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Welcome home to Ireland, via Switzerland - Credit Suisse brings front office trading back to IFS in Dublin Back
The Irish diaspora are expected to play an important role in the development of Credit Suisse new activities in Dublin. Tim O'Hara, chief executive officer of Global Markets at Credit Suisse, said that the available talent pool and well developed infrastructure available in Ireland, and Dublin in particular, played a key role in the decision to open its new trading floor and support offices at Kilmore House in Spencer Dock, at the heart of the IFSC.
January 27th: Mr O'Hara was speaking at the opening of the new offices this morning, which was officially opened by the Taoiseach Enda Kenny with the Tanaiste Joan Burton also in attendance.

It appears that the Irish diaspora are likely to be a critical component in this new venture. Credit Suisse has hired 50 people so far for the new operation. It is understood about 30 of the hires have been local and some 20 people have relocated from London. The company expects to have 100 people on the Dublin payroll within the next seven months.

It has already received a large volume of enquiries, in particular, from experienced financial professionals, including traders, who are currently working abroad and would are keen to return home provided suitable opportunities exist.

This will be welcome news to the ears of the Taoiseach, who referenced the potential of the diaspora in developing Ireland's financial services in his address.

Tim O'Hara also made specific reference to Ireland's reputation as a growing fintech hub, the presence of a knowledgable financial regulator and the Government's IFS 2020 strategy as tangible evidence of its interest in and commitment to growth of the sector.

Credit Suisse Group is Switzerland's second-biggest bank and the first non-European Union lender to gain authorization to operate a branch as part of its Credit Suisse AG subsidiary. Before 2013, non-EU banks had to set up as full subsidiaries in Ireland, directly regulated by Irish authorities, but representations from development bodies such as IDA Ireland resulted in a relaxation of the regulator's stance in the area. It is the first authorisation under Section 9a of the Central Bank Act 1971.

Finance Dublin has also learned that in its role as financial regulator the Central Bank of Ireland has undertaken additional sector specific recruitment in order to be certain of its ability to discharge its responsibilities in respect of the new trading activities.
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