Clearing House Group Minutes - Department of Taoiseach

More documents

Recommendations

Info

John Travers presented the findings of the independent Review Group which was established to undertake an evaluation of the Global Green Interchange (GGI) Report and the implementation plan contained therein and report back to Government. Ultimately the Review Document has recommended against one of the key recommendations of the original GGI report which was the establishment of an International Carbon Registry in Dublin. However, the Review does highlight a number of other positive elements of the Green IFSC Initiative. With regard to the Green Finance proposals (Pillar 2), the Evaluation Group agreed that there are significant investment location opportunities for Ireland in this space and that these are best pursued on the basis of agreed partnership arrangements between the private sector and the development agencies. Both sectors are active in this space at present but, even taking account of the inherent differences in their roles, their respective activities are somewhat more fragmented than they should be if Ireland Inc's promotional activities are to be optimised. There is a need for an agreed, joint promotional approach. Some of this work will be industry-driven, some will be agency/Government-driven and some will involve shared activities. In relation to the Education, Skills and Innovation aspects of the report (Pillar 3) the Evaluation Group considered that these are well articulated and agreed that ongoing work needs to be further enhanced and developed to create a pool of professional expertise which will meet the requirements of investors in green finance and associated projects in consultation with training bodies, with the third- level education providers and with the Department of Education and the HEA. Regarding the proposals in respect of carbon markets (Pillar 1: the establishment of a sovereign-backed International Carbon Standard (ICS) and a Dublin International Voluntary Offset Registry/DIVOR by the Government) the Evaluation Group do not consider that the case for such initiatives, radical and innovative as they are, as set out in the report, are sufficiently robust to allow their endorsement by the Group. The reasons for that conclusion are set out in detail in the report of the Evaluation Group. Following Mr Travers presentation there was a general discussion on the next steps. It was agreed that the development agencies, IDA and Enterprise Ireland, should meet as a matter of urgency with representatives of the Group to progress the required partnership arrangements on the promotion and development of the green finance initiatives as advocated by both the Evaluation Group and the Group. It was agreed that any further consideration of the ICS/DIVOR proposals be "parked" pending progress on these initiatives. Tony Golden, Citi, said that Investment funds which invest in 'Green or Environmental Companies' and which are traded and listed on a regulated stock exchange are no different to administering any other UCITS or regulated fund. Investment funds which invest in 'Carbon Credits' or indeed start up early stage finance green companies may be a little more complex and may fit more into a non-UCITS or QIF type fund. However, provided there are no issues in obtaining prices for these type securities, they can be easily administered. He felt that from a pure 'custody and clearing perspective', there is a possible opportunity. The clearing and settlement aspects of carbon credit trading, as well as the issuance and paying agency aspects which relate to a carbon credit type security is perhaps an activity
where IFSC could carve out an opportunity as a centre of excellence. In other words, while there may/may not be a Carbon credit trading opportunity, there could be opportunities for custody, clearing, issuance and paying agency activities for the IFSC. Citi has an offering currently available. David Guest reported that progress on the Green IFSC initiative had continued during the evaluation period in respect of the marketing of green financial services and green finance education. He noted that Michael Sludds from Department of an Taoiseach would be joining the Green IFSC Steering Group and also noted the support given by an Taoiseach to the Green Asset Management Global network initiative at recent events in the US and China. 6. International Engagement and Marketing Michael Stapleton said that John Bruton, in conjunction with IDA and IFSC Ireland, had a series of bilateral meetings with senior executives up to CEO level, of both existing clients and major target companies in the US in March. IFIA had staged two major platform events and other networking events in New York and Boston. The Taoiseach‟s visit to China had also given the IDA and Industry the opportunity to meet with a number of Chinese banks and interested parties in the aviation finance sector. 7. Strategy Update from Working Group Chairs Asset Management Working Group Robert Richardson reported that the Group had completed a first draft of its strategy document for input into the overall IFSC Strategy. Insurance Working Group Tim Hennessy informed the meeting that the industry members of the Insurance Working Group had met on two occasions to develop their views on possibilities to further develop employment opportunities within existing markets along with opportunities for new entrants. A matrix across the various re/insurance industry sectors was developed encompassing product, jurisdiction, regulatory, tax etc. The broad themes are consistent with Insurance opportunities for growth included in the 2011-16 IFSC Strategy document. Meetings had also been held with FSI and the Insurance Working Group output will be incorporated into the overall document being coordinated by FSI. Banking and Treasury Working Group David Guest reported that a Working Group was progressing with an initiative with participants in the Private Equity/Venture capital sector. The objective of the initiative is to determine whether marketing and development of the IFSC can be expanded to promote growth in this sector together with the established IFSC sectors. The Banking and Treasury Group was also monitoring developments in payment services, intellectual property commercialisation and Islamic finance to identify links and synergies with existing CHG initiatives.
Page 1 and 2: IFSC Clearing House Group 25 Septem
Page 3 and 4: CRD Update The Capital Requirements
Page 5 and 6: held with a range of institutions i
Page 7 and 8: 3. Regulation (incl.Central Bank/In
Page 9 and 10: The Commission characterises the ov
Page 11 and 12: IFSC Clearing House Group 3 April 2
Page 13: What is envisaged is that the relev
Page 17 and 18: IFSC Clearing House Group 18 Januar
Page 19 and 20: 2012 sees the Danish and Cypriot Pr
Page 21 and 22: D/Finance pointed out that when con
Page 23 and 24: areas where clear responsibility li
Page 25 and 26: IFSC Clearing House Group 14 July 2
Page 27 and 28: IFSC Clearing House Group 23 June 2
Page 29 and 30: IFSC Clearing House Group 12 May 20
Page 31 and 32: · If it is levied on Irish pension
Page 33 and 34: 2. Minutes and Matters arising The
Page 35 and 36: Gary Tobin noted that aggressive ta

Clearing House Group Minutes - Department of Taoiseach

Create successful ePaper yourself

Delete template?

Save as template?