| International financial services can generate 8,000 more jobs |
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By: Michael Ryan, Michael Ryan
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| The Irish international financial services sector can create an additional 8,000 jobs over the next five years, Mike Ryan, chairman of the Federation of International Banks in Ireland (FIBI) and chief executive of Merrill Lynch Capital Markets Ltd., told the audience at FIBI’s Annual Members Lunch on March 31st. |
Employment in the international financial services sector can grow by approximately 50 per cent over the next five years, according to Mike Ryan, chairman of the Federation of International Banks in Ireland (FIBI). He said that this can be achieved, ‘through continued partnership with Government and other stakeholders’.
In his speech, Ryan outlined the main tenets of FIBI’s strategy document for 2010, which formed the basis of the group’s submission to the Taoiseach’s Strategic Review of the IFSC, which is currently being undertaken, and which Enda Twomey discussed in Finance Dublin January. These include:
Fiscal: devloping an alternative to the existing negotiation process around double taxation treaties.
Legal: the formation of a Financial Law Review Group, which would be resourced to provide the expertise required to bring about a world-class legislative regime for financial services.
Regulatory: The goal should be to position the industry at the forefront of product development, though well-co-ordinated and speedy legal, fiscal and regulatory responses to opportunities that present themselves.
Education: The needs of the international banking sector need to be aligned with the output of the education and vocational sector.
In FIBI’s view, this can be delivered in a number of ways as follows:
• Increased supports for educational initiatives with a focus on delivery of specialised training – for example, through Skillnets and the Institute of Bankers in Ireland
• Establishing a process of continuous assessment of our sector’s needs in partnership with education providers – for example, through the establishment of a Chair of Financial Services
• A more responsive visa regime to meet the short-term needs identified by F?S and others. |
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