheCharterreflectsthegovernment’saspirationtoseegenderbalanceatalllevelsacrossfinancialservicesfirms.Abalancedworkforceisgoodforbusiness:itisgoodforcustomers,forprofitabilityandforworkplaceculture,andisincreasinglyattractiveforinvestors.

ThisworkwillconsistofdevelopingaWomeninFinanceCharterandinvitinganumberofIFScompaniestosignitbyendofYear1,Year2andYear3.

IAC Industry,IDA,EI H1,H2

56

Communications and Promotion


6 International launch of the strategy

ThiswillconsistofinternationalvisitsbytheMinisterforFinance,bytheMinisterofStateforFinancialServicesandbyseniorofficialsfromtherelevantdepartmentsandagenciestokeygeographicalmarketstopromoteIreland’sIFSofferingandthenewstrategy.Wherepossible,thiswillalsoinvolverepresentativeorganisationsandindividualcompaniesandtheiradvisers.

LocationsmayincludetheUK,NorthAmerica(USAandCanada),SouthAmerica(especiallyBrazil),Russia,Europe(especiallyGermanyandScandinavia),Asia(Japan,China,Singapore,SouthKorea,andHongKong),Oceania(AustraliaandNewZealand)andAfrica(SouthAfricaandcountriesinEastAfrica).

Workingwiththeembassynetworkandindustry,theIDAandEIwilldevelopprogrammesforthetradeeventstoinvolveotherMinistersorofficialsinacoordinatedmanner.

IndustrybodiesandgovernmentwillexchangeschedulesofforeigneventstocoordinatetheapproachtopromotingIreland’sfinancialservicessectorabroad.

D/Fin D/FAT,IDA,EI,IAC

Q4

7 Regional Focus

PartofthedevelopmentofIFShasbeentheemergenceofanumberofregionalcentreswhicharebecomingincreasinglyimportantinexpertise,employment,economicactivityandlinkagestotheeducationsector.

ToensurethattheselocationscontinuetogrowascomplementarylocationstoDublinwhiledevelopingtheirabilitytoattractandretainbusinessintothefuture,theywillbepromotedunderthisstrategy.ThispromotionbytheIDAandEIwillalsoinvolveclosecollaborationwithindustry,chambersofcommerceandotherstakeholders.Theseregionallocations,theadvantagesoflinkagestotheeducationsector,theavailabilityofaskilledworkforce,andtheemergingadvantagesfromclusteringsimilaractivitieswillbehighlighted.Regionalstakeholderswillbeengagedtoprepareinformationonthepromotionoftheregion,highlightingkeybenefits.

Specificexampleswillbesourcedfromchambersofcommerceandtheenterpriseagenciesforuseinpromotionalmaterialandforregularupdatestothecommitteesestablishedunderthisstrategy.

Aregionalfocuswillbeincludedineachprogressreport.Theseshort,focussedreportswillalsobepublishedontheIFSwebsite.

EI,IDA D/BEI,Regionalchambersofcommerce,D/ES,IAC

H1,H2



Summary of Action Lead Stakeholder Deadline

8 Strengthen representation in EU and international institutions

ArrangementswillbeexploredfortheexchangeofstaffandexpertisebetweenthepublicandprivatesectorsandtheEUandinternationalinstitutionstoworkonchallengesandopportunities,withaparticularfocusonpost-Brexitissues.

ThisincludesengagingwiththeEUinstitutions,regulatorsandsupervisors,andwithbusinessandadvisersinotherglobalfinancialcentres.

ThismeasurewillhelpensurebroaderanddeeperconnectivitywiththeEU.SecondmentstoregulatorsandprivateenterprisewillassistingainingknowledgeoftheoperationalenvironmentofIrishIFScompanies,andtheregulatoryenvironmentfromanoperationside,andfromaregulatoryperspective.

D/Fin D/FATandEmbassyNetwork,IAC

Q4

9 Increased influence at international level: deeper and wider engagement with key jurisdictions

Inthecontextofthedynamicandcompetitivenatureofinternationalfinancialservicessector,wewillengagewithkeyjurisdictions.

Placementofseniorofficialswithanexpertiseinfinancialservicesinembassiesandconsulatesinselectedlocationswillbeanimportantelementofthisengagement.

Inadditiontodevelopingandmaintainingrelationshipswithkeyadministrativeandbusinesslinks,theseplacementswillensureagreaterflowofinformationondevelopmentsinfinancialservices,withregularupdatesprovidedtopolicymakersandthecommitteesestablishedunderthisstrategy.

D/Fin,D/FATandEmbassyNetwork

PSCG Q4

10 Increased influence at EU level: improve collaboration among Irish trade associations in Europe

SuccessfulcollaborationiscriticaltoensureIreland’svoiceonfinancialservicesisheardatEUlevel.WhilethereisstrongengagementwiththeIrishPermanentRepresentationinBrussels(PRB)andindustry,itisimportanttosecureincreasedinfluence.

IndustryrepresentativeorganisationsshoulddevelopstrongerrelationshipswithsimilarbodiesinotherMemberStates,linkingwiththeexistingworkofthePRBandtheDepartmentsofFinanceandofForeignAffairsandTrade.

Thisengagementwillbuildonregularcollaborationbetweenindustryrepresentativeorganisationstoexchangeinformationandtoworktogetheronrelevantissues.Inturn,itwillbuildonincreasedlinkageswithsimilarorganisationsinotherjurisdictions.

IndustrywillreviewandconsiderifamoreeffectiveframeworkofengagementcanbeputinplacetoallowformessagingofrelevantIFSissuestoIrishandEUauthorities.

IAC Industry representativebodies,D/Fin, D/FATandIrishPRB,BPFI,IrishFunds,InsuranceIreland,IAIM,FSI,Ibec

Q4

58


11 Deliver an IFS Legal Brexit Summit

Thesummitwilladdresskeychallengesincluding:passportingagreementsbetweentheUKandtheEU;therelevanceofthecaselawoftheCourtofJusticeoftheEU;andtheapplicationormodificationoftheMarketsinFinancialServicesInstrumentsRegulations.ItwillalsoaddresswhatBrexitwillmeanforinsuranceandthetaximplicationswherethereisanymovementortransferofpolicies,assets,liabilities,capitalandpeople.

D/ES Law Society Finuas Skillnet,SkillnetIreland,CounciloftheBar,LawSocietiesofEurope,InsuranceIreland

Q3

12 Collection and analysis of data

Overthelifeofthestrategy,theDepartmentofFinancewillworkwiththeCSOandstateagenciestoseektogather,recordandpublishmoregranulardataontheeconomiccontributionoftheIFSsectorasasubsetofthefinancialservicessectorasawhole.

AnupdateonprogresswillbepublishedinQ4.

D/Fin CSO,IDA,EI Q4

13 Engagement on and analysis of Brexit and financial services issues

ThePublicSectorFinancialServicesSub-groupwillengageandliaisewithallIFSstakeholders,includingtheJointCommittee,whereBrexitisastandingagendaitem.

Thisworkwillinclude:

· engagingbilaterallywithrelevantstakeholdersinbothIrelandandtheEU,

· engagingbilaterallywithindustryrepresentativebodies,and · evaluatingdevelopmentsinrelationtofinancialmarketinfrastructures.

D/Fin Industry,PSCG,IAC,Allrepresentativebodies,IDA,EI

Q2andthereafterasrequired

14 National legislative and regulatory proposals

TheIndustryAdvisoryCommitteewillbetaskedwithidentifyingandmakingsubmissionsonnationallegislativeprovisionsthattheyconsiderimportanttofurtherdeveloptheoperatingenvironment.

IAC Industry stakeholders, D/Fin,D/BEI

Q4

15 Resourcing of the Department of Finance

TheDepartmentofFinancecommitstoensuringtheoptimalresourcesareinplacetodelivertheobjectivesofthestrategy.

D/Fin Q4

16 Ireland’s double taxation treaty network

TheDepartmentofFinanceandRevenueCommissionerswill,asappropriate,maintainanopendialoguewiththeIFSindustry,theDepartmentofForeignAffairsandTrade,andtheenterpriseagenciesregardingnegotiationsonnewdoubletaxationagreementsandonupdatestoexistingagreements,andrequesttheIFSindustrytoactivelypromotetheopportunitiesofadoubletaxationagreement(DTA)amongkeystakeholderswhereappropriate,includingpolicymakers,investorsandentrepreneursinlocalmarkets.

D/Fin Revenue Commissioners,D/FAT,D/BEI,EI,IDA,Industrystakeholders

H2



17 Engage at EU level on the Capital Markets Union proposals

Anumberoftriloguesrelatingtocapitalmarketsunionareduetocommencein2019.TheDepartmentofFinancewillcontinuetomonitorEUdevelopmentsonCapitalMarketsUnion.

Regulation of crowdfunding

In2018,theEuropeanCommissionpublishedadraftregulationoncrowdfundingprovidersataEuropeanlevel,whichwillprovideaEuropeanregulatoryregimeandauthorisationforcrowdfundingserviceprovidersoperatingonacross-borderbasis.

ItisproposedtoregulatecrowdfundinginIrelandandenactadomesticregulatoryregime,inparallelwiththeEuropeanregulation,toensuresufficientconsumerprotectionforunsophisticatedinvestorsandtofacilitatethegrowthofcrowdfundingasanalternativesourceoffinanceforIrishSMEs.

AnupdatereportwillbeprovidedinQ4.

D/Fin Industry Q4

18 Engage at EU level on sustainable finance proposals

TheDepartmentofFinancewillmonitorandseektoinfluenceEUdevelopmentsonsustainablefinance.

D/Fin Industry stakeholders,Relevantdepartments

Q3

19 Feasibility study into the establishment of an International Shipping Service Centre

TheIrishshippingindustryissupportedbyawell-developed,sophisticatedandcompetitiveprofessionalservicessectorwithmaritimeexpertsandserviceprovidersinareassuchasmaritimelaw,tax,accounting,specialistleasemanagementandfinance.TheopportunitiesfortheshippingindustryandmaritimecommerceinIrelandcontinuetoexpandanddevelopatafastpace.

Thestudywillexamineopportunitiesthatexistinestablishedindustrysectorsaswellasthoseemergingintheneweconomy,whereIreland’sstrengthinfintech,technologyanddataanalyticswillbolsterourcompetitiveadvantagesandenhancethevaluepropositionthatisputtothemaritimecommerceindustry.

IMDO D/BEI,D/AFM Q2

20 Ireland as a global location for private equity funds

TheDepartmentofFinancewillprogresslegislationoninvestmentlimitedpartnershipstosupportthedevelopmentofthegrowthfinanceandfundsindustryandwillprovideupdatestotheJointCommitteeonprogressachieved.

D/Fin D/BEI Q2

60


21 Quarterly presentations

Eachquarter,amemberoftheIACwillpresentanoverviewofdevelopmentsandfuturetrendsanalysisintheirsectoronareasthatareofinteresttotheJointCommittee.

PresentationsfromotherinterestgroupsandrepresentativebodiesnotontheIACcouldbeincorporatedintotheworkplanoftheIAC–forexample,100WomeninFinanceDublinCommittee,SustainableNationIreland,ISIF,BlockchainIreland,theBetterBalanceforBetterBusinessgroup(IFSsector),theFintechForesightGroup,andtheFSICoLdialogue.

IAC D/Fin Quarterly

22 Grand Canal Innovation District and further development of the financial services ecosystem

IDAIrelandwillprepareareportonhowtheGCIDcansupportthefuturedevelopmentoftheIFSindustryandofferanattractiveecosystemforcompaniesinthefinancialservicesandtechnologyspacethatareseekingtoinnovateandgrow.

IDA D/Fin,D/ES,EI,Industrystakeholders

H1

23 Continue to raise awareness of the responsible investment agenda

InlightoftheEUAction Plan on Financing Sustainable Growth,theSustainableandResponsibleInvestmentForum(SIF)IrelandCommitteewillaccelerateeffortstoraiseawarenessoftheESGagendaacrossallIrish-locatedassetclasses.SIFIrelandwillproduceanannualreportthathighlightsagendadrivers,measuresthegrowthofthesector,measuresprogressonadvancingtheagenda,identifiesbarrierstocontinuedgrowthandidentifiesrelevantrecommendationstosupporteffortstoraiseawareness.

SIFIreland SNI H1/H2

24 International collaboration to mobilise global financial centres in support of the sustainability agenda

SustainableNationIrelandwillcontinuetosupportinternationalcollaborationeffortstomobilisefinancialcentresgloballytofurtherembedthesustainablefinanceagendainsupportofmeetingtheParisAgreementandtargetsintheUNSustainableDevelopmentGoals.ThiswillbeachievedviaSustainableNationIrelandSteeringGroup’smembershipoftheUnitedNationsEnvironmentFinancialCentresforSustainability(FC4S)globalnetwork.SupportedbyEurope’sEITClimate-KIC,andoverseenbySustainableNationIreland,DublinwillalsohosttheUNEnvironmentFC4SEuropenodeoffice.

SNI Europe’sEITClimate-KIC

Quarterly


Summary of Action Lead Stakeholder Deadline

25 Expand Enterprise Ireland’s Irish Advantage campaign for fintech and payments

EnterpriseIrelandwilllaunchandunfoldthroughout2019aspecificpromotionalcampaignabouttheadvantagesofIrelandforfintechandpaytechcompanies.

EI PSCG,Industrystakeholders

Q2

26 Drive operational excellence of financial services and fintech companies

EnterpriseIrelandwillholdaseminaraimedatcompaniesinthefintechandfinancialservicesspaceandrelatedsectors,focusedondrivingoperationalexcellenceinclientcompanies.Thiswillbethefirsttimethisspecificeventwillbeheldandwillincludecompaniesprovidingcasestudiesandpossiblesupports.

EI Industry stakeholders

Q2

27 Undertake a feasibility study into the development of a Sustainable Finance Innovation programme supporting the development of new IFS products and services in support of the environmental, social and governance (ESG) agendas

AnincreasingnumberoflargecompaniesareexploringthedevelopmentofnewproductsandservicesinsupportofthesustainablefinanceandthebroaderESGagendasviaintrapreneurshipprogrammes.SupportedbyEurope’sEITClimate-KIC,theUNEnvironmentFinancialCentresforSustainability(FC4S)Europeannodeandindustrybodies,SustainableNationIrelandwillundertakeafeasibilitystudyintothedevelopmentofasustainablefinanceprogrammetoacceleratethedevelopmentofsuchsector-themedinnovations.

SNI Europe’sEITClimate-KIC,UNEnvironmentFinancialCentresforSustainability(FC4S)Europenode,Industrybodies

Q3

28 Distributed ledger technology (DLT) platform for aircraft leasing

Aworkinggroupwillbeestablishedtoexploreopportunitiestodevelopcutting-edgetechnologicalsolutionsfortheaircraftleasingsector.ThisshouldincludeexploringIrelandbecomingagloballeadforDLT(blockchain)aircraftleasing.

Groupmembershipshouldinclude:

· theaircraftleasingsector(representedbyAircraftLeasingIreland),

· theaviationtechnologysector(representedbyorganisationssuchasAviareto),

· relevantgovernmentdepartmentsandagencies(DepartmentofFinance;DepartmentofTransport,TourismandSport;IrishAviationAuthority),

· Irishbasedairlines, · representativesfromtheeducationsector,and · themaintenance,repairandoverhaulsectorandfinancial,legalandprofessionalservicesfirms.

ThegroupwillupdatetheJointCommitteewithin12monthsofthestartofnewstrategy.

ALI Aviareto,AircraftLeasingIreland,Appropriate State agencies,Industry,IDA,EI

Q4

Technology and Innovation

62


29 Integrating new technology and innovation approaches across Ireland’s IFS ecosystem

ThismeasureinvolvestheIFSsectordeliveringDLTandblockchaininitiativestodemonstrateIreland’scredentialsasanEUcentreofexcellencefordistributedledgertechnologybygoinglivewithMMIFreturnsthroughDLTandapplyingnaturallanguageprocessingandworkflowusingtheDisruptiveTechnologiesInnovationFund.

IAC BPFI,FSI,FPAI,InsuranceIreland,IAIM,D/Fin,IDA,Industryassociations,IrishFunds,EI

Q2,Q3,Q4

30 Support for the development of insuretech

Irelandhasastronglifeinsuranceandlifereinsurancesector.Tomaintainthispositionandtofurtherdevelopthesector,inbothheadcountandproduct,morecollaborationwithinsuretechisneeded.AgreaterengagementwithinsuretechwillenableIrelandtopromoteacommunityofgovernment,financialandtechnologyenterprisesdrivenbyacommonsetofpurposesaroundthemessuchashealthandwellness,integrationofinsuranceintothedigitalecosystem,andbigdata.

ThecurrentjointFSI/IIIFSInsuranceWorkingGroupwillplaceagreaterfocusoninsuretechasakeyareaforexploration,includingpersonalisedconsumerengagementmodelstopromotehealthandwellness,withaviewtobringingconcretesuggestionstotheJointCommittee.

InsuretechproposalswillbepresentedtotheJointCommittee.

Insurance IrelandWorkingGroup

IDA,InsuranceIreland,EI

H1,H2

31 Future opportunities for ePayments

AbenchmarkingofePaymentswillbeundertakentounderstandthebroaderdevelopmentsintheareaandtohighlightemergingchallengesandopportunitiesfortheIFSsector.

RecentdevelopmentssuchasPSD2offersignificantopportunitiesforthepaymentssectortogrow.Furtheranalysisisneededtofullyexplorethescopeandpotentialoftheseopportunities.

FPAI EI,IDA H1,H2

32 Conduct a fintech census in 2019

ThefirstIrishfintechcensuswasconductedin2018.Itisintendedtoundertakeasecondcensusin2019.Thecensuswill,amongotherthings,allowacomparisonoftheIrishfintechsectorwiththoseinotherleadinghubsandhighlightareaswhereIrelandneedstoimprove,drawingonbestpracticefromthosehubs.Thecensuswillbuildonbaselinedatacapturedinthefintechcensuscarriedoutin2018.

EI Industry stakeholders,InstituteofBanking

Q4

33 Assess overseas models of fintech accelerators and hubs and their suitability in an Irish context

Modelsofacceleratorscontinuetoevolve.EnterpriseIrelandwillidentify,examine,andassessinternationalmodelsforfintechacceleratorsandinnovationhubsacrossbest-practicecountriesandacrossmultinationalcorporations.ThesemodelswillthenbeexaminedtodeterminetheirsuitabilityinanIrishcontext.

EI Q2



34 Industry to support innovation and collaboration in fintech, payments, and banking by establishing the Financial Foundry

IndustrywillestablishtheFinancialFoundrytopromotethesharingofideas,testingofconcepts,developmentofprototypesandbuildingofpartnershipsbetweenfintech,banks,andpaymentinstitutions.Itwillprovideaplatformforharnessingthecollectiveexpertiseofthefinancialservicesandfintechsectors.

FPAI/BPFI EI,InsightCentreforDataAnalytics,UCC,Industry

Q2,Q4

Talent Summary of Action Lead Stakeholder Deadline

35 Enhance engagement with the Regional Skills Fora

ThenineRegionalSkillsForaprovideacohesivestructureforemployersandthefurtherandhighereducationsectorstoworktogetherinbuildingskillsintheirregions.TheengagementofIFScompanieswiththeRegionalSkillsForaiscurrentlyabout4percentoftotalengagement.

IndustrywillbeencouragedtoengagewiththeRegionalSkillsForainordertoassistwithaddressingskillsneedsinIFSfirms.

TheDepartmentofEducationandSkillswillpromotetheworkoftheRegionalSkillsForaandwillmonitorandregularlyreportondevelopments,includingthelevelofengagementbycompanieswiththeForaandidentifyingpotentialchallengesandopportunitiesforfurthergrowth.

TheannualnationalSkills Bulletinsassessskillsneedsnationally,includingusinginformationobtainedbytheRegionalSkillsFora.ThisinformationtheninformsnationalandregionalcourseprovisionincludingthroughSpringboard+andSkillnetIreland.

TheDepartmentofEducationandSkillswillpresenttotheJointCommitteeonworkdoneatthenationalandregionallevelonskills,includingreportingontheNational Skills Bulletin,identifiedskillsneedsforIFS,andthelevelofengagementofIFScompanieswiththeRegionalSkillsFora.

D/ES Industry,IDA,EI Q3

36 Developing talent in schools

Thecreationofatransitionyearfinancialservicesmodulewillbeexplored.ThemodelwillbesimilartothatfortheTourismInsightmodule,whichinvolvestheState,educationsectorandindustryinanationalefforttoinformtransitionyearstudentsandotherlearnersaboutthetourismsectorandtopresentthesectorasacareerchoice.

OthermechanismstohighlightIFSasacareerchoiceforyoungpeoplewillbeconsidered.

IAC

D/ES Q3

64


37 Deliver and develop sector specific training programmes

Thefollowingactionswillbeundertaken.

Deliver training programmes in sustainable finance and responsible investment supported by Sustainability SkillnetInpartnershipwithindustrybodies,SustainableNationIreland,viatheSustainabilitySkillnet,willcontinuetoassessthedemandanddevelopcapacity-buildingprogrammesandqualificationswhererequiredinordertoexpandthemarketforsustainablefinanceandresponsibleinvestmentinIrelandacrosskeycapitalmarketsegments,includingbanking,insurance,assetmanagement,assetownershipandfunds.

SustainabilitySkillnet

SNI,Industrybodies,SkillnetIreland,D/ES,SIFIreland

Q2

Modular programme on fintechBPFIandFPAIareworkingwiththeIMItodevelopamodularprogrammeonfintech.Theworkingtitleis‘LeadershipinFutureofFinancialServices’.Thetargetconsortiumisbankingandlargefinancialservicescompanies.

BPFI/FPAI IMI,Industry Q2

Deliver the MSc in Renewable Energy and Environmental Finance MeetingtargetsintheParisAgreementandintheUNSustainableDevelopmentGoalswillrequireaglobalinvestmentof$90trillioninsustainableinfrastructureassets.UCDMichaelSmurfitBusinessSchoolwillcontinuetoup-skillfinanceprofessionalsinthisareaviatherecentlyupdatedMScinRenewableEnergyandEnvironmentalFinance.

SNI UCDMichaelSmurfitBusinessSchool,Industry

Q3

Deliver the Postgraduate Diploma in International Financial Services Law ThereisstrongindustrydemandfortheDiplomawhichhasrecentlybeenreconfiguredtoincludeadditionalelectivemodulesonFundsLawandRegulation,onLawandRegulationofInsurance,andonthePrinciplesofBanking.Theexpansionoftheprogrammewillallowforgreaterspecialisationwithintheareasoffundslaw,insuranceandbanking.

Law Society FinuasSkillnet

Law Society of Ireland,UCDSutherlandSchoolofLaw,SkillnetIreland,D/ES

Q3

Develop and deliver and MSc in Applied Blockchain (Distributed Ledger Technologies) TheprogrammewillfurtherdeveloptheblockchainknowledgebaseinIreland,whileenablingindustryprofessionalstofurthertheircareersintheblockchainspace.

TechnologyIrelandICTSkillnet

D/ES,Skillnet,Ireland

Q3

Deliver and extend the postgraduate programme in applied alternative investmentsTheInstituteofBankingwillcontinuetodeliverapostgraduateprogrammeinappliedalternativeinvestmentsandextenddeliveryofthisandotherrelevantInstituteofBankingIFSprogrammestoindustrylocationsthroughoutIreland.

InstituteofBanking

Industry Q4



38 Undertake a deep sector analysis of future sustainable finance and responsible investment skills and talent requirements

Inpartnershipwithindustrybodies,SustainabilitySkillnetandSustainableNationIrelandwillundertakeadeepsectoranalysisoffuturesustainablefinance,responsibleinvestmentskillsandtalentrequirements,ensuringIrelandisfitforpurposeasalocationofaglobalsustainablefinancehub,attractingthenextgenerationofgreenandsustainablefinanceprofessionalsandcapitalmarketactivitiestofinanceIrishandinternationalsustainableinfrastructureactivities.

SustainabilitySkillnet

Industry, D/ES,SNI,SkillnetIreland,SIFIreland

Q2

39 Support the development and implement diversity targets across the IFS sector

IncreasingdiversityandinclusionwillreducetheriskofshortagesofstaffbybroadeningtheappealofthesectorandencouragingfurthergrowthofthesectoracrossIrelandbywayofdedicatedprogramssuchas‘WelcomeBackProgrammes’.TheIACwillactasambassadorstopromotediversityandinclusion,andthosenominatedbysectorbodiestotheIACwillreflectwhateachsectorisdoinginthisarea.

Governmentdepartmentsandpublicsectorbodieswillsupportindustrybyhighlightingeffortsindustryundertakesastheydrivetheimplementationandprogressionofincreaseddiversity.

IAC Industry,IDA Quarterly

40 Launch a targeted campaign to support people who wish to change career

Incertainsectors(includingretailbanking)thereiscurrentlyrapidchangeandtransformationwithjobsbeingdislocated.IFSisanattractivesectorinwhichtoworkandadditionalemploymentopportunitiesarisefromBrexit.ThereisanopportunitytosupportpeoplewhowishtochangetoacareerinIFSthroughreskillingandqualifications.TheInstituteofBankingwilllaunchatargetedcampaigntosupportconvertersthrougheducationqualificationsandupskilling.

InstituteofBanking

IrishFunds,IFSemployers

Q4

66


41 100 Women in Finance NextGen Dublin Committee – Events

Followingthesuccessfullaunchofthe100WomeninFinanceDublinCommittee,ithasnowlaunchedits100WomeninFinanceNextGenDublinCommittee.

TheNextGenCommittee’sprogramfocusesonmembersof100WomeninFinancewhohaveupto8–10years’experienceintheindustryandwhoarelookingtobuildlasting,synergisticrelationships.NextGeneventsareuniqueinthefinancialservicesindustry.Theeventswillhearfromleadersinthesectoraboutthelessonstheylearned,getinsightsintotheoutlookforthefinancialmarkets,strengthenprofessionalnetworks,andhoneskillsforadvancement.TheNextGenCommitteecreatesaneducationalandpeer-to-peerforumthroughopendialogueaboutthecurrentinterestsandchallengesfacingworkingwomenandfinancialindustryprofessionals.

NextGenDublinwillhostthreeorfoureducationaleventsin2019andwillestablishacross-industrymentoringprogram.

100WomeninFinanceDublinCommittee

Industry, 100WomeninFinanceNextGenerationDublinCommittee

H1,H2

42 Deliver an accredited programme in risk, governance, ethics and culture

TheInstituteofBankingwillsupportthefinancialservicessectorthroughthedeliveryofarangeofuniversityaccreditedprogrammesin:

· conductrisk,cultureandoperationalriskmanagement, · bankingriskmanagementpractices, · leadingculturalchangeandethicalbehaviourinfinancialservices,

· consumerprotectionrisk,cultureandethicalbehaviour,and · dataprotection.

Itwillcontinuetodevelopdesignationswhichincludemandatorymodulesinethics:

· CharteredBanker,

· ProfessionalBanker,

· fundsdesignation,and · digitaldesignation.

InstituteofBanking

Industry Q4


Communications Summary of Action Lead Stakeholder Deadline

43 Marketing of IFS Strategy

Aprofessionalmarketingapproachtolaunchthestrategywillbedeveloped.

D/Fin Industry,PSCG Q2

44 Plan the European Financial Forum 2020

Inlinewiththefive-yearcycleofthestrategyandsubjecttofunding,IDAwillpresentareviewoftheEuropeanFinancialForum2019totheJointCommittee.Basedontheoutcomeofthereview,theIDAwillprepareaplanforthehostingofthe2020event.Inpreparingthisplan,theIDAwillconsultwithpublicsectorandindustrystakeholders.Aprojectplan,includingrequeststoallstakeholdersandresourceimplications,willbepresentedtotheJointCommittee.TheIDAwillcontinuetoupdatetheJointCommitteequarterlyonprogress.

AprojectplanwillbecompletedbyQ2.

IDA PSCG,industrystakeholders

Q2

45 Industry promotion of IFS Ireland brand

IndustrywilllooktofurtherenhanceitsworkinpromotingIrelandasalocationforIFS,workingcloselyincollaborationwithstakeholderssuchastheIDA,EI,theDepartmentsofFinanceandofForeignAffairsandTrade.Thiswillinvolverepresentativeorganisationsandindividualcompaniesandtheiradvisers.TheIFSIrelandbrandshouldbeusedinallpromotionaleventsdomesticallyandinternationally.

TheIACwillupdateJointCommitteequarterly.

IAC CommunicationsGroup,Industry

Quarterly

46 Strategic promotion and marketing of Ireland’s IFS sector overseas under the IFS Ireland banner brand

TheCommunicationssub-groupwillreportonaquarterlybasistotheJointCommitteeonthemeasuresbeingtakentopromoteIrelandasalocationforinternationalfinancialserviceswithafocusonensuring:

Quarterly

· toco-ordinateandsupportcomprehensiveandconsistentmessagingandpromotionalactivitiesacrossbothpublicandprivate sectors and

Communica-tionsgroup

D/Fin,D/FAT,EI,IDA,IAC

· todisseminatepromotionalmaterialonIreland’sIFSoffering.


D/Fin,D/FAT,EI,IDA,IAC

68


Tohelpbuildbrandawareness,merchandisingandadvertisingoftheIFSIrelandbrandwillbeconsidered.

Therewillbeactiveengagementbetweenindustryandthepublicsector,includingaquarterlyreporttotheJointCommittee,onoverseaspromotionandmarketingofIreland’sIFSsectortoensureacoordinatedandstrategicapproachtothepromotionandmarketingofIrelandasacentreofexcellenceforIFS.Elementsofthemarketingstrategywillinclude:

D/Fin HLIC,IAC

· overseas trade missions:coordinatedprogrammeofoverseastrademissionsandhigh-profileIFS-relatedeventsinconsultationwithindustrystakeholders,focussedonconsolidatingIFSrelationshipswithestablishedpartnersandtheexplorationofnewIFSopportunitiesingrowingmarkets;

D/FAT,D/BEI Communicationsgroup,EI,IDA, D/Fin

· ministerial and other official visits:promotetheIFSsectortoexistingandgrowingfinancialservicesmarkets,includingviatheStPatrick’sdayprogrammeofvisits;

D/FAT Communicationsgroup,EI,IDA, D/Fin

· shared IFS calendar:publicsectorandindustryrepresentativebodiestocontinuetodevelopandshareaninclusivequarterlycalendarofIFS-relatedevents,bothdomestic(regional)andinternational;


IAC,D/Fin,EI,IDA,D/FAT

· banner brand:increasethedeploymentofthebannerbrandinpromotionalmaterialandatpromotionaleventsorganised,supported,orattendedbyMinisters,departments,oragenciesandatindustrypromotionevents,domesticallyandinternationally.


IAC,D/Fin,EI,IDA,IAC

47 Co-host the European Climate Finance Innovation Summit in Dublin, May 2019

InpartnershipwiththeDepartmentofFinance,theDepartmentofForeignAffairsandTrade,theWorldBank,othermultilateralagenciesandEurope’sEITClimate-KIC,SustainableNationIrelandwillco-hosttheEuropeanClimateFinanceInnovationSummitinDublin,inMay2019.

Inaddition,SustainableNationIrelandwillorganiseIreland’ssecondClimateFinanceWeekinNovember2019toshowcaseIreland’scommitmenttomobilisingcapitalmarketparticipantsinsupportofmeetingtheParisAgreementandUNSustainableDevelopmentGoals.

BotheventswillbeheldunderthebanneroftheYearofSustainableFinance2019.

SNI D/Fin,D/FAT,WorldBank,Othermultilateralagencies,Europe’sEITClimate-KIC

Q2,Q4

48 Promotion of Ireland abroad

TheIDAandEIwillhosteventsinselectedlocationstopromoteIrelandasalocationforIFS,andwillsupportotheractionsinthestrategy.

EI,IDA Industry Representativebodies

Q2



49 Promote Ireland as a location for sustainable finance

SupportforthedevelopmentofIrelandasagloballocationforsustainablefinancewithinthecurrentfinancialservicesecosystemwillbecontinued.KeytothisdevelopmentisthepromotionofIrelandasthehubfortheUNEnvironmentFinancialCentresforSustainability(FC4S)EuropeannetworkandtheestablishmentofIrelandasagloballocationforsustainablefinancewithinthecurrentfinancialservicesecosystem.

TheIDA,IFSIreland,andFinanceGreenIrelandCommittee(FGI)willworkwithfinancialsectorassociationsinthepromotionofthejurisdictionwithrespecttoDublinandIreland’ssustainablefinancecredentialsthroughanannualisedClimateFinanceWeekSummitandyearlyupdatetotheSustainableFinanceNationalBlueprint.

TheFGICommitteeshouldcoordinateandworkwiththeCommunicationsgrouptoensuretheofferingreflectsdevelopmentsinthearea.

For2019,allsustainablefinancepromotionalactivitieswillbebrandedunderthebanneroftheYearofSustainableFinance(YOSF19).YOSF19willclosewiththehostingofIreland’ssecondClimateFinanceWeek,inthefourthquarterof2019.

SNI CommunicationsGroup,IDA,Stateagencies,Governmentdepartments,Financialservicesrepresentativebodies,Europe’sEITClimate-KIC

Q4

50 Host a number of events at which Ireland will be promoted as a location for international insurance services

Theeventswillconsistof:

· twopromotionaleventsinBrussels, · aninternationalCEObreakfastmeeting, · theInsuranceIrelandannuallunch,and · theEuropeanInsuranceForumDublin.

Insurance Ireland

IDA,Individualstakeholders

H1,H2

51 Establish roundtable to discuss the legal perimeter applicable in Ireland for Security Token Offerings and Initial Coin Offerings

AroundtablediscussiononthecurrentregulatoryperimeterapplicabletoSTOsandICOswillbeorganised,tobeattendedbytheDepartmentofFinanceandotherrelevantstakeholders.

D/Fin LawSociety,FinuasNetwork,Skillnet,BarCouncilofIreland

Q4

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Appendix IIGlossaryALI AircraftLeasingIrelandAPI applicationprogramminginterfaceBPFI Banking&PaymentsFederationIrelandCoL City of LondonCSO CentralStatisticsOfficeD/AFM DepartmentofAgriculture,FoodandtheMarineD/BEI DepartmentofBusiness,EnterpriseandInnovationD/ES DepartmentofEducationandSkillsD/FAT DepartmentofForeignAffairsandTradeD/Fin DepartmentofFinanceDLT distributedledgertechnologyEFF EuropeanFinancialForumEI EnterpriseIrelandESG environmental,socialandgovernanceESMA theEuropeanSecuritiesandMarketsAuthorityETF exchange-tradedfundFC4S InternationalNetworkofFinancialCentresforSustainabilityFDI foreigndirectinvestmentFPAI Fintech&PaymentsAssociationofIrelandFSI FinancialServicesIrelandGBS globalbusinessservicesHLIC High-LevelImplementationCommitteeIAC IndustryAdvisoryCommitteeIAIM IrishAssociationofInvestmentManagersIDA TheIndustrialDevelopmentAuthorityIFS internationalfinancialservicesIII InsuranceInstituteofIrelandIMDO IrishMaritimeDevelopmentOfficeIMI IrishManagementInstituteISIF IrishStrategicInvestmentFundKIC KnowledgeandInnovationCommunityMTF multilateraltradingfacilitiesOECD OrganisationforEconomicCo-operationandDevelopmentPEPP Pan-EuropeanPersonalPensionProductPRB PermanentRepresentationinBrusselsPSCG PublicSectorCoordinationGroupPSD2 the2015EUPaymentServicesDirectiveRQFII RenminbiQualifiedForeignInstitutionalInvestorSARP SpecialAssigneeReliefProgrammeSME Smallandmedium-sizedenterprisesSNI SustainableNationIrelandSSM SingleSupervisoryMechanism

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DELIVERING INTERNATIONAL FINANCIAL SERVICES

ireland for finance - assets.gov.iefinancial services sector on a path to rise even further in the...

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