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New Minister with special responsibility for the International Financial Services Centre Back
The Government has appointed Simon Harris TD as Minister of State with special responsibility for international banking and the IFSC Clearing House Group, as part of the Cabinet reshuffle, in which the new junior minister replaced new Dublin MEP and Junior Minister in the Dept. of Finance Brian Hayes. The designation of a new Minister with responsibility for the IFSC has been welcomed by the Federation of International Banks in Ireland (FIBI), and by Finance Dublin in its latest issue.
The appointment of a minister with IFSC responsibility is also welcomed in the latest issue of Finance Dublin, published today, where we say in our leader in the issue that the appointment of an IFSC Minister is "an important statement from the Government which will mean a lot to the industry".

"THE interplay of tax and regulatory policy issues, and their potential unintended consequences must remain at the forefront of national policy on the IFSC, which has this month recieved welcome, and fully warranted recognition from the Government with the appointment of Junior Minister Simon Harris with special responsibility for the IFSC. We have seen many instances coming out of the financial crisis of the potential toxic results of these interplays for the economic welfare of nations, and for globally trading enterprises, which financial services businesses are. There is much for the Minister to address.", the editorial says.

FIBI, the Federation of International Banks in Ireland (FIBI) said the appointment of Simon Harris as Minister of State in the Departments of An Taoiseach and Foreign Affairs, with special responsibility for the International Financial Services Centre (IFSC), 'is warmly welcomed'.

Along with his IFSC and international banking designation Simon Harris is also to serve as Minister of State at the Departments of Finance PER, and Taoiseach with Special Responsibility for the OPW, Public procurement, and International Banking (including the IFSC Clearing House Group).

"As the voice of international banks operating in Ireland, FIBI has long pressed for the appointment of a Minister to actively and consistently promote at Government level the opportunities for Ireland as a location for international financial services. The success which Ireland has enjoyed to date as a preferred location for such services is evidenced by the scale and quality of operations based all over the country. Together they account for some 35,000 in employment and 14% of our exports in 2013.

"Furthermore, the most recent research among FIBI members illustrates the extent to which opportunities for further growth exist for the benefit of the wider economy. International banks here believe the business climate is improving: 69% of respondents foresee an improved business climate over the coming year, while 26% believe it will remain unchanged. But more especially, they expect this improvement to impact positively on their own operations: almost 60% of respondents expect this improved business climate to translate into increased business activity for their operations, while almost half expect to see it reflected in an increase in the numbers they employ.

"FIBI looks forward to a constructive working relationship with the new Minister of State, in particular to collaborating with him in promoting a supportive operational environment for international banking and payment services here that will be of further benefit to the wider economy." a statement from FIBI said.

Brendan Howlin, Minister for Public Expenditure and Reform and Michael Noonan, Minister for Finance, congratulated Simon Harris on his appointment "as Minister of State at the Departments of Finance, Public Expenditure and Reform and Taoiseach with Special Responsibility for the OPW, Public Procurement, and International Banking (including the IFSC)".

Speaking today, after the Cabinet Meeting, Ministers Howlin and Noonan, said, “we look forward to working with Simon on his new, challenging and interesting portfolio for the duration of this Government’s term in office. Ireland is emerging from the unprecedented economic crisis that engulfed the country. Thanks to the hard work of the Irish people, the economic recovery has begun.

"Working together, we have restored financial stability, exited from the EU-IMF bailout programme and delivered a return to job creation and economic growth. This Government will continue to prioritise the decisions needed to broaden and deepen the economic recovery in a manner that is felt in the daily lives of individuals, families and communities across the country.”
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