Clearing House Group Minutes - Department of Taoiseach

areas where clear responsibility lies with an existing body or working group, this would be
formally delegated.
The Working Groups were being asked to complete work plans by the 28 February on aspects
of the strategy that were sector specific. Cross-sectoral strands were also on-going, and a
consolidated plan would be prepared for the March meeting of the group. In implementing
the strategy, consideration will be given to the establishment of standing cross-sector groups
where appropriate, if necessary adjusting the meeting frequency of the sector working groups
to keep workload constant.
Timelines were agreed as:
By Jan 31 – Industry submission to Central Bank
By Jan 31 – Go-live of IT resource
By Feb 28 – Each Working Group to document implementation and ownership plans
and provide to the Department of the Taoiseach.
By Feb 28 – Work plans (supported by workshops if necessary) on
o Education and skills
o Tax priorities
o Shared services, ICT/FS convergence
o Targeting of Asian market
o Coordination of international engagement and marketing
March - Broad industry workshop involving CHG and Working Groups to review
progress and identify outstanding items.
4. Green IFSC Evaluation process
David Guest confirmed that he and other members of the Green IFSC Steering Group were
scheduled to meet the Chairman of the review panel, John Travers, on 28 November.
The Review panel is to meet twice in December including a meeting with the full Steering
Group on 20 December. He also emphasised the importance of completing the review process
within a reasonable timeframe, ideally by end January 2012.
5. Budget and Finance Bill process
Ann Nolan reported to the meeting that:
The Tax Policy Unit in the Department of Finance has met with the tax subgroups of the
various IFSC sectors: funds, banking and treasury, insurance, Green IFSC and international
asset financing in the run up to the Budget and Finance Bill.
In total more than 10 separate meetings have so far taken place.
A specific paper on tax issues impacting on the IFSC prepared by the Department of Finance
was discussed recently by the Government's Tax Strategy Group.
Many of the issues raised by the various tax subgroups were sector specific and these are
being pursued bilaterally in the context of the forthcoming Finance Bill which will be
published early February 2012.
Some issues raised cut across different IFSC sectors. The most prominent issue has been in
relation to SARP - the Special Assignee Relief Programme.