A Ireland for Finance
IRELAND FOR
FINANCE
The strategy for the development
of Ireland’s internaonal nancial
services sector to 2025
Prepared by the Department of Finance
gov.ie
April 2019
Contents
Foreword 1
Execuve summary 5
Introducon 9
Backgroundtointernaonalnancial
servicesinIreland 9
Overview of IFS sectors 11
Globalreach 13
Apro-businessenvironment 14
IFSinIreland–lookingforward 15
Visionandkeyobjecves 16
Employmenttargets 16
Progress indicators 17
Internaonalrankings 17
Fourpillars 18
Horizontalpriories 19
Regionalisaon 19
Diversity 19
Sustainablenance 19
Othergovernmentstrategies 20
Governancestructures 20
Acoherentapproach 21
Pillar 1: Operang Environment 25
Introducon 25
Strongandeecveregulaon 25
Industryrepresentaonofthesector 26
Legalsystem 27
Legislaon 27
Supportforinternaonaltaxaon
developments 28
Supportforsmallandmedium-sized
enterprises 28
Environmentscanning 29
CapeTownConvenon 29
Aviaonleasingandbeyond 29
Pillar 2: Technology and Innovaon 33
Introducon 33
Collaboraon 33
Innovaon 34
SupportsforIrish-ownednancialservices
andntechcompanies 37
Plaorms 38
Paceoftechnologychange 38
Pillar 3: Talent 41
Introducon 41
Renewedfocusoneducaonand
lifelonglearning 41
Skillsdevelopment 42
Increaseduptakeofapprenceships 42
Educaon–industrylinkages 43
Developmentofpostgraduateprogrammes 43
Skillsneedsanalysis 43
Increasingdiversity 44
Visaprogramme 45
SpecialAssigneeReliefProgramme(SARP) 45
Pillar 4: Communicaons and Promoon 47
Introducon 47
EuropeanFinancialForum 47
ClimateFinanceWeekIreland 47
‘IFSIreland’brandingandwebsite 48
Communicangthestrategyexternally 48
Communicangthestrategydomescally 48
Communicangthestrategyforandacross
theregions 49
Othercommunicaonsandpromoonal
i s s u e s 5 0
Cultureandlifestyle 51
Communicaonsonthewider
infrastructure 52
Appendix I: Acon Measures for 2019 53
HeadlineAcons 54
OperangEnvironment 57
TechnologyandInnovaon 61
T a l e n t 6 3
Communicaons 67
Appendix II: Glossary 70
D
1 Ireland for Finance
Foreword
Ireland has built a very successful internaonal nancial 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
naonal industry with a signicant presence across the country in a
number of regional locaons including Cork, Galway, Leerkenny,
Limerick, Waterford and Wexford.
2019marksthenalyearoftheGovernment Strategy for Ireland’s International Financial Services Sector – IFS2020
– whichhasbeenverysuccessful.Thissuccesscanbemeasuredunderanumberofmetrics:
· employmentgrewfrom35,000in2015toapproximately44,000(attheendof2018)–anincreaseof25per
cent,whichrepresents90percentoftheIFS2020targetof10,000addionaljobsby2020,
· 14ofthetop15globalaircralessorsarenowbasedinIrelandandweconnuetoaractglobalinvestment
intothatsector,includingfromAsiaandtheMiddleEast,
· Irelandisnowhometo20oftheworld’stop25nancialservicescompanies,
· withover€4trillioninfundassetsunderadministraon,Irelandisthe3rdlargestglobalinvestment
fundsdomicile,thelargestEuropeandomicileforETFs,andaleadinglocaonworldwideforhedgefund
administraon,
· 17ofthetop20globalbanksand11oftheworld’stop15insurancecompanieshaveapresenceinIreland,
and
· theIrishcross-borderinsurancesectorwritesbusinessintomorethan100countrieswithmorethan25
millioncustomers.
Future success will demand even more commitment
Thisgovernmentiscommiedtobuildingonthesuccessesalreadyachievedbythesector.Ournewstrategy
isaimedatensuringthatIrelandconnuestoberegardedasoneoftheworld’sleadingglobalnancialcentres.
ThestrategyalignswithotherkeygovernmentstrategiesincludingFuture Jobs Ireland 2019,theNational
Development Plan 2018–2027,theNational Digital StrategyandtheNational Adaption Framework.
Iamgratefultoallthosewhorespondedtocallsforsubmissionsinrelaontothisstrategy.Wereceived
manywellresearched,thoughulandthoughtprovokingsubmissionsfromawiderangeofindustrysectors,
industryparcipantsandconsumersofnancialservices.Iamalsogratefultoallthosewhohaveworked
tohelpdeneandrenethatstrategyovermanymonths.Inparcular,Iamgratefultothemembersofthe
IndustryAdvisoryCommiee,myocialsattheDepartmentofFinance,andthemembersoftheStrategic
AdvisoryGroupfortheirworkinidenfyingandanalysingtheopportuniesandchallengeswefaceandin
helpingustoshapeournewstrategy.IamcondentthatthisnewstrategywillplaceIreland’sinternaonal
nancialservicessectoronapathtoriseevenfurtherintheworldcompeverankingsandthatitwill
deliverfurtherstability,innovaonandchoicetoinvestorsandconsumersofnancialservicesworldwide.
Onethingthatisclearfromthisvaluableprocessisthatourfuturesuccessisgoingtorequireevenmore
commitment.Specically,itisgoingtorequireamarketleadingcommitmenttocompete.
Improvingourcompeverankingswillrequire:
· clear,preciseandmeasurablearculaonsofourobjecvesineachofourtargetmarkets(forexample,
remainingtheno.1locaoninEuropeforexchange-tradedfunds),
2
· clarityaboutwho,specically,ourcompetorsareineachofourtargetmarkets,
· idenfyingwhatourpointsofdierenaonwillbe–inotherwords,howarewegoingtomeettheneedsof
eachofourtargetmarketsbeerthanourspeciccompetorsdo,and
· speedyandeecveimplementaonofcompevenessenhancingmeasures.
Theenvironmentforinternaonalnancialservicesisincreasinglycompeve.Industryparcipants
connuallyfacepressurestoopmisetheirbusinessesbydeliveringnewandinnovaveproductsandby
exploingprocessandlocaonaleciencies.Theymustdeliverthesewhileconnuingtoservetheneedsof
theircustomersandensuringtheoverallconnuedstabilityoftheglobalnancialsystem.
Theindustryismoretechnologyintensivethanithaseverbeenandtheuseofarcialintelligence(AI)and
automaonpresentbothopportuniesandchallengesforIreland.Irelandmustconnuetoposionitselfasa
locaonthatisopentoprovidinganinnovave,supporveanddynamicenvironmentforcompanieslookingto
leverageourexperseandlonghistoryintechnologyandnancialservices.Oneofthenewmeasuresinthestrategy
todrivethisaspectofdevelopmentistheestablishmentoftheFintechForesightGroupwhichwilladvisetheJoint
Commieeaboutkeydevelopmentsintechnologyintheinternaonalnancialservices(IFS)sector.
InIreland,werecognisethatinordertocompeteforandwinbusinesswemustbeagileandcreaveinseeking
tomeetthedemandsofcompaniesoperanginarapidlychangingenvironment.Wealsorecognise,however,
thedangersofpromisingmorethancanbedeliveredandtheimportanceofremainingtruetoourdualgoalsof
maintainingnancialstabilityandupholdingEUregulatorypolicyinaconsistentway.Ouraimmusttherefore
betoensurethatIrelandisbothaprudentlocaonfromwhichtooperateandisregardedgloballyasthemost
compevelocaoninwhichtolocateandfromwhichtoconductacvies.
ThereforeIproposetomakeraisingthecompevenessposionofIrelandintheleadingrankingsapriority
objecve.Forthistobeachieved,werequirestructuresthatwillenableustohaveongoingearlyvisibility
ofkeydevelopmentsintheglobalnancialservicescentresworldwideandanabilitytoquicklyassessthose
developmentsfromanIrishperspecve.Wemustbeinaposiontoidenfythosedevelopmentswhichpresent
opportuniesforIrelandandtoreject,onaninformedbasis,thosedevelopmentsthatwebelievewillnotaddto
Ireland’soeringorwhichwouldthreatennancialstabilityortheinterestsofconsumersorinvestors.Inthis
regard,theCentralBankmustatallmesretainitsposionasastrongandindependentregulatordelivering
eecvelyonitsnancialstability,prudenalandnancialconductmandatesandwithhighlevelsofcredibility
aspartoftheEuropeansystemofnancialsupervisionand,forbanks,theSingleSupervisoryMechanism(SSM).
Wemustalsobewillingtobecreaveandtoconnuetostayaheadofcompevepressuresthrough
theintroduconoflegislaonwhichenhancesourproductoering,whileconnuingtoensureadequate
proteconofthepublicandinvestors.
Beinginaposiontoreactquicklyandtoimplementchangerapidlyalsorequiresthatwelookinternally
atourstructuresandthewayinwhichweconductbusinesswithinIreland.Ibelievethatwealsoneedto
considerwhetherwehavetheappropriatestructuresinplaceformarkengtheIrishinternaonalnancial
servicesoeringinternaonally.Inachanginglandscape,wheresomeofourcompetorsareinvesng
heavilyinmarkenginiavesandwhereitisevidentthatthoseiniavesareincreasingthevisibilityof
certainjurisdiconsthroughouttheworld,wemustaskhowweinIrelandneedtoadapttothechanging
compevelandscape.
TheIndustrialDevelopmentAuthority(IDA)andEnterpriseIrelandhavebeenkeycontributorstothe
developmentofourinternaonalnancialservicesindustry.Ihavenodoubtthatthenumberofstaemployed
acrossthesixmainbusinessareas–justunder44,000peopleattheendof2018–wouldbemuchlowerif
theagencieshadnotbeencentraltoourmarkengeortsovermanyyears.Likewise,thedevelopmentofthe
‘IFSIreland’brandhasbeenanimportantrststepinbuildinganintegratedoeringacrossdierentsectors
3 Ireland for Finance
ininternaonalnancialservices.WemustconnuetobuildontheworkdoneundertheIFS
Irelandbrandtoidenfywhereandhowthatworkcouldbeenhancedbyaddionalsupport,by
newapproachestomarkengandpromoon,orbyotheriniaves.
Wemustalsolookbeyondbrandingtotheskillsavailableintheworkforceintheinternaonal
nancialservicessectorinIreland.Increasedautomaonandrapiddevelopmentoftechnology
makeitcricalthatourworkforceremainsadaptableandskilled.Wemustinvestineducaon
andtrainingtoensureworkerscanupdatetheirskillsinordertostayrelevantandproducve.
WemustalsobringthestrengthsthatIrelandhastooerinthetechnologysectormore
strategicallytogetherwiththestrengthsofourinternaonalnancialservicesindustryinorder
toposionIrelandastheworldleaderinntech,plaormdevelopment,andtechnology-based
nancialservices.
Ireland’skeyassetsincludeitspeopleandtalent:thecountryhasawell-educated,highlyskilled,
exible,internaonallydiverseandmullingualworkforce.With33percentofthepopulaon
under25yearsold,IrelandhastheyoungestpopulaonintheEU,andover50percentofthose
aged30–34haveathird-levelqualicaon–abovetheOrganisaonforEconomicCo-operaon
andDevelopment(OECD)average.IrelandistheonlyEnglish-speaking,commonlawcountryin
boththeEUandtheeurozone.Itpossessesastrongpro-businessenvironment,characterisedby
anopeneconomywithastableandconsistentrateofcorporaontax.Irelandhasastrongand
fullyindependentnancialservicesregulatorthatisfullyembeddedintheEuropeanSystemof
FinancialSupervisionandtheSingleSupervisoryMechanism.Irelandalsohascloseandlong-
establishedbusinesslinkswithboththeUKandtheUS.
Overridingallofthesedevelopmentsmustbeacommitmenttoensuringthatthecultureofour
internaonalnancialservicessectorinIrelandisstrong,thatIrelandisrecognisedasadiverse,
people-friendlyplaceinwhichtoworkandlive,andthatIrelandisajurisdiconwhichupholds
thevaluesofconsumerproteconandinnovaoninabalancedandposiveway.Akeypriority
willbethepushforgreaterdiversityoftalentinthesector.Thisgoesbeyondthenumberof
womenintheworkplaceorinleadership;itwillalsoseektoimprovediversityofage,ethnicity,
sexualorientaon,educaon,background,naonality,disability,beliefs,andmore.Finally,
regionalenterprisegrowthandjobcreaonisakeyelementofnaonalpolicy.
Todeliverontheseobjecves,thisIFSstrategyisbuiltonfourkeypillars,focusingonthe
operangenvironment,ontechnologyandinnovaon,ontalent,andoncommunicaonsand
promoon.Aconpointswillbeidenedundereachofthesepillarswithaviewtodelivering
theimprovementsthatwillenableIrelandtoincreaseitsglobalcompeveness,toimproveits
internaonalvisibility,toinvestinworld-leadingtalent,toinnovateinwaysthatwillenhance
ecienciesandproductdelivery,andtoposionitselfastheinternaonalnancialservices
centreofchoicefortheglobalnancialservicesmarket.
MichaelD’ArcyTD
Minister of State for Financial Services
and Insurance
26April2019
4
5 Ireland for Finance
Execuve 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 signicant contribuon
to the economy. Ireland is the third largest global centre for fund
administraon with €4.2 trillion worth of assets under administraon.
Overall, many aspects of IFS in Ireland work well because of the
ambion, hard work and dedicaon of the people who work in both
the industry and the public sector.
Themulnaonalorforeign-ownedsegmentoftheindustryaccountsforapproximatelythree-quartersofthe
totalnumberofrmsand80percentofheadcount,makingforeigndirectinvestment(FDI)akeyfeatureofthe
sector.Theinternaonaldimensionoftheindustryhasexpandedinthenumberandmixofinvestors,witha
signicantincreaseintherangeandsophiscaonofacviesundertakeninIreland.
OurvisionisforIrelandtoremaininternaonallycompeveandatop-erlocaonofchoiceforspecialistIFS.
Thisstrategyseekstobuilduponthesuccessofpreviousstrategies.
TheprincipalobjecveforthisstrategyistomoveIrelandfurtherupthevaluechainandtoconnuegrowing
thesectorsIrelandalreadyhasinplace,toensuretheycancapitaliseonchangesandopportuniesthatarise.
Inparallel,Irelandwillneedtodevelopnewandalternavebusinesslinesinordertoadapttothechanging
environment,tocapturemoreIFSinvestmentfromnewgeographicalmarkets,andtoensurethatIreland’s
oeringremainsrelevantinlightoftechnologicalandmarketshis.
IrelandistheonlyEnglish-speaking,commonlawcountryinboththeEUandtheeurozone.Itpossessesastrong
pro-businessenvironment,characterisedbyanopeneconomywithastableandconsistentrateofcorporaon
tax.Irelandhasastrongandfullyindependentnancialservicesregulatorthatisfullyembeddedinthe
EuropeanSystemofFinancialSupervisionandtheSingleSupervisoryMechanism(SSM).Irelandalsohasclose
andlong-establishedbusinesslinkswithboththeUKandtheUS.
Ireland’skeyassetsincludeitspeopleandtalent;thecountryhasawell-educated,highlyskilled,exible,
internaonallydiverseandmullingualworkforce.With33percentofthepopulaonunder25yearsold,
IrelandhastheyoungestpopulaonintheEU,andover50percentofthoseaged30–34haveathird-level
qualicaon–abovetheOECDaverage.
Globally,Irelandisseenasacompevelocaonbecauseofitsbusinessecosystem.Thecountryscores
highlyinkeyareasacrossarangeofindependentthird-partymetrics:in2018,ForbesrankedIrelandasthe
2ndbestcountryintheeurozonefordoingbusinessand11thoverallintheworld;theInternaonalInstute
forManagementDevelopmentrankedIreland12thintheworldforoverallcompeveness;andtheGlobal
InnovaonIndexrankedIreland10thintheworld.Wewanttoimproveouroeringandourstanding.
Thisstrategyisaboutposioningnowforthefutureandaboutharnessingtheindustry’spotenaltodeliver
sustainableeconomicdevelopmentandemployment.Thiswillrequireincreasedcollaboraonandpartnerships
betweenallactors:government,industry–fromestablishedgloballeadersandincumbentrmstostart-ups
–andeducaonalinstuonsatdomesc,EUandgloballevels.Fullyusingpublic–privatecollaboraonand
connuingawhole-of-governmentapproachwillbekeytoensuringthesuccessofthisstrategy.
6
Theseobjecveswillbesupportedbyaconmeasuressetoutacrossfourpillars:operaonalenvironment;
technologyandinnovaon;talent;andcommunicaonsandpromoon.Horizontalpriorieswillbeintegrated
acrossallofthepillars.Thethreehorizontalprioriesare:diversity,regionalisaon,andsustainablenance.
Seekingtoachievegreaterdiversityoftalentwithinthesectorwillbecore.Theaimwillbetoachievegreater
diversityacrossanumbergrounds,includinggender,age,ethnicity,sexualorientaon,educaon,naonality,
disability,andbelief.Naonalpolicyhasmaderegionalenterprisegrowthandjobcreaonapriority,andthatis
stronglyreectedinthisstrategy.Whiletheregionshaveoenbeenhighlightedforoeringlowercoststhan
Dublin,theyhavemanyotherbenetsasbasesforoperaonsincludinganavailablelabourpool,third-level
instuonsengagedwithlocalrms,theavailabilityofcommercialrealestate,airconnecvity,andqualityof
life.Promongtheseadvantageswillformakeypartofthecommunicaonsprocessunderthisstrategy.The
thirdhorizontalpriorityistheexpansionofsustainablenanceandapushtoimprovethedepthandawareness
ofthisareawillbeakeytaskoverthelifeofthestrategy.
TheestablishmentofaFintechForesightGroupwillbringtogetherstakeholdersandtaskthemwith
scanningforandadvisingonallrelevantdevelopmentsinbothntechandgeneraltechnologyforthe
widerIFSsector.Thiswillallowthestrategytocapitaliseonemergingopportuniesandtoensurethe
annualaconplansremainrelevanttotherapidlychangingIFSecosystem.Thisgroupwillworktoexpand
thevariouslinkagesandencouragegreatercollaboraonbetweenntechcompaniesandIrishthird-level
instuonsthroughengagementwithtechnologycentres,researchcentresandtechnologygateways.It
alsoaimstoenhanceinteraconbetweenntechcompaniesandIFScompaniestoidenfyopportunies
forsynergy.
ItwillbevitaltoupskillandretrainstatokeepabreastofchangesandtoensurethatIrelandcanmoveupthe
valuechainandremainatop-erIFSlocaon.Thiswillensuretheowofstaneededandthattheskillsare
inplacetomaximisetheopportuniesthatwillariseinemergingareas.TheNaonalSkillsCouncil’sremitisto
adviseonthepriorisaonofidenedskillsneedsandonhowtosecuredeliveryofresponsestoidened
needs,andtheIFSsectorwillbeconsideredalongsideothersectorsoftheeconomywithskillsrequirements.
Forthisstrategy,akeychallengewillbetoenhancethecollaboraveapproachbetweeneducaoninstuons
andIFScompaniestoensureanadequatesupplyofskillsnecessaryforthesectortomeettheneedsarising
fromchangesinnancialtechnology.
Geopolicaldevelopmentsalsopresentpotenalchallenges.TheseincludeBrexitanditsaermath,
internaonaltradedisputeswiththeirassociatedrestriconsontrade,andchangestoregulatoryor
supervisoryregimes.However,theycanalsobeanimportantsourceofopportunies.Free-tradeagreements,
negoatedbytheEuropeanCommissiononbehalfofEUMemberStates,allowforincreasedmarketaccess
withkeytradepartners,bothintermsofexportopportuniesforIrish-basednancialservicescompaniesand
FDIintoIreland.Inordertomeetthesechallengesandensurethatanygeneralopportuniesthatariseare
realisedinthecomingyears,thisstrategywillbuilduponwhatworkedwellunderthepreviousstrategyand
invesgatehowwecanimproveonwhathasbeenachievedtodate.
Thecommieestructuresputinplaceunderthepreviousstrategywillbeusedtoensurethatthetalentsand
experseofbothsectorsandacrossallrelevantgovernmentdepartmentsandstateagencieswillbeharnessed
todeliverthestrategy’sobjecves.
AdedicatedMinisterofStateattheDepartmentofFinancewillleadtheimplementaonofthisstrategy,
allowingatargetedandfocusedapproachtodevelopingthesectorwithconsiderablepolicalcommitment.
TheDepartmentofFinancewillactassecretariatandwillsupporttheMinisterofStateinleadingthesector’s
connueddevelopmentandgrowth.
7 Ireland for Finance
Thisstructuremaximisestheresourcesavailableinboththepublicandprivatesectorstoachievetheshared
ambionofgrowinganddevelopingtheIFSindustryacrossIreland.EngagementattheJointCommiee(which
consistsofboththepublicandprivatesectors)isalsobeingbroadenedtoincludequarterlypresentaons
bykeyindustryguresondevelopingareasofstrategicimportance.TheorganisaonsthatformtheJoint
Commieewillbeaskedtoensuregenderbalanceinthecommiee’smembership,inlinewiththeaconsin
thisstrategy.
Annualaconplanswillbepreparedtoallowaclearandtransparentmethodwithwhichtotrackprogress
againstclearlydenedmetricsandmelinesandensureaccountabilityforallactorsinthestrategy.Theplans
willalsoallowforannualreviewstoestablishnewprioriesandallowthestrategytobeexibleandadapttoa
worldwherechangeiseverconstant.
8
9 Ireland for Finance
Introducon
Background to
internaonal
nancial services
in Ireland
Ireland has succeeded in building
a very successful internaonal
nancial services (IFS) industry
in that last 30 years.
Morethan430rmsemploy44,000peoplein
bankingandpayments,funds,insuranceand
reinsurance,investmentandassetmanagement,
aircraleasing,and,increasinglyinrecentyears,
ntech(nancialtechnology).Approximately300
mulnaonalandforeignrmsemployabout80per
centofthepeopleworkingintheIFSsector,which
makesFDIanimportantfeatureofthesectorin
Ireland.Theinternaonalshareoftheindustryhas
expandedsincetheUKvotedin2016toleavetheEU.
Thisgrowthhasreectedinbothintherangeand
sophiscaonofacviesundertakeninIrelandand
inthemixandnumberofinvestors.
Thesectorhasasignicantpresenceacrossthe
countryinseveralregionallocaonsincludingCork,
Drogheda,Galway,Kilkenny,Leerkenny,Limerick,
Waterford,andWexford,makingitagenuinely
naonalindustry.Thesectormakesasignicant
contribuontotheeconomyofanesmated€11
billioninexports,6.3percentofGDP,and€2billionin
taxreceipts.
TheGovernment Strategy for Ireland’s International
Financial Services Sector 2015–2020(IFS2020)ends
in2019.IFS2020hasbeenverysuccessfulsinceits
launchbythegovernmentinMarch2015.
10
O
V
E
R
2015 2018
35k
44k
430
COMPANIES
17
of the top 20
global banks
14
of the top 15
global aircra
lessors are now
based in Ireland
11
of the top 15
insurance
companies
A STABLE &
PREDICTABLE
business environment
O
V
E
R
2015 2018
35k
44k
430
COMPANIES
17
of the top 20
global banks
14
of the top 15
global aircra
lessors are now
based in Ireland
11
of the top 15
insurance
companies
A STABLE &
PREDICTABLE
business environment
O
V
E
R
2015 2018
35k
44k
430
COMPANIES
17
of the top 20
global banks
14
of the top 15
global aircra
lessors are now
based in Ireland
11
of the top 15
insurance
companies
A STABLE &
PREDICTABLE
business environment
4th
largest exporter of
financial services in EU
#1
no.1
locaon worldwide
for hedge fund
administraon
4
.2
trillion
of investment fund assets under administraon
Increasedemploymentfrom35,000in2015to
44,000attheendof2018
O
V
E
R
2015 2018
35k
44k
430
COMPANIES
17
of the top 20
global banks
14
of the top 15
global aircra
lessors are now
based in Ireland
11
of the top 15
insurance
companies
A STABLE &
PREDICTABLE
business environment
IFS Landscape
11 Ireland for Finance
Overview of IFS Sector
Ireland’s IFS sector covers
many dierent strands. The
current importance and recent
developments in a number of areas
are outlined below.
Investment management and fund
services
Irelandisthethirdlargestfundjurisdiconinthe
worldandthesecondlargestinEuropewith7,290
domiciledfundsmanaging€2.4trillionofassets,
and6,624non-domiciledfundsmanaging€1.8
trillionofassetsattheendof2018.Over900
fundmanagersfromover50countrieshaveassets
administeredinIreland.Seventeenofthetop20
globalassetmanagershaveIrish-domiciledfunds
andthesearedistributedtoinvestorsinover90
countriesaroundtheworld.Theecosystemfor
fundshasbeenbuiltoverthelast30yearsand
nowrepresentsarecognisedglobalcentreof
excellence.
Morerecently,anincreasingnumberofasset
managershavechosentoincreasetheir
commitmenttotheirfundoperaonsbyopening
ocestosupportfutureregulatoryrequirements
andtoallowthemtoconnuetoserviceEU27
clientsfromanIrishbase.TheseincludeLegg
Mason,AberdeenStandard,BaillieGiord,
Hermesandanumberofotherhigh-prolefund
managers.Thesenewoperaonshaveastrong
focusonregulatoryoversightandcompliance
acvies.
IrelandisaleadingEuropeandomicilefor
exchange-tradedfunds(ETFs).Ireland’shighly
developedservicemodelensuresthatETFissuers
haveaccesstoserviceproviderswithhighly
automatedandscalableglobalmodels.
Investment banking
MajorinvestmentbanksarealsobasedinIreland.In
2017,BankofAmericaMerrillLynchbecametherst
majorUK-basedentytoselectDublinasitsnew
baseforEUoperaons.JPMorganhasannounced
planstohireasignicantnumberofpeopleinDublin.
BarclayshasalsoopenednewocesinDublinto
extenditsIrishandpan-Europeanacvies
Investment fund and debt lisng
Since2018,EuronextDublin(formerlytheIrish
StockExchange)isthegloballeaderfordebtfund
lisngsworldwideandfortradingIrishshares.
EuronextDublinhasover35,000listedsecuries,
7,000classes,4,000issuers,andinvestment
managersfrommorethan40locaons.
Trading plaorms
Inaddiontotheregulatedmarket,Euronext
DublinoperatestheEuronextGrowthDublinMTF.
VirtuPosit(formerlyITG),anancialtechnology
company,operatesanalternaveMTFforthe
EuropeanmarketfromDublin.SeveralleadingMTF
operatorshaveappliedtotheCentralBankfor
authorisaonfollowingBrexit,includingReniv
(formerlyThomsonReuters)andEquiLend.
Rangs agencies
S&PGlobalandKrollBondRangAgency
(KBRA)haveselectedIrelandastheirEuropean
headquartersfortheirESMAregulatedbusiness.
Inaddion,theDepositaryTrustandClearing
Corporaon(DTCC)hasopenedaDublinocefor
itsEuropeanUnionTradeRepository.
Corporate treasury operaons
Alongsideregulatedfrontoceacviesinbanks
andothernancialservicesrmsthatincorporate
sophiscatedtreasuryoperaons,Irelandisa
prominentinternaonallocaonforcorporate
treasuryacviesandactsastheglobalcorporate
treasurycentreforahostofmulnaonal
organisaonsbeyondtheIFSsector.
12
Insurance
Theinsurancesectorisamajoremployerinthe
Irisheconomy,employingmorethan15,000
people.TotalnancialassetsofIrishinsurance
corporaonsincreasedby€14billionto€304
billionoverthetwoyearstoSeptember2018.
TheIrishcross-borderinsurancesectorwrites
businessintomorethan100countrieswithmore
than25millioncustomers.
Reinsurance
ThereinsurancesectorinIrelandisan
internaonallyfocusedbusiness-to-business
sector.Irishreinsurancermsgenerated€17.7
billioninpremiumincomein2017,almostallof
whichwasearnedabroad.
Fintech
Fintechisanumbrellatermfor
technologyforthenancial
servicessector;itincludesnancialsoware,
‘regtech’,‘insurtech’,andpayments.Thecountry
isnowrecognisedasaglobalhubforntechand
isoneofaveryfewlocaonswithaprovenrecord
ofaccomplishmentinthenancialservicesand
technologyarena.Allofthetop10globalsoware
companiesandthetop10‘born-on-the-Internet’
companieshavechosentolocateinIreland.
Payments
Irelandisasignicantlocaonforpayments
technologyrms,with25companiesemploying
2,000people.Irelandhasalongrecordofsuccess
inpayments,bothwithindigenousrmsandfrom
aracngsomeoftheworld’slargestpayment
businessestoIreland.
Aviaon nancing
AircraleasingcompaniesinIrelandmanage
assetsvaluedatover€159billion,whichis
equivalentto63percentoftheworld’seetof
leasedaircra.Theindustryemploysnearly5,000
peopleinIreland.Thenumberofaircraunder
leaseincreasedby36percentbetween2012
and2016,andindustrygrowthof22percentis
expectedby2021.
Environmental, social and
governance (ESG) fund management
ThegrowthofESGinvestmentissteadily
increasingandIrelandalreadyhasaclusterof
renewableenergyinfrastructurefundmanagers
with€7billionofassetsundermanagement.
TheseincludeBlackRock,BrookeldRenewable,
GreencoatRenewables,NTR,InframEnergy,and
MainstreamRenewableCapital.
Global business services
Globalbusinessservices(GBS)companiesprovide
funconssuchasIT,legalservices,HR,nance,
andprocurement,amongothers,tootherrms.
GBScentresareamajoremployerinIrelandwith
approximately45,000workinginavarietyof
rolesindierentsectorsthroughouttheregions.
ForIFS,thesecanincluderolesinareassuchas
R&D,ITdevelopment,legalservices,accounng,
andnancialfuncons.IDAIrelandhasastrategy
thataimstomakeIreland‘globallyrecognisedasa
centreofexcellenceforGBS,leadinginspecialised
talentandinnovavebusinessservices’.Italso
aimstoexpandhigher-valueareassuchasAI,
automaon,androbocs.
13 Ireland for Finance
Global reach
The global economy connues to
expand, although in January 2019
the IMF noted that this expansion
is weakening. This connued
growth oers opportunies for
Ireland, while the challenges
create a need for Ireland’s IFS
sector to diversify its presence
across the world’s regions.
FirmsintheIFSsectorhavebeenverysuccessfulin
tappingintonewandemergingareasofinternaonal
nancialservicesandsecuringnewmarkets,which
hashelpedthemdeveloptheirbusinessesandcreate
extraemployment.Inmanycases,theyareassisted
byEnterpriseIreland(EI),whichworkswithIrish-
ownednancialservicesandntechcompaniesat
allstagesofdevelopment–fromstart-upstolarge
businesses–thatdemonstratetheambionto
scaleinworldmarkets.TheIrishrmsareexporng
productsandservicestodiversiedmarketswhich
highlightstheextentofourglobalreach.EIreports
thatapproximately30percentoftotalclient
companyexportsinntechgototheUK,30percent
totheAmericas,andmorethan17percentgoto
theAsia–Pacicregion.However,thelocaonand
distribuonofthegrowthintheglobaleconomy,and
theeconomicpowerandinuencethataccompanyit,
areshiingwiththerebalancingofgeopolicaland
economicpowertowardsAsia.
Asiaisaregionofgreatdiversity,fromtheestablished
andadvancedeconomyofJapantotheemerging
economicandgeopolicalstrengthsofChinaand
India.TheOECDprojectsthatby2030Chinaand
Indiatogetherwillaccountfor35percentofglobal
grossdomescproduct(GDP),whileOECDcountries’
sharewillfallbymorethan10percent.
Variousgovernmentstrategiesrecognisethe
importanceofAsiaasaregionfortradewithIreland,
includingGlobal Ireland: Ireland’s Global Footprint to
2025andtheforthcomingAsia–Pacicstrategy.
ThestrategicimportanceofAsiaappliestoIreland
generally,butalsototheIFSsector.Ireland’s
connecvitywithChinaandtheenreAsianregion
hasfurtherdeepenedwiththeestablishmenthereof
severalChinesenancialservicesinstuons,with
Ireland’smembershipoftheAsianInfrastructural
InvestmentBank,andwiththeintroduconofdirect
airlinksfromDublintoHongKong(viaCathayPacic)
andtoBeijingandShenzhen(viaHainanAirlines).
InDecember2016,thePeople’sBankofChinaand
theCentralBankofIrelandconrmedthatIreland
hadbeengrantedanRenminbiQualiedForeign
InstuonalInvestor(RQFII)quotaof50billionyuan
(€6.8billion),makingIrelandthe17thjurisdicon
outsideChinatobeawardedaquota.Thisallows
Irish-domicilednancialinstuonstoinvestin
China’sdomescbondandequitymarketsusing
China’sowncurrency,andrmshavebeguntakingup
thisquota.
Thisstrategyandtheaconplansdevelopedunder
itwillconsiderfurtherhowtodeepenandexpandits
presenceinChina,IndiaandacrossSouthEastAsia.
14
A pro-business
environment
Irelandconnuestohaveaverycompeveoering
asaplacetodobusiness.Itwasthesecondbest
eurozonecountryintheForbes Best Countries for
Business2018ranking,andplaced11thintheworld
overall.TheInternaonalInstuteforManagement
DevelopmentranksIreland12thintheworld,seventh
inEurope,andthirdintheeurozoneforoverall
compeveness.Thisisanimprovementfromour
previousworldrankingsof24thin2011and15thin
2014.Irelandisranked10thintheGlobal Innovation
Index 2018rankings,andfourthinknowledgeand
technologyoutputsandforinfrastructure.
Cultureconcernsvaluesandethics;itisanintangible
qualitybutaveryimportantconsideraonfor
assessingcompeveness
12
.SomeofIreland’s
advantagesintermsofitsvaluesandcultureinclude
abusiness-friendlyenvironment,itseducated
workforce,andthatitisEnglish-speaking.Ouroverall
oering–althoughnotwithoutpressures–connues
toratehighlyinaverydynamicandanincreasingly
compeveinternaonalenvironment.
1 AccordingtoBeateReszat,‘Globalisaonhasledto
anincreasingcompeonbetweennancialcentres
worldwideandculturehasbecomeonedeterminantof
compeveness’.BReszat(2000)‘Cultureandnance
inaglobalisedworld–Anuneasyrelaon’,Hamburg
Institute of International Economics HWWA Discussion
Papers,No.101.
A well-regulated
financial sector, with
an independent
regulator that has an internaonal
reputaon for delivering high quality,
effecve financial regulaon and
supervision
Effecve engagement
between public and
private stakeholders
A business-friendly
environment
A prominent reputaon in product
and technological developments
English speaking
A well-educated workforce,
supported by colleges and
third-level instuons
with good internaonal
reputaons
Compeve
costs and pricing
15 Ireland for Finance
IFS in Ireland –
looking forward
Thisstrategyhighlightsthegovernment’s
commitmenttodevelopingIreland’sIFSsector.This
commitmenthasbeeninplaceforoverthreedecades,
sincetheInternaonalFinancialServicesCentrewas
establishedin1987.Thesectorhasprovenresilient
overmulpleeconomiccyclesandtochangesin
internaonalregulatoryframeworks.
TheIrishgovernancemodelcombinesstability,a
partnershipapproach,andappropriateexibility,
whichallowsustorespondtorapidlychanging
globaldynamicsandtoemergingchallengesand
opportunies.
Profoundchangesthatconnuetoaectthe
sectorincluderestructuringtriggeredbytheglobal
nancialcrisis,regulatoryandtechnologicalchanges,
climaterisk,macroeconomictrends,andgeopolical
developments.
Globally,theIFSindustryisbecomingincreasinglycost
sensive,technologicallyenabled,heavilyregulated,
andselecveofbothproductandgeographicalfocus.
Theindustryisineectrunningaquasi-permanent
opmisaonagendainwhichitconnuallyseeks
ecienciesincapital,product,process,andlocaon.
InIreland,theindustryhasgrown,becomemore
technology-intensive,addedmoreregulatedfront-oce
acvity,createdastrongntechecosystem,becomean
emerginghubforsustainablenance,andstrengthened
itsproductandserviceoering.Thesectorisrelavely
labourintensive(especiallyinback-ocefuncons),and
hasasignicantmulpliereectthroughitsextensive
useoflegal,audit,accounng,soware,andother
professionalservicesrms.
AIandautomaoncouldreduceemploymentinthe
sector,especiallyinback-ocefuncons.Oneof
theaimsofthisstrategyistoavoidaconcentraon
ofbusinessacviesthatcouldbevulnerableto
thateect.Thiswillbecoupledwitheortsto
secureacviesthatarehigherupthevaluechain.
DevelopmentsinAIandautomaonwillneedfurther
analysisonanongoingbasistoensurethatIreland
canreacttoemergingchallengesandopportunies.
ThisanalysiswillbeinformedbytheworkoftheEU,
IMF,WorldBank,andOECD,andbyindustry.Itwill
alsoneedtoidenfywhichtypesofworkandwhich
IFSsectorsfacethegreatestthreatsfromAIand
automaonandhowthesecanbestbeaddressed.On
theotherhand,developmentsintechnologycanalso
haveaposiveimpactonIFSinIreland.Itprovides
opportuniestostreamlinebusinessprocesses,reduce
costs,andimprovethelevelofskillsavailable.
Thelevelofexperseandlinkagesinnancialservices
andtechnologyinIreland,togetherwiththehighlevels
ofeducaonandskilledworkersintheeconomy,mean
thatIrelandiswellplacedtocounterthesechallenges
andmaximisetheopportuniesthatemerge.This
strategysupportsthestructuresalreadyinplace,and
promotesnewaconstoensurethatIrelandhasa
coordinatedresponsetothesechallenges.
ItisclearthatmanycurrentIFSjobscouldundergo
signicantlevelsofchangeinthenextvetotenyears.
Forsomesubsectors,jobsinthefuturewillbevery
dierentfromtoday’sandthereisthepotenalfor
theretobefeweroftheminsomeareasofthesector.
Conversely,newjobsarelikelytobecreatedinnew
areasofacvity,someofwhichareintheveryearly
stagesofdevelopment.Irelandwillneedtofuture-
proofexisngemploymentandbusinessacvies
byidenfyingvulnerableareasandworkingwith
companiestodevelopmechanismstoassisttheir
adaptaon.Asworkersmovebetweenoccupaons
andsectors,therewillneedtobeagreaterfocuson
reskillingandupskillingthosealreadyinwork,on
improvinglifelonglearning,andonensuringgraduates
areequippedwiththeskillstocontributeinthe
high-techeconomyofthefuture.Wemustprepare
ourselvesforchangeandensureoureconomyiswell
posionedtoadapt.AtanaonallevelinMarch2019,
thegovernmentlaunchedFuture Jobs Ireland 2019:
Preparing Now for Tomorrow’s Economy,awhole-of-
governmentframeworktoenhanceproducvity,
ensurequalityandsustainablejobs,andbuildaresilient
andinnovaveeconomy.Itwillensurewearewell
posionedtoadapttothetechnologicalandother
changesthatoureconomyandsocietywillfacein
theyearsahead.Thiswillinvolveworkingwiththe
educaonsector,EnterpriseIrelandandtheIDA.
ThequesonofhowIrelandcanbeerposionitself
towinagreatershareofbusinessfromtheAsia–Pacic
regionwillalsoneedfurtherconsideraon.Ireland
hasmadeprogressinrecentyears,suchasensuring
thatChineseRQFIIquotasareavailabletoIrishfunds
andthatIreland’saracvenessasafundsdomicileis
cleartoChineseassetmanagers.IrelandoersChina
anidealrouteforaccesstoglobalcapitalmarkets,
andhowwecanharnessthatopportunitywillbe
consideredoverthelifeofthestrategy.
Thisstrategyprovidesanannualopportunitythrough
theaconplanstoidenfyandimplementacons
thatmaybecomenecessarybecauseofdevelopments
inthewiderecosystem.
16
Vision and key objecves
Overall, many aspects of the IFS industry are working well
through the ambion, hard work and dedicaon of the people
working in it and in the public sector. In this context, this strategy
is about posioning now for the future, and about harnessing the
industry’s potenal to deliver sustainable economic development
and employment for the benet of all our cizens.
The vision of this strategy is for Ireland to be a top-er locaon of choice for
specialist internaonal nancial services and to enhance and protect our future
compeveness. Therefore, our key objecves are to leverage the success
achieved to date to maintain and extend exisng business lines and to expand
into emerging geographical markets and new product areas.
Employment targets
Theemploymenttargetforthisstrategyistoreach
50,000peopleindirectemploymentinthesector
by2025.Thisrepresentsanetincreaseofaround
5,000overthetargetsetoutinIFS2020.IFSin
Irelandremainsvibrant,withastrongcapacityto
aractnewbusinessandjobs,asdemonstrated
bytheachievementsrecordedoverrecentyears.
However,thesectorfacesmajortransformave
challengesarisingfromtechnologicaldevelopments
thatareincreasinginpaceandscopewitharelated
potenalforimpactonexisngacvies.In
Ireland,asinothercountries,thesetechnological
developmentsmaysignicantlychangethenature
ofworkandtheeconomy.Whilesomeaspects
ofIFSarewellsuitedtoautomaonintermsof
servicedeliveryimprovement,theExpertGroup
onFutureSkillsNeedsfoundthatnancialservices
wasoneoftwosectorsintheIrisheconomywhich
isnotexpectedtobeemployingmorepeoplein
2023thanin2018.Thepotenalimpactfrom
technologicaldevelopmentsoninternaonal
nancialservicesislikelytobemorepronounced
thaninothersectorsoftheeconomybecause
thisareaoperatesinaglobalenvironmentthat
hasalreadybeenfundamentallychangedby
technology.
Althoughthestrategytargetsoveralljobgrowth,it
alsoaimstoensurethatthejobslocatedinIreland
willbehighquality,wellpaidand‘scky’(thatis,
lesslikelytobeoutsourcedoreasilytransferrable).
Technologicaldevelopmentswillsignicantly
impactinternaonalnancialservicesand
employmentinthesectorbutthestrategyseeks
toensurethatthejobsoverthenextveyearswill
bejobswithaninherenthighervalue:oneswith
17 Ireland for Finance
improvedskilllevels,greatersalaries,moreresilient
toshocks,andmorespin-opotenalfortherestof
theeconomy.Highervaluejobsarealsolesslikelyto
beaectedbyincreasedlevelsofautomaoninthe
sector.
Inoverallterms,thestrategyiscognisantofthe
ever-evolvingimpactoftechnologyandautomaon,
andpotenalimpactonemployment.Theannual
aconplanswillreviewandevaluatetheimpactsof
technologyontheindustrytoensurethatthestrategy
remainsrelevantandup-to-dateinidenfyingand
addressingemergingchallengesandopportuniesfor
employment.
Progress indicators
Thisstrategywillbeassessedrstbyitsprogress
towardsachievingthetargetof50,000people
employedinthesectorby2025.However,thisis
justonemeasureofsuccess,andinordertogivea
fullpictureofthedevelopmentandgrowthofthe
industry,anumberofsuccessindicatorshavebeen
selectedwhichwillbereportedonperiodically.
Thesuccessindicatorsareasuiteofmeasuresthat
willreecttheoverallgrowthanddevelopmentof
thesectorincludingarangeoftrendssuchasIFS
employment,regionalgrowth,newandspecialised
subsectors,high-levelpoststhatwillreecta
moveupthevaluechain,thebreadthofskillsand
subsectors,andthedepthofspecialisednancial
servicesavailableinIreland.
Otherindicatorstobereportedonfrommetome
includethenumberofcompaniesineachsector,
includingthenumberofmarketleaders,thenumber
ofnewinvestmentsorexpansionsannounced,andthe
shareofaspecicproductorgeographicalmarket.
Internaonal rankings
Manyrmslookingatestablishingapresencein
Irelandconsiderthecountry’sposioncompared
withotherjurisdiconsonarangeofmeasures.
Successindicatorsinthisareaincludepresence
inselectedforeignmarketsandIreland’sranking
ingloballyrecognisedrankingindices.Therefore,
anincreasinglyimportantmetricwillbeIreland’s
rankingsasanancialservicescentreataglobaland
EUlevel,anditsoverallcompeveoering,suchas
rangsbyForbesandtheNewYorkStockExchange.
Wealsoaimtoincreaseourperformanceinanumber
ofspecialisedindicesforsustainablenanceand
ntech,suchastheGlobal Fintech Hub Report(which
ranksDublinonanumberofntechmetrics).Other
indicesincludeIreland’srankingsincompeveness,
easeofdoingbusiness,innovaonandproducvityas
measuredbyrecognisedinternaonalorganisaons
suchastheOECD,theIMF,etc.
Irelandhaswithinitsgrasptheopportunitytobe
aworldleaderby2025asalocaonfornancial
servicesandasasourceoftechnologyand
innovaon-ledsoluons.Itwillbeacountrythat
succeedsinembracinganddrivingposivedisrupon
innancialservicesandinmaintainingaregulatory
systemthatprotectsandservesIreland’sinterests.
Withthispotenalinmind,anothertargetforthe
strategywillbetoensurethatIrelandremains
alocaonofchoiceforinternaonalnancial
servicesinthefaceofgrowingcompeonfrom
otherjurisdiconsandthechallengeposedby
technologicaldevelopments.Overthelifeofthe
strategy,Irelandwillseektobeamongstthetop-rated
nancialcentres.Thiswillbemeasuredbyreference
torankingsofinternaonalnancialcentresand
rankingsforparcularsectorswithnancialservices,
andakeymetricwillbeforIrelandtofurtherimprove
itsrelaverankingamongstEuropeancentres.
18
Four pillars
Theimplementaonofthisstrategy’sobjecvesisstructuredaroundfourpillars.Thesearedesignedto
maintainexisngachievementswhileenablinggrowthacrossallsectorsinIFS.Aconmeasuresundereach
ofthesepillarswillbesetoutinannualaconplans.
Top Tier Locaon of
Choice for Specialist IFS
Annual Acon Plans
Public – Private Collaboraon
Operang
Environment
Technology
& Innovaon
Talent Communicaons
& Promoon
Pillar
1
Pillar
4
Pillar
2
Pillar
3
Pillar1,Operang Environment,isfocusedon
ensuringthepolicy,cultureandlegislave
condionsunderpinningIFSwillsupportgrowth.
Pillar2,Technology and Innovaon,isfocusedon
providingacollaboraveapproachtoaddressing
emergingchallengesandopportuniesin
technologicaldevelopments.
Pillar3,Talent,seekstoensurethatweconnue
tohaveskilledpeopletomeetthedemandsofthe
IFSsector,includingmeengneedsfornewand
changingskills.
Pillar4,Communicaons and Promoon,is
focusedonensuringthatIreland’sIFSoering
iscommunicatedtoallthosewhoareormaybe
aractedtoininvesnginIreland.
19 Ireland for Finance
Horizontal priories
Three horizontal priories will
apply across the four pillars:
regionalisaon, sustainable
nance, and diversity.
Regionalisaon
Regionalenterprisegrowthandjobcreaonisakey
elementofnaonalpolicy,asarculatedinProject
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.ThisstrategyforIFSreects
thatnaonalpriority.Establishingaregionalpresence
outsideDublinprovidesthepotenalforbenets
suchasreducedcostsforIFScompaniesandsupports
theregionstorealisetheirfulleconomicpotenal.It
alsoenablesbusinessestodrawonregionallabour
poolsandwell-renownedthird-levelinstuonsthat
worksuccessfullywithIFScompanies.
Housingandinfrastructuremaybetwoconstraints
somemesassociatedwithDublin.However,Dublin
isnotaloneinthisandthesearecommonchallenges
experiencedbymanyinternaonalciesandnancial
centres.Thegovernmenthasrecognisedthesupply
constraintsinDublinandisimplemennganumber
ofaconstotacklethisthroughRebuilding Ireland
and its Action Plan for Housing and Homelessness.
Demonstrableprogressisbeingmadeinincreasing
housingsupplywith21,450newhomesbecoming
availablenaonallyin2018.Regionallocaonsoer
arealalternavetolocanginDublinbothasaviable
primarysiteandasaviablesecondsitetoasitein
Dublin.
Diversity
Workforcediversityisimportantfornancial
servicesrms.TheCentralBankofIrelandhas
highlightedresearchwhichshowsthathaving
diverseteamscanimprovethequalityofdecision-
making,reducegroupthink,andallowassumpons
tobechallengedmoreeecvely.Heterogeneous
teamsare,onaverage,beerthanhomogeneous
teamsforcreavelysolvingcomplexproblems.They
increasethenumberofperspecves,providebeer
understandingofcustomerneeds,andadoptexible
managementapproaches.Inadiverseandinclusive
workplace,thereisgreaterpotenalforinternal
crowdsourcingofideas,innovaon,challengingof
ideas,andreningideasinrealme.
Sustainable nance
Sustainablenanceisthecapitalrequiredtotackle
climatechange.Sustainablenanceincludesgreen
bonds,ESGandsociallyresponsibleinvesng(SRI)
investments,sustainableinfrastructuralinvestments,
climatenance,andperformancebonds.EU
developmentsonsustainablenancerepresent
asignicantopportunityforIrelandtobeinthe
vanguardofthisgrowingarea.
Todate,Irelandhasdonesignicantworkinthis
sectorwithsomenotableachievements.Ireland
issueditsrstsovereigngreenbondinlate2018,
SUSTAINABLE
FINANCE
POSITION
IRELAND'S
HALF OF ASSET MANAGERS
2019
€31bn
IN SUSTAINABLE FINANCE
ACTIVITIES UNDERWAY
€500m
CLIMATE ACTION
FUND ESTABLISHED
1
ST
COUNTRY IN THE WORLD
TO DIVEST FROM FOSSIL FUELS 2018
2
MEMBERS 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:SustainableNaonIreland
20
showingitscommitmenttodevelopingthissector.
Inaddion,investmentinESGfundsissteadily
increasing.Irelandwillalsobecometherstcountry
intheworldtodivestpublicmoneyfromfossilfuel
companiesandindustry–some€318million–
followingthepassingoftheFossilFuelDivestment
Billin2018.
Irelandhasanumberofworldleadersinsustainable
nanceinvestments,andincreasinglyinasset
managementcompanies,insurancecompanies
andpensionfunds.TheimportanceofDublinasa
locaonforsustainablenanceissignalledbyDublin’s
involvementinFC4S(theInternaonalNetwork
ofFinancialCentresforSustainability),thecity’s
seleconasitsEuropeanbase,andappointmentsat
strategiclevelsinthisareatothenetwork.
Aconmeasurestosupporttheseandotherpriories
willbesetoutintheannualaconplansunderthe
relevantpillar,e.g.educaoncoursesinsustainable
nance.
Other government
strategies
Animportantfactorforthisstrategyistoensurethat
itcloselyalignswithotherkeyGovernmentstrategies
includingFuture Jobs Ireland 2019,theNational
Development Plan,theNational Digital Strategyandthe
National Adaption Framework.
Whilstthisstrategycannot,anddoesnot,dealwith
infrastructure,itwillbeimportanttofullyarculate
importantconsideraonsforgrowinganddeveloping
Ireland’sIFSsector,toalignthemwiththeclimate
agenda,andtotakeintoaccountanyotherrelevant
governmentstrategiesandplansdealingwith
infrastructure.Oceaccommodaon,housing,urban
transport,internaonalairconnecvity,andthereliable
provisionofinfrastructuretosuccessfullyunderpin
technology-basedservicesareimportant.Infrastructure
inareassuchaswater,cleanenergy,healthcareand
educaonarealsoimportant.
Project Ireland 2040,nowbeingimplemented,provides
formassiveincreasesininvestmentinourpublic
infrastructureincludinghousing,transport,broadband,
educaon,andhealthcare.Aninvestmentof€116
billionovertenyearsaimstoremovebolenecks,
modernisepublicservices,reducecongeson,andto
ensureeconomicdevelopmentisbroughttoallparts
ofourcountry,withcapacityforfuturegrowth.Capital
spendingoninfrastructureisbudgetedtoincreaseby28
percentin2019.
TheEuropeanCommissionnegoatesfree-trade
agreementsonbehalfofEuropeanUnionMember
States.Theseagreementsprovidesignicant
opportuniestoliberalisemarketsandincrease
marketaccesswithkeytradepartners,intermsof
bothexportopportuniesforIrish-basednancial
servicescompaniesandFDIintoIreland.Itwillbe
importantthatIrelandconnuestoeecvely
arculateitsinterestsandprioriesregarding
nancialserviceschaptersinfuturefreetrade
agreements,includingthroughcollaboraonwith
like-mindedMemberStates.Itwillbeessenalthat
relevantagenciesanddepartmentsconnueto
collaborateeecvelytoensurethishappens.
Governance
structures
TheIFSstrategyisawhole-of-governmentstrategy,
supportedthroughcollaboraonbetweenpublicand
privatestakeholders.Structureswereputinplace
underIFS2020toensurethetalentsandexperseof
bothsectorscouldbeharnessed,reecngthetheme
ofcollaboraonwhichpermeatesthisstrategy.
Thegovernanceofthisstrategyprovidesfor
transparentoversightofprogress.Itsimplementaon
willbeledbyadedicatedMinisterofStateatthe
DepartmentofFinance.Thisallowsafocused
approachtothesector’sdevelopmentwith
considerablepolicalcommitmenttoIFSasa
signicantcontributortoIreland’seconomicgrowth.
AdedicatedteamintheDepartmentofFinanceacts
asthesecretariatforthestrategyandsupportsthe
MinisterofState.Thisteamprovidesoversightand
coordinaonoftheworkofthepublicandprivate
sectorsinimplemenngthestrategy.Theteam,with
industryinput,alsogeneratesannualaconplansand
reportsonprogressduringthelifeofthestrategy.
Thiswillrequireadequateresourcing.Theresourcing
ofthisareaisimportantandwillbeconsideredinthe
contextoftheimplementaonofthisstrategyandthe
expansionoftheIFSsectorinIreland.
TheMinisterofStatechairsthepublicsectorHigh
LevelImplementaonCommiee(HLIC),which
consistsoftheseniorocialsoftheDepartments
oftheTaoiseach,ofFinance,ofBusiness,Enterprise
andInnovaon,ofEducaonandSkills,andof
ForeignAairsandTrade,andtheCEOsofEnterprise
IrelandandtheIDA.TheHLICprovidesstrategic
leadershiptoconnuethedevelopmentofthe
sectorandensurescoordinated,melyandeecve
implementaonofthestrategy.TheHLICwillreport
togovernmenteverysixmonthsonprogressofthe
annualaconplans.
TheIndustryAdvisoryCommiee(IAC)consistsof
21 Ireland for Finance
representavesofIrishandinternaonalIFScompanies.
TheIACsupportstheHLICinimplemenngthe
strategyandinmonitoringandreporngonprogress.
Inparcular,itwilladviseonemergingopportunies
andenablersofgrowthinthesector,andonchallenges
andbarriers.Thiscommieewillstrivetoconnueto
achieve50:50genderdiversitytoreectthefocusofthe
horizontalthemeofdiversity.
TheIACforthepreviousstrategy,IFS2020,included
oneinternaonalmemberwhobroughtanoutside
perspecveontheopportuniesandchallenges
forIreland’sIFSsector.Forthisstrategy,apanel
ofinternaonaladvisorswillbeestablished.
Itsmembershipwillbedrawnfromthevarious
subsectorsofIFSandwillincludeSMEsaswell
aslargercompanies,ensuringafairreeconof
geographicalspreadanddiversity.TheHLICand
IACwillmeetquarterlyastheJointCommieeto
ensureregularupdatesareavailableandtoensure
horizonscanningfordevelopmentsorchallengesis
undertaken.TheJointCommiee’sworkwillinclude
regularfocusedpresentaonsbymembersand
relevantexternalbodiesontopicssuchasemerging
challengesandopportuniesthatfocusonkeyareas
suchasregionalisaonandskillsdevelopment.
Flexibility,transparency,andaccountabilityarekey
standardsinthegovernanceofthestrategy.Flexibility
inparcularisensuredthroughthepreparaon
ofannualaconplansandquarterlymeengsof
thecommiees,whichallowsemergingchallenges
andopportuniestobeidenedandconsidered,
andmelystepsdeterminedtorespondtothem.
Accountabilityandtransparencyareensuredthrough
thechairingofthecommieeseveryquarterbythe
MinisterofState,throughreporngonprogressto
thegovernmenteverysixmonths,andthroughthe
publicaonoftheminutesofthecommieesandthe
progressreports.
A coherent approach
Thisdeliveryofthisstrategyisgroundedineecve
collaboraonbetweenthepublicandprivatesectors,
drawingonthestrengthsthateachcanoerand
respecngtheirdierentrolesintheeconomy
andIrishsociety.Thefourpillars–operang
environment,technologyandinnovaon,talent,
andcommunicaonsandpromoon–arethecore
structurethatwillensureastrategicfocusonthekey
issuesthatneedtobeaddressedtofurtherdevelop
theIFSsectoroverthelifeofthestrategy.Ineach
year,thepillarswillbebuiltuponwithannualacon
planswhichwillidenfyspecicaconsacross
thefourpillarsandwhichrespondtoemerging
developments.TheoverallobjecveistomakeIreland
atop-erlocaonofchoiceforspecialistinternaonal
nancialservices.
Minister of State
Joint Commiee
High Level
Implementaon
Commiee
Industry
Advisory
Commiee
22
Top Tier Locaon of
Choice for Specialist IFS
Annual Acon Plans
Public – Private Collaboraon
Operang
Environment
Technology
& Innovaon
Talent Communicaons
& Promoon
Pillar
1
Pillar
4
Pillar
2
Pillar
3
23 Ireland for Finance
24
25 Ireland for Finance
Pillar 1:
Operang Environment
Introducon
Pillar 1 deals with the key
enablers necessary to ensure
that Ireland has an eecve and
ecient operang environment.
The operang environment is
key to maintaining and growing
exisng products and markets,
along with idenfying and
developing new areas. The main
focus in this pillar is policy and
legislaon.
Strong and eecve
regulaon
Astrongandeecveregulatorisessenaltonancial
stabilityandtoinvestorandconsumerprotecon.The
CentralBankofIrelandissucharegulator.
Itprovideshigh-quality,eecveregulaonand
supervision,andisfullyembeddedintheEuropean
SystemofFinancialSupervisionand–forbanks–the
SingleSupervisoryMechanism(SSM).TheCentral
BankofIrelanddischargesitsstatutorymandate
throughahigh-qualityregulatoryframework,eecve
gatekeepingandasservesupervision,underpinned
byrobustenforcementsystems.Itiscommiedto
providinghigh-quality,melyandtransparentprocesses
inauthorisaon,supervision,andpolicydevelopment.
TheCentral Bank of Ireland Strategic Plan 2019–2021
setsoutvestrategicthemesthattheCentralBankof
Irelandwillfocuson.Theseare:strengtheningresilience,
Brexit,strengtheningconsumerprotecon,engaging
andinuencing,andenhancingorganisaonalcapability.
TheCentralBankofIrelandseekstouseitsinuence,
bothwithinEuropeandinternaonally,toensurea
consistentandeecveapproachtonancialregulaon.
Financialstabilityandhighlevelsofinvestorand
consumerproteconunderpincondenceandtrustin
anancialsystem.Theyalsoprovideacontextinwhich
innovaonandcompeonbenecialtoconsumers
ofnancialproductscantakeplace.In2018,the
CentralBanklauncheditsInnovaonHubtobeer
facilitaterms’engagementwiththeCentralBankon
innovaon.Thisengagementallowsfortheexisng
intelligenceondevelopmentsinthentechsectortobe
furtherexpandedandprovidesopportuniesforthe
CentralBanktodeepenitsunderstandingofemerging
technologiesbeforetheyenterthemainstream
SincetheUKvotedin2016toleavetheEU,therehas
beenanotableincreaseinthenumberofrmsseeking
authorisaonfromtheCentralBank.Thishasincluded
anumberofrmsinareasrelatedtocapitalmarkets
andinvestmentbankingthatoperateanexpanded
rangeofbusinessmodels.Inresponse,theCentralBank
establishedanewInvestmentBanksandBrokerDealers
Division.Moreover,anumberofthenewrmswillfall
withinscopeofSSMsupervision.
TheCentralBankofIrelandiscommiedtohigh
levelsoftransparencyandeecveengagementwith
stakeholders,includingindustrystakeholders.
TheestablishmentofaCentralBankstakeholdergroup
willbeconsidered.Suchagroupcouldprovidefor
moreformalstructuredengagementonmarketand
regulatorydevelopmentsandtrends.Researchwillbe
undertakentoidenfyinternaonalbestpracceand
todrawinsightsfromtheimplementaonofvarious
modelsinotherEUMemberStatesforstructures
ofengagementbetweencentralbanksandnancial
servicesstakeholders,andthisresearchwillbeanalysed
toidenfyhowthatmighttranslateintotheIrishsystem.
26
Industry representaon of the sector
ToreecttherapidongoingexpansionoftheIrishnancialservicessector,thesectoralrepresentavebodies
havecommiedtoconnuetoworktogethertohelpdeliveranecosystemthatfacilitatesthegrowthof
tradionalandemergingnancialservicesproviders.ThiswillincludeacoordinatedEUapproachonissues
wheretheyhavesharedadvocacyobjecvesandconsideraonofhowtoexpandandopmisetheirinuence
withinEurope.
Overview of sectors
Insurance Investment
Management
Banking Payments Start-ups Prop
Traders
Fund/
Servicing
Source:IDA
27 Ireland for Finance
Legal system
Areliableandecientlegalsystemisessenal
foranyjurisdicon’sdevelopmentofathriving,
internaonallycompevenancialservicesindustry.
TheIrishjudiciaryiswidelyregardedashavinga
recordofintegrity,commercialawareness,fairness,
andimparality.
TheCommercialCourtprovidesecientand
eecvedisputeresoluonincasessuchasdisputes
ofacommercialnaturewherethevalueofthe
claimisatleast€1million.Italsoprovideseecve
resoluoninproceedingsconcerninganyfuncon
oftheRegistrarundertheCapeTownConvenon
ortheAircraProtocoltotheConvenon.TheIrish
courtsystem’secientprocesseswereoneofthekey
strengthshighlightedwhentheInternaonalRegistry
ofMobileAssetsforprotecngandenforcing
internaonalinterestsinaircrachosetolocatein
Ireland.
InJuly2018,anIrishlawversionoftheInternaonal
SwapsandDerivavesAssociaon’s(ISDA)industry
standardMasterAgreementwasintroduced.Users
ofthisagreementcannowchooseIrishlawto
governtheirderivavescontractsandusetheIrish
courtstodeterminerelateddisputes.Thisiniave
formspartofISDA’sstrategytoprovideusersofits
documentaonwiththetoolstheyneedtofuture-
prooftheircontracts.
Finally,thereisajointiniaveoftheBarofIreland
andtheLawSocietytopromoteIrelandasa‘Leading
CentreGloballyforInternaonalLegalServices’.
Legislaon
MuchofthelegislaongoverningtheIFSsector
emanatesfromtheEU.Irelandneedstoconnueto
inuenceEUpolicyandlegislaonfromtheearly
stageofdevelopment,wellbeforetheEuropean
Commissionpublishesproposals,bycontribung
totheconsultaonprocess.Thisensuresthat
anydralegislaonrecognisesIreland’spolicy
objecves.Allrelevantgovernmentdepartments
mustcarefullyexamineCommissionproposalsto
assesstheimplicaonsforIrelandatbothanoverall
andasectorallevel.Whenneeded,andwhereitis
appropriateandinlinewiththenaonalposion,
consultaonwithindustryrepresentavesathome
andabroadshouldbeiniatedearlyintheprocess
sothatallaspectsoftheproposalsareunderstood
andanalysed.Thiswillrequireseriousandproacve
engagementbyindustryparcipantsattherelevant
stagesandwithappropriatebodies.
Irelandwillalsoconnuetoexplorearrangements
fortheexchangeofstaandexpersebetween
thepublicandprivatesectorstoworkonparcular
challengesandopportunies.Inaddion,theCentral
BankofIrelandsupportsstasecondmenttoother
regulatoryandsupervisoryauthories,including
Europeaninstuons.TheCentralBankalsosupports
reciprocalarrangementsforstafromthese
instuonstoIreland.
WorkingcloselywitharangeofEUpartnershas
alwaysbeenimportantforIrelandandwillremaina
priority.However,strengtheninganddiversifyingour
relaonshipswithintheEUhasassumedrenewed
importanceinlightofBrexit,giventhattheUKhas
beenaveryimportantallyonmany,thoughnotall,
issuesrelangtoIFS.Buildingnewallianceswill
beimportantinordertoinuencethedebateat
EUlevel.Aconcreteexampleofeortsonalliance
buildingandinuencingEUpolicyisthejointpaper
onCapitalMarketsUnion(CMU)thatIrelandput
forwardinconjunconwithDenmark,Estonia,
Finland,Latvia,Lithuania,theNetherlands,and
Sweden.
Wewillconnuetoassessthepotenalimpacton
IrelandandtherestoftheEUofproposalsinthe
EuropeanCommission’sAction Plan on Financing
Sustainable GrowthanditsproposalsonaCapital
MarketsUnionandonaBankingUnion.
Financialserviceslegislaonisconstantlybeing
updatedandamended,generallyonanannualbasis.
ThisincludesthetransposionofEUDirecvesand
theDepartmentofFinancedevelopinglegislaon
specictothenancialservicesindustry,suchasthe
IrishCollecveAsset-managementVehicleAct2015.
ThisprovidesthelegislaveframeworkforanIrish
bespokevehicleforinvestmentfunds.Theupdang
andamendingoflegislaonmustconnueonamely
basisandinapragmacmanner.Ingeneral,adopng
legislaonislengthyandcomplexbecauseoftheme
neededfordraing,thevariouspolicyconsultaons,
assessments,andrenementsasitpassesthrough
theOireachtas.Aspartofthisprocess,theIndustry
AdvisoryCommieewillbetaskedwithidenfying
andmakingsubmissionsonnaonallegislave
provisionsthattheyconsiderimportanttofurther
developtheoperangenvironment.Therefore,
annualaconplansunderthestrategyshouldaempt
toidenfypriorityareaswherelegislaonmaybe
required,andallrelevantgovernmentdepartments
shouldworktoprogressthatlegislaonthroughthe
variousstagesifagreeabletothegovernment.
28
Pan-European Personal Pension
Product (PEPP)
In2017theCommissionpublishedaproposalfora
Pan-EuropeanPersonalPensionProduct(PEPP)in
theformofadraEURegulaon.TheCommission
aimstolaythefoundaonsforasafer,morecost-
ecientandtransparentmarketinaordableand
voluntarypersonalpensionsavingsthatcanbe
managedonapan-Europeanscale.Thisproposalwill
ulmatelyhelpworktowardsthegoalofaCapital
MarketsUnionbychannellingmoresavingstowards
long-terminvestmentsintheEU.ThePEPPisone
ofmanyiniavesunderwayatEUleveltounlock
fundingthatcanowfromEurope'ssaversinto
producveinvestmentsacrossEurope.
Inearly2019,policalagreementbetweenthe
EuropeanParliamentandMemberStateswasreached
onthePEPPRegulaon.DepartmentofFinance
ocialswilltakethestepsneededtoimplementthe
legislaoninIreland,anditisesmatedthatPEPPs
maybeavailabletoconsumersfromlate2020.
Support for
internaonal taxaon
developments
Irelandhasastrongpro-businessenvironment,
aninclusiveandopeneconomyandastableand
consistent12.5percentrateofcorporaontax–one
ofthemostcompeveandtransparentratesinthe
OECD.Despitevaryingeconomiccircumstances
andpressures,thestabilityofthisratehasbeen
maintainedoverthepastdecadeandthegovernment
remainscommiedtoretainingthisrate.Thisstability
ofthe12.5percentrategivesconsiderablecertainty
tobusiness,whichisanimportantfactorwhen
internaonalrmsdecidewheretolocate.
Irelandremainsrmlycommiedtotheimportance
ofhavingaconsensus-basedandstableinternaonal
taxframework,agreedgloballyattheOECD.Ireland’s
deepengagementwiththeOECD’sBaseErosionand
ProtShiingProjectisanimportantpartofthe
operangenvironmentforIFSrms.Manyaspectsof
theexisngtaxregimearepro-businessandhelpthe
inialdevelopmentoftheIFSsectorandconnueto
supportitsongoinggrowth.Otherpoliciesaimedat
promongthedevelopmentofindustryincludethe
following:
· TheEmploymentandInvestmentIncenveoers
taxrelieftoinvestorsinsmalltomedium-sized
companiesthathavepotenalforstronggrowth.
· TheStart-upRefundsforEntrepreneurs(SURE)
taxreliefsupportsthosestarngnewbusinesses.
· TheStart-upCapitalIniavebeginsin2019and
willprovideatailoredcapital-raisingincenvefor
newmicro-enterprises.
· TheKeyEmployeeEngagementProgramme
(KEEP)isafocusedshareoponprogramme,
intendedtohelpSMEsaractandretaintalentin
ahighlycompevelabourmarket.
· TheKnowledgeDevelopmentBox(KDB)is
anintellectualpropertyrelieftoencourage
companiestocarryouttheirsubstanveacvies
inIreland.
· TheResearchandDevelopment(R&D)taxcredit
providesa25percenttaxcreditforallqualifying
R&Dexpendituretoencouragecompaniesto
undertakehighvalue-addedR&DacvityinIreland,
therebysupporngjobsandinvestmenthere.
· Taxrelieffornewstart-upcompanies(colloquially
knownasthe‘Three-YearStart-UpRelief’)provides
relieffromcorporaontaxontradingincome(and
certaincapitalgains)fornewcompaniesintherst
threeyearsoftrading.
Irelandalsohasdoubletaxaonagreementswith74
countries,whichareimportantforallinternaonally
focusedbusinessesinIreland.Irelandwillconnue
seekingtomaintain,expandandenhancethistreaty
network.
Support for small
and medium-sized
enterprises
TheDepartmentofBusiness,Enterpriseand
Innovaonnotesthatthereareover170supports
from27dierentgovernmentdepartments,agencies
andiniavesforIrishstart-upsandsmallbusinesses.
Across-governmentalonlinetoolallowscompanies
todeterminewhichsupportstheymaybeeligiblefor
andprovidesinformaononlocalenterpriseoces
andonaccessingcredit.Thesearekeptunderreview
toensuretheyremainrelevantandeecveandthey
areconstantlyevolving.Irishindustryisinvolvedin
thisreview.
29 Ireland for Finance
Environment
scanning
Togrow,theIrishIFSsectormustremainexibleand
abletofacethechallengesthatarelikelytoemerge.
Thismeansthatbothindustryandthepublicsector
willneedtoenhancetheirapproachtoenvironment
scanning,toidenfyandmigatepotenalchallenges
andtorecogniseandexploitopportunies.Thisstrategy
providesformoreengagementbetweenthepublicand
privatesectors.Thiswillincludeestablishingworking
groupsofindustryandpublicsectorexpertstoscanthe
regulatory,legislaveandbusinessenvironmentinareas
whereIrelandhasdevelopedastrongreputaon,andin
emergingsectorssuchasntech,payments,plaorm-
basedacvies,andmarimenance(including
opportuniesforashippingservicecentre).Anexisng
exampleistheFinanceGreenIrelandCommiee,which
focusesongreenandsustainablenance.
Finance Green Ireland Commiee
(environment scanning acvity)
Theglobaltransiontoalow-carboneconomic
modelisanopportunityfornancialcentres
toplayaleadingroleinunlockingthecapital
requiredtokeepglobalwarmingbelow2°Cand
tomeettargetsintheParisAgreementandthe
UNSustainableDevelopmentGoals.Sustainable
nanceacvieswillconnuetoincreasewith
changingmarketforces,thespreadofpoliciesand
iniavesdesignedtoacceleratethetransion,
technicaladvances,andotherinnovaonsthat
supportnewproductdevelopmentinnancial
centres.
TheFinanceGreenIrelandCommieeprovides
expertadviceonthegreenandsustainable
nanceagendaandaimstodriveawareness
ofIreland’sworld-leadingsustainablenance
credenals.ItpromotesIrelandasaleading
sustainablenancehubandadvocatesforpolicy
andregulatorycertaintytoallowlocaland
globalcapitaltocontributetoIreland’snaonal
decarbonisaoneorts.
Cape Town
Convenon
TheCapeTownConvenononInternaonal
InterestsinMobileEquipmentwasadoptedin2001
andenteredintoforcein2016.Itcreatesauniform
internaonallegalframeworktoprotectinvestorsin
aircra.
Aviaon leasing and beyond
Aviaonleasinghasexperiencedsignicantgrowth
ineconomicacvity,inthenumberofcompaniesand
inemploymentlevelsunderIFS2020.Althoughthere
issomeexpectaonthatthesetrendsmayconnue,
thereareemergingchallengestothissectorespecially
fromChinaandotherAsianlocaons.Acombined
approachbetweenindustryandgovernmentis
requiredtoensurethatongoinganalysisofthe
emergingchallengesandopportuniesisunderstood
sothatIrelandcanconnuetoholditsposionasa
leadinglocaonforaviaonleasing.
Inaddion,consideraoncanbegiventothe
developmentofrelatedareaswhicharealso
largelycoveredbytheCapeTownConvenon,
whichledtotheinialgrowthofaviaonleasing.
TheLuxembourgProtocoltotheConvenon,on
railwayrollingstock,wasadoptedin2007andthe
BerlinProtocol,onspaceassets,wasadoptedin
2012.Onceinforce,theywillcreateasimilarlegal
frameworktorecogniseandregulatethesecurity
interestsoflenders,lessorsandvendorsofrailway
rollingstockandspaceassets,whichshouldresult
inanincreasedpoolofcapitalnanceavailable
forinvestment.Theimplicaonsandbenetsof
rafyingtheseprotocolscouldbeexaminedoverthe
lifemeofthestrategy,ifdeemedappropriate.
30
50+
5,000
MSc
€550m+
leasing companies
based in Ireland
contribuon to the local economy
first European Masters
in Aviaon Finance
of the world’s leased aircra
are managed from Ireland
local jobs
Not just a leader
in Ireland but in
Europe
Supporng
60%
over
Double tax
agreements
74
40
Enviable legal and
regulatory framework
Commied
governmental
support
Years of experience
dang back to the
foundaon of GPA
Highly skilled
workforce
Home to Aviareto – managers of the
internaonal registry of mobile assets
50+
5,000
MSc
€550m+
leasing companies
based in Ireland
contribuon to the local economy
first European Masters
in Aviaon Finance
of the world’s leased aircra
are managed from Ireland
local jobs
Not just a leader
in Ireland but in
Europe
Supporng
60%
over
Double tax
agreements
74
40
Enviable legal and
regulatory framework
Commied
governmental
support
Years of experience
dang back to the
foundaon of GPA
Highly skilled
workforce
Home to Aviareto – managers of the
internaonal registry of mobile assets
50+
5,000
MSc
€550m+
leasing companies
based in Ireland
contribuon to the local economy
first European Masters
in Aviaon Finance
of the world’s leased aircra
are managed from Ireland
local jobs
Not just a leader
in Ireland but in
Europe
Supporng
60%
over
Double tax
agreements
74
40
Enviable legal and
regulatory framework
Commied
governmental
support
Years of experience
dang back to the
foundaon of GPA
Highly skilled
workforce
Home to Aviareto – managers of the
internaonal registry of mobile assets
50+
5,000
MSc
€550m+
leasing companies
based in Ireland
contribuon to the local economy
first European Masters
in Aviaon Finance
of the world’s leased aircra
are managed from Ireland
local jobs
Not just a leader
in Ireland but in
Europe
Supporng
60%
over
Double tax
agreements
74
40
Enviable legal and
regulatory framework
Commied
governmental
support
Years of experience
dang back to the
foundaon of GPA
Highly skilled
workforce
Home to Aviareto – managers of the
internaonal registry of mobile assets
50+
5,000
MSc
€550m+
leasing companies
based in Ireland
contribuon to the local economy
first European Masters
in Aviaon Finance
of the world’s leased aircra
are managed from Ireland
local jobs
Not just a leader
in Ireland but in
Europe
Supporng
60%
over
Double tax
agreements
74
40
Enviable legal and
regulatory framework
Commied
governmental
support
Years of experience
dang back to the
foundaon of GPA
Highly skilled
workforce
Home to Aviareto – managers of the
internaonal registry of mobile assets
Why Ireland?
Ireland’s aircra leasing industry
at a glance
Source:AircraLeasingIreland
31 Ireland for Finance
32
33 Ireland for Finance
Pillar 2:
Technology & Innovaon
Introducon
Perhaps more than the other
pillars, technology and innovaon
underpin much of the possible
advances in exisng markets and
into new markets, and underpin
maintenance of what has already
been achieved.
Thedigitalrevoluonhasthepotenaltobeone
ofthegreatestdisruptorsinthenancialservices
sectorinthenextdecade.Toolssuchasblockchain,
AI,andbigdatawilltransformthewayinwhichmany
nancialservicessectorscurrentlyoperateand
deliverservicestocustomers.Althoughthiscouldbe
perceivedasathreat,italsoprovidesopportunies
forbeer,fasterandcheaperservicesforclients
andcustomers.TheIrishnancialservicesindustry
willneedtoseizeopportuniesthatemergefrom
these,andother,nancialinnovaons.Thisstrategy
willworktoprovidethestructuresneededforIrish
companiestoexaminewaysinwhichtheycantake
advantageoftheseopportunies.
Theposivepotenalimpactofntechonimproved
nancialaccessinthedevelopingworldisasignicant
benet.AccordingtotheWorldBank,digitalnance
canleadtogreaternancialinclusion,expansionof
nancialservicestonon-nancialsectors,andthe
expansionofbasicservicestoindividuals,sincenearly
80percentofpeopleinthedevelopingworldalready
ownamobilephone(whereasonly63percenthave
accesstoanancialaccount).Ireland,asacentrefor
ntech,canplayakeyroleinthedevelopmentofnew
servicesavailabletoconsumersglobally.
AsignicantanduniquestrengthofIrelandisthe
combinaonofthedeepdomainknowledgein
nancialservices,ontheonehand,andtechnology
capabilies,ontheother.Thedivisionbetween
nancialservicesandtechnologyisbecoming
evermoreblurred,withfrequentcrossoverand
successfulcollaboraonsbetweencompaniesineach
area.Thiscollaboraonisaccelerangthedigital
transformaonofthenancialservicesecosystem.
Technologicalchangesaectexisngbusinessmodels
inthenancialservicessector,leadingtogreater
levelsofcollaboraonacrosssectorsandbetween
companiesofdierentsizes.Start-upscontribute
agilityandlargeincumbentsprovidetheabilityfor
theuseofnewdevelopmentsatalargescale.The
EuropeanCommission’sFinTech Action Plan provides
avaluableroadmapforIreland.Thisisparcularly
relevantinareassuchasopenbanking,including
standardisaonofbankingapplicaonprogramming
interfaces(APIs),engagementwiththeEUFintech
Lab,andregulatoryapproachestonewlydeveloping
nancialservices.
Collaboraon
Collaboraonisasignicantthemeinthispillar
becauseclosercooperaonbetweenincumbents
andnewcompaniesintheIrishnancialservices
sectorwillmaximisethesector’sgrowthpotenal
overthecomingdecade.Irelandmustbuildonits
exisngcompeveadvantageinthisarea,namely
astrongrecordofengagementacrossandbetween
mulnaonals,start-ups,government,academia,and
otherstakeholders.
Manyoftheworld’sleadingtechnologyrmsin
hardware,sowareandtheinternetemploythousands
ofpeopleacrossIreland.Inthefuture,thereshould
begreatercollaboraonbetweenntechrms(and
IFScompaniesingeneral)andtheseglobaltechnology
giants.Ineect,thiscanbea‘digitalbridge’fromSilicon
DockstotheInternaonalFinancialServicesCentre.
Thereshouldalsobecloserlinksbetweeninternaonal
ntechcompaniesandindigenoustechnologyrms,
buildingonsignicantgrowthinrecentyearsfollowing
EnterpriseIreland’seortstoexpandexportsand
countertheadverseaspectsofBrexit.
EnterpriseIrelandwillseektoworkcloselywithIDA
Ireland,representavebodies,andtheIFSindustry
toconnuedevelopingspecicacviesthatconnect
nancialservicesandntechcompanies.Thiswill
aimtodevelopcapabilies,createopportunies
andgeneratesynergies,especiallywherethere
arestrongprospects–forexample,openbanking.
Thiscollaboraonwillinvolvespecicacvies
oncommercialopportunies(forexample,global
sourcing)andoninnovaon(forexample,the
DisrupveTechnologiesInnovaonFund)among
34
others.Anumberoffocusedeventswillbeincludedas
specicaconsintheannualaconplans.
TechnologycompaniesinIrelandareseenasvery
aracveemployersandareattheforefrontof
developingnewtechnology.Similarly,therearecareer
opportuniesintechnologyrolesatIFScompanies
andincung-edgeprojectssuchastheKBCITand
InnovaonHub,Ci’sGlobalResearch,Development,
InnovaonandLearning(RDIL)centre,andDeloie’s
BlockchainLab.Providingopportuniesforengineers
andtechnologiststomovebetweensectorscan
createopportuniesformoreinnovaonandgrowth.
EnterpriseIrelandseekstobroadenanddeepen
ongoingcollaboraonbetweeninnovaon-led
companiesandIFScompanies.
Closercollaboraonbetweenntechcompanies
andthird-levelinstuonsandrelevanttechnology
centresincludingCeADAR(theCentreforApplied
DataAnalycs)willalsobecricalinenablingaccess
toinnovaonandR&D.Increasingtheselinksiskey
tomovingtheseacviesandrelatedemploymentup
thevaluechain.
Collaboraonwithotherjurisdiconswillbecome
increasinglyimportant.GivenIreland’sexpersein
ntechanditssuccessasaglobalnancialservices
centre,itsabilitytooperateasa‘ntechbridge’from
theEUtolocaonssuchasSingapore,HongKong,
AbuDhabi,andpost-BrexitLondonwillbeassessed
duringthelifeofthestrategyandusedtocreate
futureopportunies.
Addionally,thegovernment-supportediniaveto
establishaGrandCanalInnovaonDistrict(GCID)will
beanimportantfeatureofthestrategy.Althoughthe
roadmapfortheGCIDisslltobenalised,itislikelyto
facilitateincreasedcollaboraonbetweenthenancial
services,technology,digitalmedia,andeducaon
sectors,andprovideafocalpointforeducaonand
innovaoninnancialservices.IDAIrelandwillconsult
withallrelevantparesinvolvedindevelopingthe
GCIDandwillprepareareportonhowthedistrictcould
supporttheIFSindustry’sfuturedevelopment.The
JointCommieewillworkwiththeIDA,government
departments,highereducaoninstuons,industry,
andotherstakeholderstoidenfyaconsrelevantto
theGCIDthatmightbeincludedinIFSannualacon
plansoverthelifeofthestrategy.
Innovaon
Irelandisrapidlydevelopingexperseinenabling
innovavetechnologies,whichcanallowexpansion
intonewmarketsandgrowthinexisngmarkets.
Irelandalreadyhasmanyexcellentexamplesoflarge
mulnaonalnancialservicescompaniessuccessfully
engagingwithntechinnovators.Thisincludesproviding
start-upspaceandmentoring(suchasCi’sAccelerator
HubandUlsterBank’ssupportforDogpatchLabs).
Theextenttowhichnancialservicescompanieswill
considerIrelandforsimilaracvieswillbeanimportant
factorinthesector’sgrowth.
Inaddion,growingnumbersofIFSrmsarechoosing
Irelandasalocaonforresearchingnewnancial
technologies–theyincludeMetLife,FirstData,
Ci,Infosys,Mastercard,Aon,Fidelity,Prudenal,
DeutscheBank,andUnitedHealthGroup.Toensure
thisconnues,itwillbevitaltoincreasetheuseofthe
growingnumberofinnovaonhubs.Thiswillneed
theencouragementandsupportofkeystakeholders.
Inthiscontext,IDAIrelandwillconnuetotarget
nancialservicesandntechinvestments,while
simultaneouslysupporngtechnologydevelopment
acvitywithinitsexisngclientbase.Likewise,
EnterpriseIrelandwillconnuetosupportstart-
upandscalingacviesinntechandthebroader
nancialservicessectorandtoassistcompanies
thatprovidesupporttonancialservicesrms.
OtherstakeholderssuchastheCentralBank,the
DepartmentofFinance,andindustrywillconnueto
playacrucialpartinshapingtheecosystemtosupport
start-ups,exisngnancialserviceproviders,ntech
businesses,andglobaltechnologycompanies.
Inaddion,theCentralBankhasidenedthatit
willactontheemergingrisks,opportuniesand
challengespresentedbynancialinnovaonandthe
rapidlyevolvingtechnologicallandscapewithinwhich
it,thermsandindividualsthatitsupervisesand
regulatesoperate.TheCentralBankhasestablished
aninnovaonhubwhichprovidesanaccessible,direct
pointofcontactforregulatedandunregulatedntech
rmsandforotherincumbentsseekingtoinnovate.
TheycanengagewiththeCentralBankonrelevant
partsoftheregulatoryregime,specicsupervision
rulesandpolicies,andonnavigangIreland’s
supervisoryandregulatorylandscape.In2019,the
CentralBankwillundertakeaninternalreviewof
theinnovaonhubtoassessitseecveness,the
resourcesrequiredandwhatpotenalenhancements
maybeappropriate.
InthecontextoftheEuropeanCommission’sAction
Plan: Financing Sustainable Growth,animportantarea
ofinnovaonandsignicantgrowthforIFSinIreland
issustainablenance–inparcular,theunderlying
35 Ireland for Finance
RESEARCH
CENTRES
GOVERNMENT
& REGULATORS
INNOVATION LABS
TECHNOLOGY
FIRMS
INDUSTRY
BODIES
FINANCIAL
FIRMS
INCUBATORS
ACADEMIA
FINTECHS
VC INVESTORS
Fintech and blockchain ecosystem in Ireland
Source:IDA
36
datainfrastructure,analycs,andnancialproduct
development.Applyingadvancesinmachinelearning
andAItobothenvironmentalissuesandnancial
datasetsopensupopportuniesin:
· tesng,andscalingdataandanalycsinnovaons
ingreenAIandgreendatascienceacvies,
· evidence-basedsustainableinvesngandmodelling
theimpactsoftheUNSustainableDevelopment
Goals,and
· developingan-greenwashingidencaontools
forinvestors.
Moreover,agrowingnumberoflargecompaniesare
developingnewproductstosupportthesustainable
nanceandthebroaderESGagendas.Thispresents
anopportunitytodevelopamechanismtoaccelerate
thedevelopmentofsuchsector-themedinnovaons.
Inbothrealisingopportuniesandexploringthe
establishmentofasustainablenanceinnovaon
centreofexcellence,Irelandissupportedinthese
eortsbytheEUEITClimate-Knowledgeand
InnovaonCommunity(KIC),theworld’slargest
climateinnovaonplaorm.
FinTech Fusion
InSeptember2018,ScienceFoundaonIreland
awardedtheADAPTResearchCentre€1.9min
fundingforFinTechFusion,aresearchprogramme
thatwillstrengthentheinternaonalcompeveness
oftheIrishnancialservicesindustrythrough
theproduconofnewresultsfromcung-edge
ntechresearch,generatedbyateamofIreland’s
topresearchersandtheirforward-lookingindustry
collaborators.Industrypartners,includingFidelity
Investments,DeutscheBörse,andZurich,will
matchtheinvestmentfromSFIwith€3m,creang
a€5mresearchprogramme.Thebreakthrough
technologies,forgedfromacademicexperseand
industryexperience,willprovideIreland’sstart-ups
andmulnaonalswiththebasisforopmised,cost-
ecientandrisk-managedproductsthatwillimprove
compevenessandbuildconsumertrustthrough
ecientandtransparentregulatorycompliance.
Theunionofnancialresearchexpersebroughtby
AcademicsfromtheUCDMichaelSmurtGraduate
BusinessSchoolandoftechnologyexpersebrought
bytheADAPTResearchCentreinstuonsworking
withtheInsightCentresforDataAnalycsandwith
Lero,theIrishsowareresearchcentre,creates
aunique,highlyrelevantresearchinfrastructure
thatwillacceleratethedigitaltransformaonofthe
nancialandinsuranceinstuonsthatcollaboratein
theprogramme.
FinTechFusionwillcreateimpactinanumberof
waysacrossthreepillarsofregtech,insuretech
andpaytechbyconducngexcellentscienc
invesgaon,publishingintop-rankedjournalsand
presenngstudiesatleadingconferencesworldwide.
ItwillincreaseIreland’sR&Dcapacity,forgingnew
synergies,notonlybetweenuniversies,butalso
betweenacademiaandindustry,deliveringtools
forincreasedcompevenessandaccelerated
payment,regulaonandinsuranceprocedures.
Researchinpaytechwillimprovepaymentprocesses
toprovideabeercustomerexperiencewith
seamlesstransacons.Regtechwillprovideenhanced
regulatorycomplianceandreduceassociatedcosts.
Insuretechwillintroducemethodstodetectfraud
andanalyselivingbehaviours,therebyinformingthe
developmentofinsurancepoliciesinthefuture.
FinTechFusionwillbeattheforefrontofcreang
highlyinnovavenancialbusinessservicesmodels
andproducts.Atthecentreoftheseresearchthemes
willbeafocusonproducinghigh-quality,published
science.Throughacollecvedrive,itwillplaceIreland
inthecentreofaprofounderaofchangeforthe
globalbusinessandresearchlandscapesanddeliver
signicanteconomicandsocialimpact.
37 Ireland for Finance
Supports for Irish-
owned nancial
services and ntech
companies
Overthelifeofthestrategy,EnterpriseIreland’s
Global/SectorFinancialServicesTeamwillconnue
todrivetheglobalexpansionbyIrish-ownednancial
servicesandntechcompaniesacrossmarketsby
workingone-to-onewithcompaniesontheirbusiness
plans.Thiswillincludekeysalesandmarkeng,
operaonsandinnovaonacvies,ensuringIrish-
ownedntechandnancialservicescompanies
sustainandgrowmarketshare,parcularlyinthe
contextofBrexit.EnterpriseIrelandwillconnueto
developthesupportsitprovidestoentrepreneurs
andinnovaon-ledstart-ups,includingntechstart-
ups.Thiswillincludenewapproachestofunding,
whereappropriate.Thiswillalsoincludeworking
withtheDepartmentofFinanceandtheDepartment
ofForeignAairsandTradetoidenfyanddevelop
possibleopportuniesforntechcompanieswith
relevantinternaonalnancialinstuons(for
example,theWorldBank,theAsianDevelopment
Bank,andtheEuropeanInvestmentBank).Together
withtheseinstuons,thiswillseektodevelopnew
waystosolveidenedissueswherenocurrent
soluonsexist,usingmethodssuchashackathons,
prototyping,andinnovavepre-commercial
procurement.
WhileEnterpriseIrelandhasbeeninstrumentalin
growingIrish-ownednancialservicesandntech
companies,thefuturedevelopmentofinnovaon-
ledstart-upswillrequiresucientfundingfromthe
privatesector.Thiswillincludethemacinvestors
whofocusontechnology-enabledinnovaons.Asthe
sectorandtheenvironmentconnuetoevolveover
thelifeofthestrategy,thenatureandleveloffunding
requiredbystart-upswillneedtobemonitoredonan
ongoingbasistoensurethatsuitablepolicyprovisions
aremade.
TheroleofsmartciesandtownsinIrelandwill
beconsideredwithspecicreferencetontech
andnancialservicesasatestbedandsource
ofnewopportunies.Inparcular,Enterprise
Irelandwillconsiderthefeasibilitythistypeof
projectinconjunconwithkeystakeholders.Any
recommendaonstobeimplementedwillbeincluded
inannualaconplans.
Fintech Foresight Group
Ensuringimplementaonofthestrategyremains
oncourseandthevisionisachievedwillrequire
connualbutstructuredmonitoringofever-
evolvinginnovaonandtechnologicaltrends
inntech.Oneofthenewmeasurestodrive
thisaspectofthedevelopmentinthestrategy
istheestablishmentofaFintechForesight
Group.Membershipwillincludemulnaonal
nancialservicescompanies,globaltechnology
companieslocatedinIreland,exisngindigenous
ntechcompaniesandstart-ups,third-level
instuons,publicsectorrepresentaves,and
internaonalexpertswithastrongrecordinthis
area.Thisgroupwillbechairedbyanindustry-
appointedchair.
ItwilladvisetheMinisterandJointCommiee
ofpernenttechnicaldevelopmentsintheIFS
sector.Thetechnologiesthatcouldbeinvolved
inntechincludemachinelearningandcognive
compung,bigdataanalycs,blockchain,
regtech,mobilepayments,alongwithothersat
thegroup’sdiscreon.
Thegroup’scontribuonwillinformpolicyand
helpscopetheannualaconplansprepared
underthestrategy.Oneparculartaskforthe
groupwillbetofocusonhowIrelandshouldseek
toposionitselfontechnologicaldevelopments
beyond2025.
Thegroupwillmeetasappropriatetoreviewthe
IFSlandscape.Itwillberesponsiblefordelivering
specicaconsundertheaconplan,whichwill
includeworkingwithgovernmentagenciesto
embedstructuresforincreasedcollaboraon
betweentheIFSsector,technologyrms,the
educaonsector,andgovernment.
TheIFSJointCommieewillworktoconsider
developmentsandchangesintechnologyandnew
advancesmadeoverthelifeofthestrategy,aswell
astheappropriateresponse.Thesemayinclude,but
arenotlimitedto,designinganddeployingcoursesto
capitaliseonthesedevelopments,andpromongthe
markettoaractemploymentandbusinesses.
38
Plaorms
Businessmodelsthataredata-intensiveyetcapital-
lightandusecloudcompungtechnologyhaveled
toinnovaonssuchascrowdfunding,peer-to-peer
lending,andcashlesstransacons.GivenIreland’s
provenexperseinnancialservicesandtechnology,
thereisscopetomovefrommerelyproviding
servicefunconstoplaormstoundertakingtheir
developmentandoperaon.Thiswillincreasethe
opportunityforplaormstobecontrolledand
managedfromIreland.
Irelandisaworld-leadinglocaonforboththe
technologyandaircraleasingsectors.Itiscrical
thatweharnessthiscompeveadvantagebyusing
thelatesttechnologicaldevelopmentstoprovide
innovavesoluonsandproductstosupportthe
aircraleasingandwiderIFSsector.
Pace of technology
change
Giventhelikelyfuturepaceofchangearisingfrom
technologysuchasdistributedledgertechnology,
robocs,andAI,itisvaluabletoengagewith
stakeholdersandundertakespecialistresearchinthis
areaoverthelifeofthestrategy.Thisway,Irelandcan
contributeto,andshape,theautomaonagendaand
idenfyhowcompaniescanbestretrainandredeploy
sta.TheremaybeothernicheswhereIrelandcould
seektodevelopexperse.
GiventhepresenceinIrelandofglobaltechnology
companies,thepresenceofleadinginternaonal
nancialservicesrms,andthecung-edgeR&D
andinnovaonbeingundertakenbythird-level
instuons,Irelandiswellplacedtobecomealeader
incybersecurity.Thepossibilityofestablishingan
EU-widecybersecurityorganisaonwillbeexplored
inthelifemeofthestrategy.Theopportunies
forcybersecurityinnancialserviceswillevolvein
tandemwithhowthesectordevelops.
39 Ireland for Finance
16 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
nancial 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 lm. 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 uently. 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 rst 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 nancial
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%
40
41 Ireland for Finance
Pillar 3:
Talent
Introducon
Ireland’s IFS sector draws a
signicant compeve advantage
from its well-educated, highly
skilled and adaptable workforce,
which was a key pillar of the
success of IFS2020.
However,skillsarevulnerabletoobsolescence
andaconsistentfocusmustbemaintainedon
workforcedevelopment.Advancesintechnologyand
compeveandgeopolicalforcesconstantlycreate
requirementsfornewskills.
Irelandisfortunatetohaveayoung,well-educated
populaonandagrowingbirthrate.Ithasthe
highestproporonofunder15sintheEUand52
percentofIrish25-to34-year-oldsholdathird-level
qualicaon.Irelandhasapopulaonofnearlyve
millionpeopleand,crucially,itsEUmembership
providesunfeeredaccesstoaworking-age
populaonofover325milliontoserveitstalent
requirements.Inaddion,theCommonTravelArea
betweenIrelandandtheUKallowsworkerstomove
freelybetweenthetwojurisdiconsforemployment
purposes.Thiswillconnuepost-Brexit,incontrast
totheposionwithotherEUMemberStates.
TheimpactofBrexitfeedsintothetalentavailablein
Ireland.Thereareapproximatelyroughly2.25million
EUnaonalsworkingintheUK,someofwhom
maybelookingtorelocate.TheCharteredInstute
ofPersonnelandDevelopmentreports
2
thatthe
numberofEU-bornworkersintheUKincreasedby
just7,000betweenQ12017andQ12018,compared
withanincreaseof148,000betweenQ12016and
Q12017,adecreaseof95percent.Irelandisareal
alternavetotheUKforpeoplelookingtorelocate,
duetoitsEnglishspeaking,young,internaonal
populaonanditsvibrantcies.
2 hps://www.cipd.ie/news-views/brexit/uk-labour-
supply-impact
AmajorHumanCapitalIniavewasannouncedin
Budget2019.Thering-fencedallocaon,totalling
€300millionbetween2020and2024,willforma
keypartofthegovernment’sstrategicresponseto
Brexitandotherchallengesfacingtheeconomy.It
willmeetthefutureskillsneedsoftheeconomyand
provideaddionalinvestmentinhighereducaon.
Renewed focus
on educaon and
lifelong learning
Akeyrequirementforthesuccessofthisstrateg ywillbe
theavailabilityofsucientnumbersofpeoplewiththe
skillsneeded–inquantyandquality–forthesectorto
connuegrowingandmovingupthevaluechain.Partof
thisprocesswillbetoencourageongoinglearningand
development.Theretrainingandupskillingneedsofthe
sectorwillbeconnuallyreviewedoverthecourseof
thestrategy.
SkillnetIrelandisanenterprise-ledbodythat
providescompanieswithnewopportuniesto
developrelevant,eecveanswerstotheirtraining
anddevelopmentneeds.Itappliesanenterprise-
ledapproachtoworkforcedevelopmentinwhich
groupsofbusinessesprimarilyowntheprocess
ofdeterminingandaddressingtrainingneeds.
Encouragingenterprisetoleadtheprocesshelpsto
ensurethattheprogrammesarerelevanttoindustry
needs.Thisdecentralisedapproachalsoenables
cohesiveenterprisenetworkingandtheexibility
torespondtochangingskillsneedsthroughboth
formalandinformallearning.SeveralSkillnetIreland
learningnetworkswillcontributetoimplemenng
IFSworkforceiniavesthatalignwiththisstrategy.
FinuasisSkillnetIreland’sleadprogrammeforthe
IFSsector’seducaonalandskillsneeds.Ithas
threelearningnetworksexclusivelyfocusedonIFS:
AviaonFinanceFinuasSkillnet;LawSocietyFinuas
Skillnet;andIFSSkillnet.Thereareseveralother
Skillnetnetworks
3
thatincreasinglysupport
3 TechnologyIrelandICTSkillnet,TechnologyIreland
SowareSkillnet,SustainabilitySkillnetandregional
networksprimarilylocatedintheWest,Mid-Westand
South-West.
42
Ireland’sIFSsector.Finuaswillconnuetorespond
toemergingneedsandopportunies.Inaddion,the
Finuasnetworkswillcollaborateextensivelywithkey
industrystakeholdersandeducaonprovidersto
deviseinnovaveeducaonandtrainingprogrammes
forIreland’sIFSsector.
Insupportofthesustainablenanceagenda,
SustainabilitySkillnetworkstodevelopleadership
capacityandspecialistskillsacrossthesustainable
nanceandbroaderESGagendatosupportIreland’s
emergenceasasustainablenancehub.
SkillnetIrelandwillconnuetosupportcompaniesin
thebanking,ntech,insurance,securisaon,aircra
leasing,fundsandassetmanagementsectorsto
addressissuesofworkforceplanning,development,
andinnovaon.Thedevelopmentofspecic
programmestoencourageenterpriselearningand
skillsdevelopmentwillberegularlyassessedand
translatedintostrategicacons.
Springboard+
Springboard+complementsthecorestate-funded
educaonandtrainingsystemandprovideshigher
educaonopportuniesthatarefree,orfundedat90
percent,inareasofidenedskillsneeds,toenable
thetargetgrouptoupskillorreskill.Theiniave’s
originaltargetgroupwasunemployedpeople,butthe
focushassincebeenwidenedtoincludemorepeople
inemployment.Coursesaredevelopedinconjuncon
withindustryandchosenannuallybyanindependent
panel.Springboard+2018providedmorethan8,000
courseplaces,includingonIFS-relatedcourses.
TheintroduconofsmarttechnologysuchasAI,
theInternetofthings,andbigdataanalycsmay
leadtothetransformaonofbusinessmodelswith
anincreasingfocusonexisngandnewservice
oerings.Theimpactofthisonnancialservices
isunknown,butithasthepotenaltodisplacea
signicantnumberofjobs.Thebestwaytorespond
tothischallengeistoensurethatweprepareforand
educatetheworkforcesothatthehighvaluejobswill
belocatedinIreland.
Skills development
EncouragingforeignlanguagesandSTEM-related
subjectsshouldconnuetobeaprioritythroughthe
educaonsystemfromprimarytopostgraduatelevel
andthroughthewholelifecycle.
TheDepartmentofEducaonandSkillspublished
STEM Education Policy Statement 2017–2026 in
November2017,anditwillbeimplementedoverthe
lifemeofthisstrategy.Specicoutcomesthatare
relevanttotheIFSsectorinclude:
· femaleuptakeofSTEMsubjectstoincreaseby40
percent,
· qualitycareerinformaontobeavailabletoall
schoolsforlearnersandparents,and
· increasedpartnershipsbetweenschools,industry,
publicsectorbodies,researchorganisaons,
furtherandhigher-levelinstuons,andthewider
STEMcommunity.
Iniavesunderthestrategycanencouragegreater
numbersofwomenandgirlstotakecoursesin
STEMsubjectsand,induecourse,toenterrelated
employment.
Future Jobs Ireland 2019hasalsoidenedthis
asakeyareaandhassetambioustargetsfor
increasingourlifelonglearningrateandbasicdigital
skills,etc.Inaddion,theTechnology Skills 2022
iniaveisIreland’sthirdICTskillsaconplan
andisacollaboraveeortbygovernment,the
educaonandtrainingsystemandindustrytomeet
Ireland’shighlevelICTskillsneeds.TheSkillsto
Advanceiniaveallowsfortargetedsupportedfor
vulnerablegroups,parcularlythosewhohavelower
skillslevelsandwhoneedmoreopportuniesto
advancetheirworkinglives.
Increased uptake of
apprenceships
Asnewandemergingsubsectorsofnancialservices
connuetogrow,theavailabilityofahigh-quality
skillsbasewillbecrucial.Apprenceshipsallow
individualsfromavarietyofeducaonalbackgrounds
todevelopthekeyskillsneededforacareerin
nancialservices.
Apprenceshipsthatcombineacademicstudy
withon-the-jobtrainingareavailableininsurance,
accounng,andIFS.Successfulapplicantshavethe
abilitytonotonlyimprovetheirskills,butalsotoearn
asalary.LaunchingIFSapprenceshipswasakey
educaonaloutputunderIFS2020.
Aspartofthisstrategy,theexisngIFS
apprenceshipschemeswillbedevelopedfurther,
withongoingpromoonofthecurrentapprenceship
routes.Increasingboththenumberofapprences
andthenumberofemployersintheschemeswill
ensureapipelineofskilledstaforthesectorandwill
keepIrelandcompeve.Apprenceshipsprovide
anopportunitytohighlightIFScareeropportunies
toschoolleaversandtoensureearlyentryinto
theworkforceatage18–19years,ratherthana
delayedentryaeradegreecourse.Addionally,
43 Ireland for Finance
apprenceshipssecurecommiedemployeesfora
businesswhereastrongrelaonshipbetweenwork
andstudyisestablishedbyanemployee-apprence
andtheiremployer.Thisimprovesemployers’ability
toaractandretainsta.
Oneofthemeasuresofsuccessforthiselementof
thestrategywillbethenumberofparcipantson
IFSapprenceships.TheApprenceshipCouncil’s
ongoing‘GeneraonApprenceship’campaign
promotesthisiniave.Apprenceshipscould
alsobeencouragedbyeortstodevelopschool
educaonprogrammesworkingwiththird-level
providers in dedicated DEIS
4
areas,andtodevelopa
LocalHeroesprogramme.
Educaon–industry
linkages
Forward-thinkingorganisaonsareincreasingly
engagingwiththird-levelinstuonstomeettheir
skillsneedsformainstreamaswellasresearchroles.
Itisimportanttoadvancecoordinaonbetween
industryandthird-levelinstuonstosupport
thedevelopmentofskillsandinnovaon.Closer
coordinaonandcooperaonbetweenindustryand
traininginstuonswillensurethatprogrammes
connuetomeettheneedsoftheindustryand
regulatedprofessions.Benetscanbeparcularly
importantinregionallocaons.Severalregionally
basedinternaonalnancialinstuonsarealready
involvedinthisworkonaninformalbasis.
Anexampleofthiscollaboraonisintheaviaon
leasingsectorwhichneededaconnuedsupplyof
skills.Educaoncoursesweredevelopedtomeet
thatneed.Industrysupportedthecoursedesignby
idenfyingmodulesandbyoeringexperienced
personneltoteachspecialisttopics.Thismodelcan
bereplicatedacrossmanyareasinIFS.
TheNetworkofRegionalSkillsFora,createdaspart
ofthegovernment’sskillsarchitectureassetout
in Ireland’s National Skills Strategy 2025,provides
anopportunityforemployersandtheeducaon
andtrainingsystemtoworktogethertomeettheir
regions’emergingskillsneeds.Closercollaboraon
betweenindustryandtheRegionalSkillsForawill
contributetoadeepeningandbroadeningoftheskills
baseavailableinthevariousregionsandwillfurther
increasetheselocaons’aracvenesstoemployers.
4 Launchedin2005bytheDepartmentofEducaon
andSkills,DEIS(DeliveringEqualityofOpportunityin
Schools)isthemostrecentnaonalprogrammeaimed
ataddressingtheeducaonalneedsofchildrenand
youngpeoplefromdisadvantagedcommunies.
Factorsaecngthedemandforhighereducaonal
programmesincludepotenalemploymentopons
oncompleonandtheircost.Althoughemployment
oponsforundergraduatesandpost-graduates
aregoodatthemoment,deferringemployment
andengaginginaresearchmastersisanaddional
expenseforstudents.Co-fundingofcoursefeesby
industryortheprovisionoffundingtostudentsby
employerswithapathwaytoindustryemployment
areusefulmeanstobridgethegapbetweenacademia
andindustry.
Development
of postgraduate
programmes
WiththerapidexpansionoftheIFSsectorcomes
agreaterdemandforanappropriatelyskilled
workforce,especiallyinaviaon,payments,
compliance,nancialservices,ntech,sustainable
nance,andresponsibleinvestment.Recentyears
haveseenawelcomedevelopmentofrelevant
programmesintheseareas.
InordertosafeguardIreland’sposionandensure
anongoingstreamofqualiedpersonnel,connued
provisionofeducaonprogrammesbeyondgraduate
degreelevelisessenal.Theseprogrammesareakey
sourceofIreland’saracveness,givingthecountry
anopportunitytobecomeatruecentreofexcellence
indevelopinghumancapitalfortheindustry.
Whereskillsneedshavebeenidened,the
developmentofpostgraduateprogrammeswill
beconsideredandincludedinannualaconplans.
Examplesofcoursestobeconsideredinthefuture
includepaymentsandthebroaderdigitaleconomy,
andnanceandtheaviaonsector.Lessspecic
coursesonnancialservicesandbigdatamayalsobe
needed.Coursedevelopmentshouldbecarriedoutin
conjunconwithindustry,usingindustryexpertsas
lecturerswhereappropriate.
Skills needs analysis
WhileIrelandbothproducesandaractsavery
capablepooloftechnologytalent,theindustry
connuestogrowquickly,andmanyskillsareinhigh
demand.Itwillbeimportanttoidenfytheskills
needs,parcularlyinnew,innovaveandemerging
sectors,andinrelatedareaswhereaddional
educaonandtrainingprovisionmayberequired.
44
ThisstrategywillseektoengagewiththeExpert
GrouponFutureSkillsNeedstoconsiderIFS.This
analysiswillneedtocoverallsectorsandtohighlight
emergingneedsbysectorandbyregion.Among
otherthingsthisengagementmayhighlightareas
whereeducaonandtrainingschemesmaybe
neededthatwillprovideworkersforcurrentand
futureneedsacrossavarietyofindustrysubsectors
suchasaviaonleasing,appliedalternaveassets,
sustainablenance,law,andntech.
TheIFSandbusinessservicessectorsalsoneedhighly
skilledICTprofessionals.Anyskillsneedsanalysis
shouldtakeaccountofthisdemand,inaddionto
producingtalenttoservetechnologycompanies
inIreland.TechnologycompaniesinIrelandspana
widerangeofelds,frommobilepaymenttech,game
design,andcloudcompungsoluonstoembedded
technologies,theInternetofthings,anddatasecurity.
However,highlyskilledICTprofessionalsarenotjust
neededintheICTsectoritselfbutalsoinmanyother
fast-growingsectorsoftheeconomysuchasIFSand
businessservices.
Increasing diversity
IncreasingdiversityintheIFSsectorisimportant
fortworeasons.First,astheCentralBankofIreland
notes,diversityofviewsandexperience–alongwith
independencewithinmanagementbodies–formsan
essenalsafeguardagainstindustrypraccesthat
restricttheinvestmentpotenalofrmsand,insome
cases,putsmanagers’interestsaheadofinvestors’
interests.Researchhasshowndiversityisoneof
themosteecvewaystoenhancecompliance
andcorporategovernance.Second,diversityis
increasinglyimportantinordertomaintainand
furtherenhanceIreland’saracvenessasalocaon
forIFS.
Diversitygoesbeyondthenumberofwomeninthe
workplaceorinleadership.Italsomeansdiversity
ofage,ethnicity,sexualorientaon,educaon,
naonality,disability,beliefs,andmore.
AccordingtotheCentralBankofIreland,there
remainsaseriousdecitinthediversityof
background,experience,and–crically–thinkingat
seniorlevelsinnancialservicesinIreland.Diverse
groupstendtohaveawell-roundedviewonbusiness
issuesandrisks.Itiswidelybelievedthatgreater
diversityofthoughtresultsinbeerdecision-making
andimprovedriskmanagement,whileavoidingthe
dangerofgroupthink.
Giventheposiveimpactthatdiversitycanhave
onbehaviourandcultureinnancialrms,gender
imbalanceisasignicantconcern.Approximately
80percentofthemostseniorandinuenal
appointmentsinregulatedrmsinIrelandbetween
2012and2016weremen.
Theannualaconplanswillincludeiniaves
focusedonbothincreasingwomen’sparcipaon
andonachievingbroaderdiversityandparcipaon
amongstminoritygroups.Theiniaveswillalsohelp
withdemysfyingacareerinIFSandshowcasingits
potenalforvarietyinthesector–bothforthose
enteringorchangingcareer,andacrosstheregions.
Anexampleofthiswillbetheintroducon,overthe
lifeofthestrategy,ofa‘HeroesinIFSProgramme’.
Iniallytargetedtowardsgirlsinschoolandyoung
womeninthird-leveleducaon,theprogrammewill
invitehigh-prolewomeninIFStotalkabouttheir
careersandtheopportuniesavailabletothose
whochoosetopursueacareerinthesector.This
willbeexpandedacrossthelifeofthestrategyto
coverotherareasofdiversityanddisadvantage.This
programmewillexaminewaysitcanlinkintoScience
FoundaonIreland’sSmartFuturesprogrammeas
partofdevelopingtheIFSprogramme.
Thestrategywillseektoworkwithgroupssuchas
100WomeninFinance,whichisaglobalnetworkof
professionalsworkingtogethertoempowerwomen
ateverystageoftheircareersinthenanceand
alternaveinvestmentindustries.Thiswaslaunched
inIrelandin2017withakeyfocusonsupporng
womenintheircareers,fromentryleveltoboard
parcipaon.Itisalreadyundertakingsomework
thataimstopromotewomeninkeyposions.
Anotherwaytotacklediversityisbyincreasinglabour
marketparcipaon.Currently,Irelandranksbelow
theEUaverageinthis,whichpresentsasignicant
barriertoaneconomyapproachingfullemployment.
Asof2018,Ireland’slabourmarketparcipaon
rateforpeopleaged15orolder(62.2percentasof
Q42018)comparesfavourablytotheEU15butis
belowtheequivalentratefortheUK(63.1percent
asofQ32018).ThisisapriorityinFuture Jobs Ireland,
whichincludesambioustargetsforincreasing
parcipaonratesincludingamongwomenandolder
workers.
Overthelifeofthestrategy,alternaveroutes
intoacareerinIFSwillbeassessed.Thisprocess
willconsiderdevelopinginternshipprogrammes
forunder-representedgroupssuchassocially
excludedanddisadvantagedindividualswithlimited
careeropportunies,whoconstuteanuntapped
talentpool.Theseprogrammescouldbesimilarto
graduatedevelopmentprogrammesalreadyunder
wayinIFScompanies.Theremaybesomeaddional
exibilityconsideredforsomeofthetargetgroup,
suchasusingtechnologyandremoteaccessto
removebarrierstoentry.
45 Ireland for Finance
Thestrategywillconnuetosupporttheworkofthe
NorthEastInnerCityIniavethrough:
· increasingemploymentandtrainingopportunies
forpeopleinthecommunity,
· engagingwithongoingeducaoniniavessuch
asP-TECH,CareerLEAP,andtheNEICTransion
YearWorkExperienceProgramme,
· coordinatedcorporatesocialresponsibility,and
· expandingthenumberofnancialservices
apprenceshipsinthearea.
Visa programme
CompaniesinIrelandhaveaccesstoalabourpoolof
over325millionpeoplefromacrosstheEU,butthey
mayalsoneedpeoplefromoutsidetheEUwithcertain
specicskillswhowillrequireemploymentpermits
orvisas.IDAIrelandadvisesclientcompaniesonthis
process,includingthemosteecvewaystonavigate
theimmigraonsystem.Itwillconnuetoliaisewith
therelevantgovernmentdepartmentstoassistin
securingvisasandemploymentpermitsforsenior
managementandtechnicalandresearchstawhen
thosepermissionsareneeded.
TheEmploymentPermitsOnlineSystem(EPOS)
providesforastreamlinedprocessthatiseasytouse
andhasafastturnaroundme.
Special Assignee
Relief Programme
(SARP)
TheSpecialAssigneeReliefProgramme(SARP)
wasintroducedinBudget2012.Itisatargeted
measureaimedatreducingthecosttocompaniesof
assigningcertainskilledindividualsandkeydecision-
makersfromabroadtoposionsintheirIrish-based
operaonsoranassociatedcompany.Thescheme
relievesaporonoftheincometaxtheindividual
paysonannualearningsabove€75,000andbelow
€1millionperannum.Therehavebeenanumber
ofchangestothereliefsinceitwasrstintroduced
whichhavemadethereliefmoreaccessibleand
aracve.TheFinanceAct2016extendedtherelief
toemployeesarrivingtoworkinIrelanduptotheend
of2020.
46
47 Ireland for Finance
Pillar 4:
Communicaons & Promoon
Introducon
It is crical to connue promong
Ireland as a leading global centre
of choice for IFS.
Thegovernment’sstrategyGlobal Ireland: Ireland’s
Global Footprint to 2025andotherstrategies
developedtodrivetheworkoftheDepartmentof
ForeignAairsandTrade,ofIDAIrelandandof
EnterpriseIrelandwillhelpinformtheinialthinking
ontheoveralloutreachprogrammeforthisstrategy
byprovidingavaluableoperangcontext.More
importantly,thisstrategywillbeinformedbythe
successofIFS2020:whatworkedwellandwhatcan
beimproved.Issuessuchasemergingnewareas
fordevelopment,includingnewgeographicaland
productmarketswillalsobeimportant.
European Financial
Forum
IthasbeenstronglyrecommendedthattheEuropean
FinancialForum(EFF)connuestobeheldinDublin
Castleintherstquarterofeachyearastheannual
agshipeventofthisstrategy.Forthisstrategy,
theeventwillbeplacedonathree-yearplanning
cyclefrom2020toensurethatpotenalthemes
andspeakersfortheEFFcanbeidenedinthe
mediumtermwhilealsoavoidingunnecessaryannual
tenderingandrelatedlogiscs.TheEFFshould
connuetobeapartnershipbetweenIDAIreland,
theDepartmentofFinance,andotherstakeholders
includingtheIFSindustry.
ThelevelofambionfortheEFFshouldalsoincrease
byfocusingonleadinganddisnguishedspeakers,
notallofwhomhavetocomefromnancialservices,
withalargernumberofbreak-outsessions,possible
expansionintoasecondday,andbook-endingthe
conferencewitheventsatthestartandconclusion
oftheocialforum.TheIDAandEnterpriseIreland
canleadtheseevents,buttheuseofprivatesector
sponsors,representaveorganisaonsorindividual
businessesshouldalsobeexplored.Adopngathree-
yearplanningcyclewillenabletheEFFtobecomea
majorglobaleventandsecuregreaterreturnsfrom
theinvestmentinorganisinganddeliveringit.
InordertodeveloptheEFFoverthecomingyears,
ocialspreparingtheEFFshouldaendsimilar
eventsworldwidetolearnfromthem,tonetwork,
tohighlighttheforum,andtoidenfypotenal
speakersordelegates.Thisisparcularlyimportant
forMinisterialvisitsabroad,engagementsby
Ireland’sembassynetwork,andeventsorganisedby
IDAIrelandorEnterpriseIreland.Ideally,thisacvity
shouldincludeindustryandrepresentavebodies
wheneverpossible.
Climate Finance
Week Ireland
Inrecentyears,theCOP21ParisAgreement,the
UNSustainableDevelopmentGoals,theincreasing
severeweather,andforestreshavepushedclimate
changetowardsthetopoftheinvestoragenda.The
nancialservicessectorhasacricalroletoplayin
mobilisingcapitaltomeetthischallenge.Leading
capitalmarketinstuonsaredeninghowthey
canmovebeyondincrementaltotransformaonal
transaconsandsustainablenancecanformpartof
theirday-to-daystrategicacvies.
Insupportofthistransion,theannualClimate
FinanceWeekIrelandorganisedbySustainable
NaonIrelandensurescapitalmarketparcipants
inIrelandhaveaccesstoglobalthoughtleadership
inthisarea,tobestpracceasitrelatestothe
sustainablenanceandbroaderESGagenda,andto
examplesofinnovaoninacon.Theeventfocuses
onwhatittakestomobilisethesustainablenance
andinvestmentows,reporngandaccounngthat
canputEuropeontracktomeettheaimsofthe2015
ParisClimateaccord.Importantly,ClimateFinance
WeekIrelandbringstogetherpolicalleaders,c-suite
execuvesfromacrossthenancialservicessector,
high-levelocialsfrompublicpolicy,regulatory
bodies,stateagencies,andacademicleaders.
48
‘IFS Ireland’ branding
and website
TheuseoftheIFSIrelandbrandandwebsiteshould
bereviewedandre-energised.
Forthisstrategy,itisrecommendedthattheIFS
bannerbrandisusedforallIFS-relatedpromoonal
workbyboththepublicandprivatesectors,
domescallyandinternaonally,withoutexcepon.
Consideraonwillhavetobegivenastowhetherto
usethecurrentIFSIrelandbrandortodevelopanew
one.Whatevertheoutcome,‘BrandIreland’should
befullyulisedonallpossibleoccasions.Inaddion
toensuringitsuseatallIFSevents,greateruseof
thebrandcanbemadebymerchandisingthelogo.
Sponsorshipofsporngandculturaleventswitha
parcularIFSfocusoronelikelytoinvolvepeople
involvedinIFSshouldbeconsidered.
Akeyelementofanypromoonalworkforthis
strategywillrequirecreanganewwebsite.Given
theincreasingimportanceofdigitalcommunicaons
andanonlinepresence,itisessenalthatkey
stakeholdershaveaccesstoup-to-dateandrelevant
informaonaboutIFSinIreland,aboutthecountryas
aplacetoliveandwork,aboutinvesnginIrelandand
itsbusinessenvironmentanditsopportunies,and
aboutanyotherissuesthatbothrmsandindividuals
willwantwhenmakingdecisionsaboutchoosing
Irelandasplacetoestablishorexpandabusiness,to
moveto,oraboutnancialservicesasacareer.This
willrequireadequateresourcing.
Communicang the
strategy externally
Thecricalmessagetobecommunicatedunder
thestrategywillbe‘WhyIreland?’Themessage
ofsellingIrelandmustbeclearandconcise,
highlighngafewkeypointsandtheadvantageto
businessesoflocanghere.Thesemessages,which
willconnuetobedrivenbythecommunicaons
sub-groupoftheIFSCommiees,willbekeptunder
reviewandamendedasnecessaryoverthelifeof
thestrategytoensurethattheyremainrelevant
andcaptureongoingdevelopments.Examplesof
thisalreadyexistinanumberofsubsectorsas
developedbyrepresentavebodieslikeIrishFunds
andInsuranceIreland.
ItisintendedthatinternaonalvisitsbyMinisters
andseniorocialsfromtherelevantdepartments
andagenciestokeymarketswillpromoteIFSin
Ireland.Basedonconsultaonwiththeembassy
network,IDAIrelandandEnterpriseIrelandwill
developaprogrammeforthetradeeventstoinvolve
Ministersandocials,representaveorganisaons,
andindividualbusinesses.
Aendanceandparcipaonininternaonaltrade
fairsandnancialevents,suchasEuroforumsand
seminars,willalsotakeplace.Basedonidened
in-marketbusinessopportuniesinthecontextof
strategicbusinessplans,individualbusinesseswillbe
encouragedtoparcipateinMinisterialmissionsand
relevanttradeevents.
Animportant,butsomemesneglected,aspectof
promongIFSinvolvesoutreachacviesbetween
theStateandbusiness.Sucheventsprovidefor
exchangesofinformaononparcularaspectsof
IFS,orengagementswheregovernmentdepartments
andstateagencies,includingtheCentralBankof
Ireland,usetheopportunitytoexplaincertainaspects
oftheirworktoindustry.InvolvingtheCentralBank
ofIrelandisparcularlyvaluable,andthisshould
connueasanimportantaspectofitsengagement
withcompaniesthatareconsideringexpandingtheir
businessinIrelandorthoseconsideringmovingto
Irelandasanewenterprise.
Underthisstrategy,clearmessagingwillbedeveloped
onthebenetsofstarnganancialservicesbusiness
inorrelocanganancialservicesbusinesstoa
regionallocaonandontheadvantagesofusing
regionalcentresfor‘secondsite’oces.Other
messagingneedstoincludeIreland’sworld-class
reputaonforcybersecurity,informaonsecurity
culture,andexecuonandapplicaon,amongother
areas.
Communicang the
strategy domescally
Thereareanumberofreasonswhyitisnecessary
tohighlighttheimportanceofthenancialservices
sectortothegeneralpublicinIreland.First,it
demonstratesthebenetofthesectorforthe
economyintermsofGDPandemployment.Thisis
cricalwhengenerangsupportforIFSiniaves
suchasthisstrategyandrelatedacons.Second,
highlighngIFSdomescallyisnecessarytopromote
thesectorasapotenalcareerchoiceforschool
leavers,graduates,andpeopleworkinginotherparts
oftheeconomy.
TheIFSsectorinIrelandoersopportuniesfor
employment,anditisanaonwideindustrywith
30percentoftheemploymentoutsideDublin.
PromongIFSasacareerchoicewaspartofthe
49 Ireland for Finance
previousIFSstrategy,andthiswillconnue,with
aspecicfocusonthevariedcareeropportunies,
salariesandchoiceofemployers.Havingavibrant
IFSindustryalsoprovidesopportuniesfor
entrepreneurshipandprovidesamarketforventures
supportedbyEnterpriseIreland.
MuchworkwillbedoneinIrelandtotrytogrow
theacviesofbusinessesalreadylocatedhere.
Ideally,high-levelspeakers–Ministers,seniorpublic
ociallevelsandseniorguresfromindustryand
representaveorganisaons–shouldbeencouraged
toparcipateindomesceventswhereIFScanbe
highlightedandpromoted.Inaddiontobuildingon
exisngrelaonships,theseengagementswillhelp
buildnetworksandserveasameansofexchanging
informaononrelevantdevelopments.
Communicang the
strategy for and
across the regions
Avitalissueforthisstrategywillbetopromoteand
markettheregionsaslocaonsofchoiceinIreland
fornewandexpandingbusinesses.UnderIFS2020,
severaliniaveswereputinplaceforthispurpose,
suchaspromoonalmaterialpreparedbytheIDA–
includingaregionalnewsleerandacommunicaons
deckhighlighngtheadvantagesoftheregions–and
aregionalconsultaonforum.TheIDAandEnterprise
Irelandalsoregularlypromotesecondsitesandthe
regionsasviablelocaonsforbusiness.
Agoodexampleofhowregionalisaoncansucceed
istheM1paymentscorridor.Othersuccesseswhich
couldformthebasisofcasestudiesfortheregions
suchasBNYMelloninWexford,StateStreetin
Kilkenny,PramericainLeerkenny;Clearstream
andWillisTowersWatsoninCork;NorthernTrustin
Limerick;FexcoinKerry;MetLifeinGalway,andAXA
inAthlone.
Underthisstrategy,Ireland’sregionaloeringwill
beassessedtoexaminehowitcanbeimprovedto
aractaddionalacviestolocaonsoutside
Dublin.Thiswillexplorewhethertherearespecic
sectorsofIFS–bothexisngbusinessandnew
businessareas–thatcanbeidenedanddeveloped
withtheregionsinmind.
RegionallocaonsforIFSnotonlybringimmediate
employmentbenetsandtheassociatedmulplier
eects,butalsohelptoimprovethegeneral
populaon’sunderstandingofwhatthesectoroers,
itsviabilityasapotenalcareer,andthebenetto
theoveralleconomy.
TheimportanceoflinksbetweenIFSemployers,
educaonalinstuons(bothundergraduateand
postgraduate)andtheeducaonandtrainingboards
(forschoolleavers)shouldnotbeunderesmated.
TheselinksarevitalbecauseIFSrmsinregional
locaonsrelyonlocaleducaoninstuonsto
provideaskilledworkforce,andinturn,IFSrms
providecareeropportuniesforskilledworkersin
regionallocaons.Somelargeinternaonalnancial
instuonsarealreadyinvolvedinthisworkon
aninformalandlocalbasis;thereshouldbean
examinaonofwhethertoputthisonamoreformal
basis.
The Regional Enterprise Plansprocessisakeypolicy
responseforsupporngemploymentgrowthacross
eightregions,withpublicandprivatestakeholders
engagedindrivingtherangeofinnovaveand
praccalaconssetoutinplansrelevanttoeach
region.AnobjecveoftheRegional Enterprise
Plansisidenfyingsignicantsectoralstrengthsin
regionallocaons.Thiscanhelpwithunderpinning
thedevelopmentofregionalstrengthsintheIFS
sector.Thiswouldalsoenabletheregionstoidenfy
theirinfrastructuraloeringsandtovisualisethe
challengestheyfaceintryingtoaractbusinesses.
Itwillalsoallowtheoverarchingstrategytotarget
areasofconcernmoreeasilyonaregion-by-
regionbasis,andwilllinkitmorecloselytoother
governmentstrategies.
Regionalisaonwillbecricalforthegrowthofthe
IFSsectorasitoersthepossibilityoflowercosts
forrmsandoersopportuniesforsecond-site
operaonsorsupporngsiteswhichcancomplement
sitesinDublin.Regionalbasesarealsoaracve
locaonsintheirownright.Harnessingthe
considerableinterestandcapabilityamongregional
actorstoidenfyandfacilitatetheestablishmentof
second-siteoceoperaonstosupplementgrowing
IFSoperaonsneedstoconnue.Organisaons
inanumberofregionshavealreadytakenstepsin
promongtheiroering.Forexample,CorkChamber
ofCommercehasundertakensignicantwork
throughitsnancialservicesforumtopromotethe
cityasIreland’ssecondhubforIFS.
EnterpriseIrelandwillidenfypotenalclustersof
ntechacvityinregionallocaonsinthecontextof
theimplementaonoftheRegional Enterprise Plans to
2020.Thiswillincludethepotenalforsmaller-scale
clustersandacceleratorsthatclearlydemonstrate
earlybutidenablepotenalforIFSasaregional
sectorspecialisaon.
50
Other
communicaons and
promoonal issues
Otheriniavesinthestrategyincludeexploringthe
useofIFSchampions–high-levelinternaonalgures
whocanbereliedupontopromoteIrelandandIFS
domescallyandinternaonally,especiallyusingtheir
personalnetworks.Relatedtothisisthecreaon
ofIFSAlumni–individualswhohaveworkedinIFS
inIrelandandwhowouldbeinvitedintoanewly
establishedalumnicommunitytopromoteIrelandon
anongoingbasis.AnAnnualAwardsCeremonyfor
theIFSsectorwillalsobeconsidered.Individualsand
businesseswhohadmadeanimportantcontribuon
toIFSinIrelandwouldbehonouredatahigh-level
event,possiblyaroundtheEuropeanFinancialForum.
Ireland’sembassynetworkandtherelated
internaonalocesofIDAIrelandandEnterprise
Irelandhaveproveninvaluableanditisrecommended
thattheirroleconnuesunderthisstrategy,
especiallywiththeaddedimpetusofGlobal Ireland,
thegovernment’siniavetodoublethescopeand
impactofIreland’sglobalfootprintintheperiodto
2025,andthemovetowardsincludingallgovernment
departmentsandstateagenciesinaforeigncityin
asingle‘IrelandHouse’.Underthisstrategy,there
shouldbegreateruseoftheIrishdiaspora,both
recentmoversandlonger-establishedexpatriates,
forpromoonandforinformaongatheringto
accuratelycapturewhatworksandwhatdoesnot
work.Embassiesshouldexpandtheirnetworks
ofIrishpeopleintheircountriestoincludemore
individualsworkinginIFS.Allrelevantpromoonal
materialshouldbetranslatedintothelanguageofthe
countrywheretheembassyislocated,toenableease
ofaccesstoinformaon.
51 Ireland for Finance
Culture and
lifestyle
Ireland is increasingly becoming
an aracve locaon 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 naonal
parks and countless beaches.
Irishpeoplearerenownedforbeingopenand
welcoming,andforourpassion,humour,and
imaginaon.Steepedinhistoryandmythology,
oursisacreavetradionexpressedthrough
art,music,dance,theatre,literatureandlm.We
relishtheopportunitytoplay,toshare,tocompete
andtochallengeourselves.Wevalueoursenseof
communityandweembracedierence.Thereare
lotsofthingstodoinIreland;perhapsthisisoneof
thereasonswhya2016surveybyIndeedfoundthat
employeesinIrelandarethefourthhappiestinthe
world,whileemployeesinDublinarethehappiest
inEurope.
Irishsocietyisincreasinglydiverseasmorepeople
fromaroundtheworldchoosetolive,workand
studyhere.Irelandranks12thoutof146countries
onthe2018SocialProgressIndex.Some15per
centofIreland’sworkforceisinternaonalmeaning
thatproporonallyIrelandhasthethird-highest
internaonalworkforceinEurope.Irelandisa
mullingualsociety–over600,000Irishresidents
speakingaforeignlanguageuently.A2015
EurobarometerreportondiscriminaonintheEU
showedIrelandhasmuchhigherratesofacceptance
thanotherEUcountriesonissuesofgender,race,
sexuality,ageanddisability.Inthatsameyear,Ireland
becametherstcountryintheworldtointroduce
equalmarriagerightsforsame-sexcouplesthrougha
popularvote.
Otherindicatorsforlifestyleandenjoymentshow
veryposiveresults.IrelandranksfourthontheUN
DevelopmentProgramme’sHumanDevelopment
Index(HDI)for2018.TheHDIwascreatedto
emphasisethatpeopleandtheircapabiliesshould
betheulmatecriteriaforassessingacountry’s
development,noteconomicgrowth.In2018,Ireland
wasrecognisedasthe10thmostpeacefulcountryin
theGlobalPeaceIndex.
Webelievethatworkmustharmonisewithlife,as
summarisedbythephrase‘Ireland–agreatplaceto
liveandwork’.
52
Communicaons
on the wider
infrastructure
Whilethisstrategyfocusesonthespecicareasof
ourIFSsector,asignicantnumberofaddional
factorswillinuencerms’investmentdecisions
whenchoosingtoeitherestablishoperaonsinanew
locaonorexpandoperaonsinanexisnglocaon.
Factorssuchashousing,commercialrealestate,
educaon,transport,communicaonsinfrastructure,
andregionalconnecvityareessenaltoconnued
economicandsocialprogressandtoensuringIreland
remainsadesnaonofchoiceforhigh-quality
investment.
Althoughtheseareasaretheresponsibilityofa
numberofgovernmentdepartmentsandstate
agencies,itisimportantthatthisstrategyresponds
towiderinfrastructuraldevelopmentsandto
improvementsinpublicservicesacrossthecountry.
Thismessagingwillalsoreectthewhole-of-
governmentapproachtotheIFSsector,whichwas
akeyelementunderIFS2020andwillconnue
inthisstrategy.Itwillalsoreectthemandate
ofgovernmentdepartments,IDAIrelandand
EnterpriseIrelandtopromotetheindustry,anddrive
compevenessandinnovaonwithinthesector.
Multiple suitable locations to choose from
Source:IDA
53 Ireland for Finance
Appendix I:
Acon Measures for 2019
54
Operang Environment
Summary of Acons Lead Stakeholder Deadline
1 EU legislave and regulatory proposals
TheDepartmentofFinancewillmeetindustryrepresentave
bodiesperiodicallytoexchangeviewsandtodiscussprogress
onEUdossiersinnancialservices.
TheDepartmentofFinancewillconnueeverysixmonths
tomeettheincomingPresidencyoftheCounciloftheEUto
examinepotenalissuesandexpandonIreland’sEUpriories
includingnancialservices.
TheDepartmentofFinance’sengagementmayincludevisits
toBrusselstoDGFISMAtodiscussnancialserviceswiththe
CommissionerandCommissionocialsonaregularbasis.
D/Fin Industry,PSCG,
IDA
H1,H2
2 Consider the establishment of a stakeholder engagement
group
TheestablishmentofaCentralBankstakeholderengagement
groupwillbeconsidered.Researchwillbeundertakento
idenfyinternaonalbestpracceandtodrawinsightsfrom
theimplementaonofvariousmodelsinotherEUMember
Statesforstructuresofengagementbetweencentralbanks,
industryandconsumers,andthisresearchwillbeanalysedto
idenfyhowthatmighttranslateintotheIrishsystem.
D/Fin D/FAT,Industry,
EI,IDA
Q4
3 Develop a naonal blueprint to guide Irish green and
sustainable nance acvies
InthecontextoftheEU Action Plan on Financing Sustainable
Growthandofanalysingcurrenttrendsandfutureneeds,the
FinanceGreenIrelandCommieewilldevelopanaonal
blueprinttoguidedomescandinternaonalgreenand
sustainablenanceacviesacrossthethemesofenabling
environment,skillsdevelopment,innovaon,domescand
internaonalpromoonalcampaigns,andinternaonal
collaboraon.
Inpartnershipwithindustrybodies,anoutputoftheblueprint
willseeSustainableNaonIrelandengagewithseniordecision
makersinEurope,AsiaandNorthAmericatoshowcaseand
promotethescaleandsophiscaonofIreland’semerging
greenandsustainablenanceacvies.
SNI Industry,Finance
GreenIreland
Commiee
Q3
Headline Acons
55 Ireland for Finance
Technology and Innovaon
Summary of Acons Lead Stakeholder Deadline
4 Establish a Fintech Foresight Group
AFintechForesightGroupofpublicandprivatestakeholders
willbeestablishedtodrivethedevelopmentofntechunder
thestrategy.Thetechnologiesthatcouldbeinvolvedin
ntechincludemachinelearningandcognivecompung,big
dataanalycs,blockchain,regtechandmobilepayments
Membershipwillbebroadandincluderepresentavesfrom
allelementsofntech.
Thisindustry-ledgroupwilladvisetheMinister(andJoint
Commiee)ofrelevantdevelopmentsinallsubsectorsof
ntechandgeneraltechnologyforthewiderIFSsector.
InialprojectsfortheFintechForesightGrouptoexplore
wouldinclude:
· Support a virtual digital bridge from the ‘Silicon Docks’ in
Dublin to IFS companies in Dublin and in other regions
Thepurposeistoformalisethefosteringofcloserlinksand
greatercollaboraonbetweennancialservicescompanies
andtheglobaltechnologygiantsbasedinandaroundthe
SiliconDocksandbuildinglinksfarbeyondthisscopeto
linktheseindustriesformutualbenet.
· Linkages and collaboraon between ntech companies and
third-level instuons
Thepurposeistoexpandthevariouslinkagesandencourage
greatercollaboraonbetweenntechcompaniesandIrish
third-levelinstuonsthroughcollaboraonwithtechnology
centres,researchcentresandtechnologygateways.
· Linkage with Grand Canal Innovaon District
TheFintechForesightGroupwillforgearelaonshipwith
theGrandCanalInnovaonDistrictasitbuildsasustainable
innovaonecosystemintheSiliconDocksareafrom2019on.
· Fintech bridge with other jurisdicons
TheFintechForesightGroupcouldexplorethepotenalfor
formalcollaboraonagreementswithotherjurisdicons,
andforfacilitangantechbridgefromwithintheEUto
otherglobalntechlocaonssuchasSingapore,HongKong,
andtheUAE.
BPFI
Fintech
Foresight
Group
HLIC,IAC,BPFI/
FPAI,Industry
associaons,
Third-level
instuons,EI,
IDA
Q2
Quarterly
Talent
Summary of Acons Lead Stakeholder Deadline
5 Women in Finance Charter
TheCharterreectsthegovernment’saspiraontoseegender
balanceatalllevelsacrossnancialservicesrms.Abalanced
workforceisgoodforbusiness:itisgoodforcustomers,for
protabilityandforworkplaceculture,andisincreasingly
aracveforinvestors.
ThisworkwillconsistofdevelopingaWomeninFinance
CharterandinvinganumberofIFScompaniestosignitby
endofYear1,Year2andYear3.
IAC Industry,IDA,EI H1,H2
56
Communicaons and Promoon
Summary of Acons Lead Stakeholder Deadline
6 Internaonal launch of the strategy
ThiswillconsistofinternaonalvisitsbytheMinisterfor
Finance,bytheMinisterofStateforFinancialServicesandby
seniorocialsfromtherelevantdepartmentsandagencies
tokeygeographicalmarketstopromoteIreland’sIFSoering
andthenewstrategy.Wherepossible,thiswillalsoinvolve
representaveorganisaonsandindividualcompaniesand
theiradvisers.
LocaonsmayincludetheUK,NorthAmerica(USAandCanada),
SouthAmerica(especiallyBrazil),Russia,Europe(especially
GermanyandScandinavia),Asia(Japan,China,Singapore,South
Korea,andHongKong),Oceania(AustraliaandNewZealand)
andAfrica(SouthAfricaandcountriesinEastAfrica).
Workingwiththeembassynetworkandindustry,theIDAand
EIwilldevelopprogrammesforthetradeeventstoinvolve
otherMinistersorocialsinacoordinatedmanner.
Industrybodiesandgovernmentwillexchangeschedules
offoreigneventstocoordinatetheapproachtopromong
Ireland’snancialservicessectorabroad.
D/Fin D/FAT,IDA,EI,
IAC
Q4
7 Regional Focus
PartofthedevelopmentofIFShasbeentheemergenceofa
numberofregionalcentreswhicharebecomingincreasingly
importantinexperse,employment,economicacvityand
linkagestotheeducaonsector.
Toensurethattheselocaonsconnuetogrowas
complementarylocaonstoDublinwhiledevelopingtheir
abilitytoaractandretainbusinessintothefuture,they
willbepromotedunderthisstrategy.Thispromoonbythe
IDAandEIwillalsoinvolveclosecollaboraonwithindustry,
chambersofcommerceandotherstakeholders.Theseregional
locaons,theadvantagesoflinkagestotheeducaonsector,
theavailabilityofaskilledworkforce,andtheemerging
advantagesfromclusteringsimilaracvieswillbehighlighted.
Regionalstakeholderswillbeengagedtoprepareinformaon
onthepromoonoftheregion,highlighngkeybenets.
Specicexampleswillbesourcedfromchambersofcommerce
andtheenterpriseagenciesforuseinpromoonalmaterialand
forregularupdatestothecommieesestablishedunderthis
strategy.
Aregionalfocuswillbeincludedineachprogressreport.
Theseshort,focussedreportswillalsobepublishedontheIFS
website.
EI,IDA D/BEI,Regional
chambersof
commerce,D/ES,
IAC
H1,H2
57 Ireland for Finance
Operang Environment
Summary of Acon Lead Stakeholder Deadline
8 Strengthen representaon in EU and internaonal
instuons
Arrangementswillbeexploredfortheexchangeofstaand
expersebetweenthepublicandprivatesectorsandthe
EUandinternaonalinstuonstoworkonchallengesand
opportunies,withaparcularfocusonpost-Brexitissues.
ThisincludesengagingwiththeEUinstuons,regulators
andsupervisors,andwithbusinessandadvisersinother
globalnancialcentres.
Thismeasurewillhelpensurebroaderanddeeper
connecvitywiththeEU.Secondmentstoregulatorsand
privateenterprisewillassistingainingknowledgeofthe
operaonalenvironmentofIrishIFScompanies,andthe
regulatoryenvironmentfromanoperaonside,andfroma
regulatoryperspecve.
D/Fin D/FATand
EmbassyNetwork,
IAC
Q4
9 Increased inuence at internaonal level: deeper and wider
engagement with key jurisdicons
Inthecontextofthedynamicandcompevenatureof
internaonalnancialservicessector,wewillengagewith
keyjurisdicons.
Placementofseniorocialswithanexperseinnancial
servicesinembassiesandconsulatesinselectedlocaonswill
beanimportantelementofthisengagement.
Inaddiontodevelopingandmaintainingrelaonshipswith
keyadministraveandbusinesslinks,theseplacementswill
ensureagreaterowofinformaonondevelopmentsin
nancialservices,withregularupdatesprovidedtopolicy
makersandthecommieesestablishedunderthisstrategy.
D/Fin,D/FAT
andEmbassy
Network
PSCG Q4
10 Increased inuence at EU level: improve collaboraon
among Irish trade associaons in Europe
SuccessfulcollaboraoniscricaltoensureIreland’svoice
onnancialservicesisheardatEUlevel.Whilethereis
strongengagementwiththeIrishPermanentRepresentaon
inBrussels(PRB)andindustry,itisimportanttosecure
increasedinuence.
Industryrepresentaveorganisaonsshoulddevelop
strongerrelaonshipswithsimilarbodiesinotherMember
States,linkingwiththeexisngworkofthePRBandthe
DepartmentsofFinanceandofForeignAairsandTrade.
Thisengagementwillbuildonregularcollaboraonbetween
industryrepresentaveorganisaonstoexchangeinformaon
andtoworktogetheronrelevantissues.Inturn,itwillbuildon
increasedlinkageswithsimilarorganisaonsinotherjurisdicons.
Industrywillreviewandconsiderifamoreeecve
frameworkofengagementcanbeputinplacetoallowfor
messagingofrelevantIFSissuestoIrishandEUauthories.
IAC Industry
representave
bodies,D/Fin,
D/FATandIrish
PRB,BPFI,Irish
Funds,Insurance
Ireland,IAIM,FSI,
Ibec
Q4
58
Summary of Acons Lead Stakeholder Deadline
11 Deliver an IFS Legal Brexit Summit
Thesummitwilladdresskeychallengesincluding:passporng
agreementsbetweentheUKandtheEU;therelevanceofthe
caselawoftheCourtofJusceoftheEU;andtheapplicaonor
modicaonoftheMarketsinFinancialServicesInstruments
Regulaons.ItwillalsoaddresswhatBrexitwillmeanfor
insuranceandthetaximplicaonswherethereisanymovement
ortransferofpolicies,assets,liabilies,capitalandpeople.
D/ES Law Society Finuas
Skillnet,Skillnet
Ireland,Council
oftheBar,Law
SocieesofEurope,
InsuranceIreland
Q3
12 Collecon and analysis of data
Overthelifeofthestrategy,theDepartmentofFinancewill
workwiththeCSOandstateagenciestoseektogather,record
andpublishmoregranulardataontheeconomiccontribuon
oftheIFSsectorasasubsetofthenancialservicessectoras
awhole.
AnupdateonprogresswillbepublishedinQ4.
D/Fin CSO,IDA,EI Q4
13 Engagement on and analysis of Brexit and nancial services
issues
ThePublicSectorFinancialServicesSub-groupwillengageand
liaisewithallIFSstakeholders,includingtheJointCommiee,
whereBrexitisastandingagendaitem.
Thisworkwillinclude:
· engagingbilaterallywithrelevantstakeholdersinboth
IrelandandtheEU,
· engagingbilaterallywithindustryrepresentavebodies,and
· evaluangdevelopmentsinrelaontonancialmarket
infrastructures.
D/Fin Industry,
PSCG,IAC,All
representave
bodies,IDA,EI
Q2and
thereaer
asrequired
14 Naonal legislave and regulatory proposals
TheIndustryAdvisoryCommieewillbetaskedwith
idenfyingandmakingsubmissionsonnaonallegislave
provisionsthattheyconsiderimportanttofurtherdevelop
theoperangenvironment.
IAC Industry
stakeholders,
D/Fin,D/BEI
Q4
15 Resourcing of the Department of Finance
TheDepartmentofFinancecommitstoensuringtheopmal
resourcesareinplacetodelivertheobjecvesofthestrategy.
D/Fin Q4
16 Ireland’s double taxaon treaty network
TheDepartmentofFinanceandRevenueCommissioners
will,asappropriate,maintainanopendialoguewiththeIFS
industry,theDepartmentofForeignAairsandTrade,and
theenterpriseagenciesregardingnegoaonsonnewdouble
taxaonagreementsandonupdatestoexisngagreements,
andrequesttheIFSindustrytoacvelypromotethe
opportuniesofadoubletaxaonagreement(DTA)among
keystakeholderswhereappropriate,includingpolicymakers,
investorsandentrepreneursinlocalmarkets.
D/Fin Revenue
Commissioners,
D/FAT,D/BEI,
EI,IDA,Industry
stakeholders
H2
59 Ireland for Finance
Summary of Acons Lead Stakeholder Deadline
17 Engage at EU level on the Capital Markets Union proposals
Anumberoftriloguesrelangtocapitalmarketsunionaredueto
commencein2019.TheDepartmentofFinancewillconnueto
monitorEUdevelopmentsonCapitalMarketsUnion.
Regulaon of crowdfunding
In2018,theEuropeanCommissionpublishedadraregulaon
oncrowdfundingprovidersataEuropeanlevel,whichwill
provideaEuropeanregulatoryregimeandauthorisaonfor
crowdfundingserviceprovidersoperangonacross-border
basis.
ItisproposedtoregulatecrowdfundinginIrelandandenact
adomescregulatoryregime,inparallelwiththeEuropean
regulaon,toensuresucientconsumerproteconfor
unsophiscatedinvestorsandtofacilitatethegrowthof
crowdfundingasanalternavesourceofnanceforIrish
SMEs.
AnupdatereportwillbeprovidedinQ4.
D/Fin Industry Q4
18 Engage at EU level on sustainable nance proposals
TheDepartmentofFinancewillmonitorandseekto
inuenceEUdevelopmentsonsustainablenance.
D/Fin Industry
stakeholders,
Relevant
departments
Q3
19 Feasibility study into the establishment of an Internaonal
Shipping Service Centre
TheIrishshippingindustryissupportedbyawell-developed,
sophiscatedandcompeveprofessionalservicessector
withmarimeexpertsandserviceprovidersinareassuchas
marimelaw,tax,accounng,specialistleasemanagement
andnance.Theopportuniesfortheshippingindustry
andmarimecommerceinIrelandconnuetoexpandand
developatafastpace.
Thestudywillexamineopportuniesthatexistinestablished
industrysectorsaswellasthoseemerginginthenew
economy,whereIreland’sstrengthinntech,technologyand
dataanalycswillbolsterourcompeveadvantagesand
enhancethevalueproposionthatisputtothemarime
commerceindustry.
IMDO D/BEI,D/AFM Q2
20 Ireland as a global locaon for private equity funds
TheDepartmentofFinancewillprogresslegislaonon
investmentlimitedpartnershipstosupportthedevelopmentof
thegrowthnanceandfundsindustryandwillprovideupdates
totheJointCommieeonprogressachieved.
D/Fin D/BEI Q2
60
Summary of Acons Lead Stakeholder Deadline
21 Quarterly presentaons
Eachquarter,amemberoftheIACwillpresentanoverview
ofdevelopmentsandfuturetrendsanalysisintheirsectoron
areasthatareofinteresttotheJointCommiee.
Presentaonsfromotherinterestgroupsandrepresentave
bodiesnotontheIACcouldbeincorporatedintotheworkplanof
theIAC–forexample,100WomeninFinanceDublinCommiee,
SustainableNaonIreland,ISIF,BlockchainIreland,theBeer
BalanceforBeerBusinessgroup(IFSsector),theFintech
ForesightGroup,andtheFSICoLdialogue.
IAC D/Fin Quarterly
22 Grand Canal Innovaon District and further development of
the nancial services ecosystem
IDAIrelandwillprepareareportonhowtheGCIDcansupport
thefuturedevelopmentoftheIFSindustryandoeran
aracveecosystemforcompaniesinthenancialservices
andtechnologyspacethatareseekingtoinnovateandgrow.
IDA D/Fin,D/ES,
EI,Industry
stakeholders
H1
23 Connue to raise awareness of the responsible investment
agenda
InlightoftheEUAction Plan on Financing Sustainable Growth,
theSustainableandResponsibleInvestmentForum(SIF)
IrelandCommieewillaccelerateeortstoraiseawareness
oftheESGagendaacrossallIrish-locatedassetclasses.SIF
Irelandwillproduceanannualreportthathighlightsagenda
drivers,measuresthegrowthofthesector,measuresprogress
onadvancingtheagenda,idenesbarrierstoconnued
growthandidenesrelevantrecommendaonstosupport
eortstoraiseawareness.
SIFIreland SNI H1/H2
24 Internaonal collaboraon to mobilise global nancial
centres in support of the sustainability agenda
SustainableNaonIrelandwillconnuetosupport
internaonalcollaboraoneortstomobilisenancialcentres
globallytofurtherembedthesustainablenanceagendain
supportofmeengtheParisAgreementandtargetsinthe
UNSustainableDevelopmentGoals.Thiswillbeachieved
viaSustainableNaonIrelandSteeringGroup’smembership
oftheUnitedNaonsEnvironmentFinancialCentresfor
Sustainability(FC4S)globalnetwork.SupportedbyEurope’s
EITClimate-KIC,andoverseenbySustainableNaonIreland,
DublinwillalsohosttheUNEnvironmentFC4SEuropenode
oce.
SNI Europe’sEIT
Climate-KIC
Quarterly
61 Ireland for Finance
Summary of Acon Lead Stakeholder Deadline
25 Expand Enterprise Ireland’s Irish Advantage campaign for
ntech and payments
EnterpriseIrelandwilllaunchandunfoldthroughout2019
aspecicpromoonalcampaignabouttheadvantagesof
Irelandforntechandpaytechcompanies.
EI PSCG,Industry
stakeholders
Q2
26 Drive operaonal excellence of nancial services and ntech
companies
EnterpriseIrelandwillholdaseminaraimedatcompanies
inthentechandnancialservicesspaceandrelated
sectors,focusedondrivingoperaonalexcellenceinclient
companies.Thiswillbetherstmethisspeciceventwill
beheldandwillincludecompaniesprovidingcasestudies
andpossiblesupports.
EI Industry
stakeholders
Q2
27 Undertake a feasibility study into the development of a
Sustainable Finance Innovaon programme supporng the
development of new IFS products and services in support of
the environmental, social and governance (ESG) agendas
Anincreasingnumberoflargecompaniesareexploringthe
developmentofnewproductsandservicesinsupportof
thesustainablenanceandthebroaderESGagendasvia
intrapreneurshipprogrammes.SupportedbyEurope’sEIT
Climate-KIC,theUNEnvironmentFinancialCentresfor
Sustainability(FC4S)Europeannodeandindustrybodies,
SustainableNaonIrelandwillundertakeafeasibilitystudy
intothedevelopmentofasustainablenanceprogrammeto
acceleratethedevelopmentofsuchsector-themedinnovaons.
SNI Europe’sEIT
Climate-KIC,UN
Environment
FinancialCentres
forSustainability
(FC4S)Europe
node,Industry
bodies
Q3
28 Distributed ledger technology (DLT) plaorm for aircra
leasing
Aworkinggroupwillbeestablishedtoexploreopportunies
todevelopcung-edgetechnologicalsoluonsfortheaircra
leasingsector.ThisshouldincludeexploringIrelandbecoming
agloballeadforDLT(blockchain)aircraleasing.
Groupmembershipshouldinclude:
· theaircraleasingsector(representedbyAircraLeasing
Ireland),
· theaviaontechnologysector(representedby
organisaonssuchasAviareto),
· relevantgovernmentdepartmentsandagencies
(DepartmentofFinance;DepartmentofTransport,Tourism
andSport;IrishAviaonAuthority),
· Irishbasedairlines,
· representavesfromtheeducaonsector,and
· themaintenance,repairandoverhaulsectorandnancial,
legalandprofessionalservicesrms.
ThegroupwillupdatetheJointCommieewithin12months
ofthestartofnewstrategy.
ALI Aviareto,Aircra
LeasingIreland,
Appropriate State
agencies,Industry,
IDA,EI
Q4
Technology and Innovaon
62
Summary of Acons Lead Stakeholder Deadline
29 Integrang new technology and innovaon approaches
across Ireland’s IFS ecosystem
ThismeasureinvolvestheIFSsectordeliveringDLTand
blockchaininiavestodemonstrateIreland’scredenalsas
anEUcentreofexcellencefordistributedledgertechnology
bygoinglivewithMMIFreturnsthroughDLTandapplying
naturallanguageprocessingandworkowusingthe
DisrupveTechnologiesInnovaonFund.
IAC BPFI,FSI,FPAI,
InsuranceIreland,
IAIM,D/Fin,
IDA,Industry
associaons,Irish
Funds,EI
Q2,Q3,Q 4
30 Support for the development of insuretech
Irelandhasastronglifeinsuranceandlifereinsurancesector.To
maintainthisposionandtofurtherdevelopthesector,inboth
headcountandproduct,morecollaboraonwithinsuretech
isneeded.Agreaterengagementwithinsuretechwillenable
Irelandtopromoteacommunityofgovernment,nancialand
technologyenterprisesdrivenbyacommonsetofpurposes
aroundthemessuchashealthandwellness,integraonof
insuranceintothedigitalecosystem,andbigdata.
ThecurrentjointFSI/IIIFSInsuranceWorkingGroupwillplace
agreaterfocusoninsuretechasakeyareaforexploraon,
includingpersonalisedconsumerengagementmodelsto
promotehealthandwellness,withaviewtobringingconcrete
suggesonstotheJointCommiee.
InsuretechproposalswillbepresentedtotheJointCommiee.
Insurance
Ireland
Working
Group
IDA,Insurance
Ireland,EI
H1,H2
31 Future opportunies for ePayments
AbenchmarkingofePaymentswillbeundertakentounderstand
thebroaderdevelopmentsintheareaandtohighlightemerging
challengesandopportuniesfortheIFSsector.
RecentdevelopmentssuchasPSD2oersignicant
opportuniesforthepaymentssectortogrow.Further
analysisisneededtofullyexplorethescopeandpotenalof
theseopportunies.
FPAI EI,IDA H1,H2
32 Conduct a ntech census in 2019
TherstIrishntechcensuswasconductedin2018.Itis
intendedtoundertakeasecondcensusin2019.Thecensus
will,amongotherthings,allowacomparisonoftheIrish
ntechsectorwiththoseinotherleadinghubsandhighlight
areaswhereIrelandneedstoimprove,drawingonbest
praccefromthosehubs.Thecensuswillbuildonbaseline
datacapturedinthentechcensuscarriedoutin2018.
EI Industry
stakeholders,
Instuteof
Banking
Q4
33 Assess overseas models of ntech accelerators and hubs
and their suitability in an Irish context
Modelsofacceleratorsconnuetoevolve.EnterpriseIreland
willidenfy,examine,andassessinternaonalmodelsfor
ntechacceleratorsandinnovaonhubsacrossbest-pracce
countriesandacrossmulnaonalcorporaons.These
modelswillthenbeexaminedtodeterminetheirsuitabilityin
anIrishcontext.
EI Q2
63 Ireland for Finance
Summary of Acons Lead Stakeholder Deadline
34 Industry to support innovaon and collaboraon in
ntech, payments, and banking by establishing the
Financial Foundry
IndustrywillestablishtheFinancialFoundrytopromote
thesharingofideas,tesngofconcepts,developmentof
prototypesandbuildingofpartnershipsbetweenntech,
banks,andpaymentinstuons.Itwillprovideaplaormfor
harnessingthecollecveexperseofthenancialservices
andntechsectors.
FPAI/BPFI EI,InsightCentre
forDataAnalycs,
UCC,Industry
Q2,Q4
Talent
Summary of Acon Lead Stakeholder Deadline
35 Enhance engagement with the Regional Skills Fora
ThenineRegionalSkillsForaprovideacohesivestructure
foremployersandthefurtherandhighereducaonsectors
toworktogetherinbuildingskillsintheirregions.The
engagementofIFScompanieswiththeRegionalSkillsForais
currentlyabout4percentoftotalengagement.
IndustrywillbeencouragedtoengagewiththeRegionalSkills
ForainordertoassistwithaddressingskillsneedsinIFSrms.
TheDepartmentofEducaonandSkillswillpromotethe
workoftheRegionalSkillsForaandwillmonitorandregularly
reportondevelopments,includingthelevelofengagement
bycompanieswiththeForaandidenfyingpotenal
challengesandopportuniesforfurthergrowth.
TheannualnaonalSkills Bulletinsassessskillsneedsnaonally,
includingusinginformaonobtainedbytheRegionalSkills
Fora.Thisinformaontheninformsnaonalandregional
courseprovisionincludingthroughSpringboard+andSkillnet
Ireland.
TheDepartmentofEducaonandSkillswillpresenttothe
JointCommieeonworkdoneatthenaonalandregional
levelonskills,includingreporngontheNational Skills Bulletin,
idenedskillsneedsforIFS,andthelevelofengagementof
IFScompanieswiththeRegionalSkillsFora.
D/ES Industry,IDA,EI Q3
36 Developing talent in schools
Thecreaonofatransionyearnancialservicesmodulewill
beexplored.ThemodelwillbesimilartothatfortheTourism
Insightmodule,whichinvolvestheState,educaonsector
andindustryinanaonaleorttoinformtransionyear
studentsandotherlearnersaboutthetourismsectorandto
presentthesectorasacareerchoice.
OthermechanismstohighlightIFSasacareerchoicefor
youngpeoplewillbeconsidered.
IAC
D/ES Q3
64
Summary of Acons Lead Stakeholder Deadline
37 Deliver and develop sector specic training programmes
Thefollowingaconswillbeundertaken.
Deliver training programmes in sustainable nance and
responsible investment supported by Sustainability Skillnet
Inpartnershipwithindustrybodies,SustainableNaon
Ireland,viatheSustainabilitySkillnet,willconnuetoassess
thedemandanddevelopcapacity-buildingprogrammesand
qualicaonswhererequiredinordertoexpandthemarket
forsustainablenanceandresponsibleinvestmentinIreland
acrosskeycapitalmarketsegments,includingbanking,
insurance,assetmanagement,assetownershipandfunds.
Sustainability
Skillnet
SNI,Industry
bodies,Skillnet
Ireland,D/ES,SIF
Ireland
Q2
Modular programme on ntech
BPFIandFPAIareworkingwiththeIMItodevelopamodular
programmeonntech.Theworkingtleis‘Leadershipin
FutureofFinancialServices’.Thetargetconsorumisbanking
andlargenancialservicescompanies.
BPFI/FPAI IMI,Industry Q2
Deliver the MSc in Renewable Energy and Environmental
Finance
MeengtargetsintheParisAgreementandintheUN
SustainableDevelopmentGoalswillrequireaglobal
investmentof$90trillioninsustainableinfrastructureassets.
UCDMichaelSmurtBusinessSchoolwillconnuetoup-skill
nanceprofessionalsinthisareaviatherecentlyupdatedMSc
inRenewableEnergyandEnvironmentalFinance.
SNI UCDMichael
SmurtBusiness
School,Industry
Q3
Deliver the Postgraduate Diploma in Internaonal Financial
Services Law
ThereisstrongindustrydemandfortheDiplomawhichhas
recentlybeenreconguredtoincludeaddionalelecve
modulesonFundsLawandRegulaon,onLawandRegulaonof
Insurance,andonthePrinciplesofBanking.Theexpansionofthe
programmewillallowforgreaterspecialisaonwithintheareasof
fundslaw,insuranceandbanking.
Law Society
FinuasSkillnet
Law Society of
Ireland,UCD
Sutherland
SchoolofLaw,
SkillnetIreland,
D/ES
Q3
Develop and deliver and MSc in Applied Blockchain
(Distributed Ledger Technologies)
Theprogrammewillfurtherdeveloptheblockchain
knowledgebaseinIreland,whileenablingindustry
professionalstofurthertheircareersintheblockchainspace.
Technology
IrelandICT
Skillnet
D/ES,Skillnet,
Ireland
Q3
Deliver and extend the postgraduate programme in applied
alternave investments
TheInstuteofBankingwillconnuetodeliverapostgraduate
programmeinappliedalternaveinvestmentsandextend
deliveryofthisandotherrelevantInstuteofBankingIFS
programmestoindustrylocaonsthroughoutIreland.
Instuteof
Banking
Industry Q4
65 Ireland for Finance
Summary of Acons Lead Stakeholder Deadline
38 Undertake a deep sector analysis of future sustainable
nance and responsible investment skills and talent
requirements
Inpartnershipwithindustrybodies,SustainabilitySkillnet
andSustainableNaonIrelandwillundertakeadeepsector
analysisoffuturesustainablenance,responsibleinvestment
skillsandtalentrequirements,ensuringIrelandistfor
purposeasalocaonofaglobalsustainablenancehub,
aracngthenextgeneraonofgreenandsustainable
nanceprofessionalsandcapitalmarketacviestonance
Irishandinternaonalsustainableinfrastructureacvies.
Sustainability
Skillnet
Industry,
D/ES,SNI,
SkillnetIreland,
SIFIreland
Q2
39 Support the development and implement diversity targets
across the IFS sector
Increasingdiversityandinclusionwillreducetheriskof
shortagesofstabybroadeningtheappealofthesector
andencouragingfurthergrowthofthesectoracrossIreland
bywayofdedicatedprogramssuchas‘WelcomeBack
Programmes’.TheIACwillactasambassadorstopromote
diversityandinclusion,andthosenominatedbysectorbodies
totheIACwillreectwhateachsectorisdoinginthisarea.
Governmentdepartmentsandpublicsectorbodieswill
supportindustrybyhighlighngeortsindustryundertakes
astheydrivetheimplementaonandprogressionof
increaseddiversity.
IAC Industry,IDA Quarterly
40 Launch a targeted campaign to support people who wish
to change career
Incertainsectors(includingretailbanking)thereiscurrently
rapidchangeandtransformaonwithjobsbeingdislocated.
IFSisanaracvesectorinwhichtoworkandaddional
employmentopportuniesarisefromBrexit.Thereisan
opportunitytosupportpeoplewhowishtochangeto
acareerinIFSthroughreskillingandqualicaons.The
InstuteofBankingwilllaunchatargetedcampaignto
supportconvertersthrougheducaonqualicaonsand
upskilling.
Instuteof
Banking
IrishFunds,IFS
employers
Q4
66
Summary of Acons Lead Stakeholder Deadline
41 100 Women in Finance NextGen Dublin Commiee – Events
Followingthesuccessfullaunchofthe100WomeninFinance
DublinCommiee,ithasnowlaunchedits100Womenin
FinanceNextGenDublinCommiee.
TheNextGenCommiee’sprogramfocusesonmembers
of100WomeninFinancewhohaveupto8–10years’
experienceintheindustryandwhoarelookingtobuild
lasng,synergiscrelaonships.NextGeneventsareunique
inthenancialservicesindustry.Theeventswillhearfrom
leadersinthesectoraboutthelessonstheylearned,get
insightsintotheoutlookforthenancialmarkets,strengthen
professionalnetworks,andhoneskillsforadvancement.The
NextGenCommieecreatesaneducaonalandpeer-to-peer
forumthroughopendialogueaboutthecurrentinterests
andchallengesfacingworkingwomenandnancialindustry
professionals.
NextGenDublinwillhostthreeorfoureducaonaleventsin
2019andwillestablishacross-industrymentoringprogram.
100Womenin
FinanceDublin
Commiee
Industry,
100Womenin
FinanceNext
Generaon
Dublin
Commiee
H1,H2
42 Deliver an accredited programme in risk, governance, ethics
and culture
TheInstuteofBankingwillsupportthenancialservices
sectorthroughthedeliveryofarangeofuniversity
accreditedprogrammesin:
· conductrisk,cultureandoperaonalriskmanagement,
· bankingriskmanagementpracces,
· leadingculturalchangeandethicalbehaviourinnancial
services,
· consumerproteconrisk,cultureandethicalbehaviour,and
· dataprotecon.
Itwillconnuetodevelopdesignaonswhichinclude
mandatorymodulesinethics:
· CharteredBanker,
· ProfessionalBanker,
· fundsdesignaon,and
· digitaldesignaon.
Instuteof
Banking
Industry Q4
67 Ireland for Finance
Communicaons
Summary of Acon Lead Stakeholder Deadline
43 Markeng of IFS Strategy
Aprofessionalmarkengapproachtolaunchthestrategy
willbedeveloped.
D/Fin Industry,PSCG Q2
44 Plan the European Financial Forum 2020
Inlinewiththeve-yearcycleofthestrategyandsubjectto
funding,IDAwillpresentareviewoftheEuropeanFinancial
Forum2019totheJointCommiee.Basedontheoutcome
ofthereview,theIDAwillprepareaplanforthehosngof
the2020event.Inpreparingthisplan,theIDAwillconsult
withpublicsectorandindustrystakeholders.Aproject
plan,includingrequeststoallstakeholdersandresource
implicaons,willbepresentedtotheJointCommiee.The
IDAwillconnuetoupdatetheJointCommieequarterly
onprogress.
AprojectplanwillbecompletedbyQ2.
IDA PSCG,industry
stakeholders
Q2
45 Industry promoon of IFS Ireland brand
Industrywilllooktofurtherenhanceitsworkinpromong
IrelandasalocaonforIFS,workingcloselyincollaboraon
withstakeholderssuchastheIDA,EI,theDepartmentsof
FinanceandofForeignAairsandTrade.Thiswillinvolve
representaveorganisaonsandindividualcompaniesand
theiradvisers.TheIFSIrelandbrandshouldbeusedinall
promoonaleventsdomescallyandinternaonally.
TheIACwillupdateJointCommieequarterly.
IAC Communicaons
Group,Industry
Quarterly
46 Strategic promoon and markeng of Ireland’s IFS sector
overseas under the IFS Ireland banner brand
TheCommunicaonssub-groupwillreportonaquarterly
basistotheJointCommieeonthemeasuresbeingtaken
topromoteIrelandasalocaonforinternaonalnancial
serviceswithafocusonensuring:
Quarterly
· toco-ordinateandsupportcomprehensiveandconsistent
messagingandpromoonalacviesacrossbothpublicand
private sectors and
Communica-
onsgroup
D/Fin,D/FAT,EI,
IDA,IAC
· todisseminatepromoonalmaterialonIreland’sIFS
oering.
Communica-
onsgroup
D/Fin,D/FAT,EI,
IDA,IAC
68
Summary of Acons Lead Stakeholder Deadline
Tohelpbuildbrandawareness,merchandisingandadversing
oftheIFSIrelandbrandwillbeconsidered.
Therewillbeacveengagementbetweenindustryand
thepublicsector,includingaquarterlyreporttotheJoint
Commiee,onoverseaspromoonandmarkengof
Ireland’sIFSsectortoensureacoordinatedandstrategic
approachtothepromoonandmarkengofIrelandasa
centreofexcellenceforIFS.Elementsofthemarkeng
strategywillinclude:
D/Fin HLIC,IAC
· overseas trade missions:coordinatedprogrammeofoverseas
trademissionsandhigh-proleIFS-relatedeventsin
consultaonwithindustrystakeholders,focussedon
consolidangIFSrelaonshipswithestablishedpartners
andtheexploraonofnewIFSopportuniesingrowing
markets;
D/FAT,D/BEI Communicaons
group,EI,IDA,
D/Fin
· ministerial and other ofcial visits:promotetheIFSsectorto
exisngandgrowingnancialservicesmarkets,including
viatheStPatrick’sdayprogrammeofvisits;
D/FAT Communicaons
group,EI,IDA,
D/Fin
· shared IFS calendar:publicsectorandindustry
representavebodiestoconnuetodevelopandshare
aninclusivequarterlycalendarofIFS-relatedevents,both
domesc(regional)andinternaonal;
Communica-
onsgroup
IAC,D/Fin,EI,
IDA,D/FAT
· banner brand:increasethedeploymentofthebanner
brandinpromoonalmaterialandatpromoonal
eventsorganised,supported,oraendedbyMinisters,
departments,oragenciesandatindustrypromoon
events,domescallyandinternaonally.
Communica-
onsgroup
IAC,D/Fin,EI,
IDA,IAC
47 Co-host the European Climate Finance Innovaon Summit in
Dublin, May 2019
InpartnershipwiththeDepartmentofFinance,the
DepartmentofForeignAairsandTrade,theWorldBank,
othermullateralagenciesandEurope’sEITClimate-KIC,
SustainableNaonIrelandwillco-hosttheEuropeanClimate
FinanceInnovaonSummitinDublin,inMay2019.
Inaddion,SustainableNaonIrelandwillorganiseIreland’s
secondClimateFinanceWeekinNovember2019to
showcaseIreland’scommitmenttomobilisingcapitalmarket
parcipantsinsupportofmeengtheParisAgreementand
UNSustainableDevelopmentGoals.
BotheventswillbeheldunderthebanneroftheYearof
SustainableFinance2019.
SNI D/Fin,D/FAT,
WorldBank,
Othermullateral
agencies,Europe’s
EITClimate-KIC
Q2,Q4
48 Promoon of Ireland abroad
TheIDAandEIwillhosteventsinselectedlocaonsto
promoteIrelandasalocaonforIFS,andwillsupportother
aconsinthestrategy.
EI,IDA Industry
Representave
bodies
Q2
69 Ireland for Finance
Summary of Acons Lead Stakeholder Deadline
49 Promote Ireland as a locaon for sustainable nance
SupportforthedevelopmentofIrelandasagloballocaon
forsustainablenancewithinthecurrentnancialservices
ecosystemwillbeconnued.Keytothisdevelopmentisthe
promoonofIrelandasthehubfortheUNEnvironment
FinancialCentresforSustainability(FC4S)Europeannetwork
andtheestablishmentofIrelandasagloballocaonfor
sustainablenancewithinthecurrentnancialservices
ecosystem.
TheIDA,IFSIreland,andFinanceGreenIrelandCommiee
(FGI)willworkwithnancialsectorassociaonsinthe
promoonofthejurisdiconwithrespecttoDublin
andIreland’ssustainablenancecredenalsthroughan
annualisedClimateFinanceWeekSummitandyearlyupdate
totheSustainableFinanceNaonalBlueprint.
TheFGICommieeshouldcoordinateandworkwiththe
Communicaonsgrouptoensuretheoeringreects
developmentsinthearea.
For2019,allsustainablenancepromoonalacvieswillbe
brandedunderthebanneroftheYearofSustainableFinance
(YOSF19).YOSF19willclosewiththehosngofIreland’s
secondClimateFinanceWeek,inthefourthquarterof2019.
SNI Communicaons
Group,IDA,
Stateagencies,
Government
departments,
Financialservices
representave
bodies,Europe’s
EITClimate-KIC
Q4
50 Host a number of events at which Ireland will be promoted
as a locaon for internaonal insurance services
Theeventswillconsistof:
· twopromoonaleventsinBrussels,
· aninternaonalCEObreakfastmeeng,
· theInsuranceIrelandannuallunch,and
· theEuropeanInsuranceForumDublin.
Insurance
Ireland
IDA,Individual
stakeholders
H1,H2
51 Establish roundtable to discuss the legal perimeter
applicable in Ireland for Security Token Oerings and Inial
Coin Oerings
Aroundtablediscussiononthecurrentregulatoryperimeter
applicabletoSTOsandICOswillbeorganised,tobe
aendedbytheDepartmentofFinanceandotherrelevant
stakeholders.
D/Fin LawSociety,
FinuasNetwork,
Skillnet,Bar
CouncilofIreland
Q4
70
Appendix II
Glossary
ALI AircraLeasingIreland
API applicaonprogramminginterface
BPFI Banking&PaymentsFederaonIreland
CoL City of London
CSO CentralStascsOce
D/AFM DepartmentofAgriculture,FoodandtheMarine
D/BEI DepartmentofBusiness,EnterpriseandInnovaon
D/ES DepartmentofEducaonandSkills
D/FAT DepartmentofForeignAairsandTrade
D/Fin DepartmentofFinance
DLT distributedledgertechnology
EFF EuropeanFinancialForum
EI EnterpriseIreland
ESG environmental,socialandgovernance
ESMA theEuropeanSecuriesandMarketsAuthority
ETF exchange-tradedfund
FC4S InternaonalNetworkofFinancialCentresforSustainability
FDI foreigndirectinvestment
FPAI Fintech&PaymentsAssociaonofIreland
FSI FinancialServicesIreland
GBS globalbusinessservices
HLIC High-LevelImplementaonCommiee
IAC IndustryAdvisoryCommiee
IAIM IrishAssociaonofInvestmentManagers
IDA TheIndustrialDevelopmentAuthority
IFS internaonalnancialservices
III InsuranceInstuteofIreland
IMDO IrishMarimeDevelopmentOce
IMI IrishManagementInstute
ISIF IrishStrategicInvestmentFund
KIC KnowledgeandInnovaonCommunity
MTF mullateraltradingfacilies
OECD OrganisaonforEconomicCo-operaonandDevelopment
PEPP Pan-EuropeanPersonalPensionProduct
PRB PermanentRepresentaoninBrussels
PSCG PublicSectorCoordinaonGroup
PSD2 the2015EUPaymentServicesDirecve
RQFII RenminbiQualiedForeignInstuonalInvestor
SARP SpecialAssigneeReliefProgramme
SME Smallandmedium-sizedenterprises
SNI SustainableNaonIreland
SSM SingleSupervisoryMechanism
72
DELIVERING INTERNATIONAL FINANCIAL SERVICES
