| Taoiseach and Minister of State Harris launch European Financial Forum at Dublin Castle |
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| January 27th: The Taoiseach Enda Kenny, and Minister of State Simon Harris launch a one day Financial Times European Financial Forum conference in Dublin Castle, at which speakers are addressing issues around the development of Ireland's international financial services industry, attended by over 300 delegates. |
Taoiseach Enda Kenny, in his keynote address to the conference said that the negotiation on the future of the UK in the EU also brings with it further challenges and, as our nearest neighbour and largest trading partner, this debate is of particular interest and relevance here in Ireland, he said.
The Taoiseach said that Ireland's public finances have been substantially repaired and that he want to build on the good start we have had to rescuing the economy in past few years, and that he respects the advice of Central Bank yesterday from Philip Lane (which included a call for political parties to include risk plans in their manifestos for the general election due to concerns the global economy may go back to recession).
He added that the financial services sector is subject to intense and disruptive forces and there is a need to change business and operational models, and this requires skill, talent, and adaptability - and the Irish are rated strongly on all of these attributes.
Credit Suisse plans to relocate some business in prime services, which lend securities and cash to hedge funds and settle trades for them. This will involve about 40 traders and some 60 back-office staff moving to Dublin from London.
He referred the legislation enacted some time ago that enable such operations to set up in Ireland and that the factors that drew Credit Suisse to Ireland included the availability of skilled English-speaking workforce and Ireland's membership of euro.
Also speaking at the event are Timothy P. O’ Hara, CEO, Global Markets, Credit Suisse and President & CEO, Credit Suisse Holdings (USA), in Dublin coinciding with the announcement that Credit Suisse is to develop its major prime broking hedge fund servicing business in Dublin, one of the most strategically significant banking developments in the international financial services sector since the brake on IFS industry banking developments caused by the financial crisis.
Colm Kelleher, president, and global chief of Morgan Stanley, referred to the wisdom of the Irish Government in deciding not to haircut senior bond holders, as had other sovereign borowers at the time. This has been to their detriment, while Ireland is now one of the richest borrowing sovereigns in the world, he said, at the keynote session of the conference, which he shared with Timothy P. O’ Hara.
Andrew Bailey, Deputy Governor of the Bank of England and Chief Executive Officer of the Prudential Regulation Authority (PRA) appointed on Tuesday this week as CEO of the Financial Conduct Authority (FCA). Andrew Bailey, named on Tuesday as the new chief executive of the Financial Conduct Authority, has admitted that he did not apply for the high-profile role as he signalled a change in approach to the City by the regulator.
Bailey indicated that the City watchdog is to break away from the strict regulatory regime that characterised the tenure of his predecessor.
Interviewed at the event by Patrick Jenkins, financial editor of the Financial Times he was asked did he agree with a predecessor's (former FCA boss Martin Wheatley) approach to regulation, memorably summed up in his statement "shoot first and ask questions later".
He said he would not implement the "shoot first, ask questions later". "We're not going to be doing that." "Shooting first and asking questions later is something that was probably put to bed by the FCA a while ago," he continued. "It's not my philosophy [...] It won't be part of my rhetoric."
Wheatley quit the FCA in September 2015, and was replaced on an interim basis by Tracey McDermott.
He also described China as an asset management proposition as 'like Marmite' - you either like it or don't. As for Morgan Stanley, they accepted the accuracy of current growth forecasts indicating 6.9 per cent growth, and that is a favourable backdrop.
Also speaking are Colm Kelleher, President, and global chief of Morgan Stanley. and Susan Dargan country head of State Street in Ireland. Other industry speakers include Douglas Dachille, Executive Vice President and Chief Investment Officer, AIG, Mick Swift, Deputy Chief Executive Officer & Research Director, Abbey Capital Limited, Christian Thimann, Group Head of Strategy, AXA, Marty Lippert, Executive Vice President, Global Technology & Operations, MetLife, Inc., and Colm Lyon, Fire.
The governor of the Central Bank of Ireland, Philip Lane is also a speaker, as is Andrew Bailey, Deputy Governor of the Bank of England and Chief Executive Officer of the Prudential Regulation Authority (PRA).
The conference is co sponsored by IDA Ireland and Enterprise Ireland, and the event was opened by IDA Chief executive Martin Shanahan. The holding of the event is one of a series of initiatives launched by the Government under the IFS 2020 Programme launched last year. |
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