Clearing House Group Minutes - Department of Taoiseach

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It is hoped that a significant package of IFSC supportive measures will be included in the Finance Bill. Obviously, given the current state of the public finances, the focus has been on progressing issues with little or no cost for the Exchequer. The Budget speech is currently in preparation. The speech will once again outline the Government's absolute commitment to the 12.5% Corporation tax regime. 6. Report on Central Bank / industry engagement Matthew Elderfield reported that a very useful meeting had taken place between the senior regulatory management team of the Central Bank and senior industry representatives in September at which the Central Bank set out its strategy for 2012, including setting out the banking and supervisory challenges, rolling out the new supervisory approach (PRISM) and reforming supervision and regulation. Pat Farrell said that industry would send in a formal response before January 31 2012. Matthew Elderfield indicated that bilaterals with industry would continue in the future. The Chairman concluded that this was a useful exchange and the bilaterals were a good forum for discussing regulation specific issues. 7. Marketing IDA/IFSC Ireland IDA Ireland provided an update on the pulse of their international financial services business; - Activity within the Sector is strong, based on site visits, investor queries and investments won; - Overseas marketing activity continues apace and has been enhanced by the effective collaboration with IFSC Ireland; - Client feedback on the various platform events put in place with IFSC Ireland has been very positive and further events are planned for 2012 in Frankfurt, New York, Brussels and London; - IDA plans to allocate additional resources to its financial services Division during 2012 through internal redeployment; - The recent joint venture with the funds industry whereby IDA's overseas office network will act as representative offices for the Sector is a further positive development. Pat Farrell updated on the activities of IFSC Ireland. There were two important dimensions to John Bruton‟s programme in 2011; overseas promotional visits to target markets in collaboration with IDA Ireland and industry representative bodies, bilateral meetings both here and overseas with firms interested in making new or additional investment into Ireland. An important complimentary aspect to John‟s work was his strong articulation of the Ireland Inc story as an integral part of the overall messaging. 8. Date of next meeting: The next meeting takes place at 10am on Wednesday 18 January 2012.
IFSC Clearing House Group 14 July 2011 Department of the Taoiseach, Room 301 at 9.30am Attendance Dermot McCarthy (Chair) Michael Sludds (Secretary) Kieran Donoghue Gary Tobin Jim Byrne Bob Keane Fergus Murphy Brendan Bruen Tony Golden Padraig Rushe Brian Daly Paul McGowan Tim Hennessy David Fagan Joe Breslin Pat Farrell Patrick Brady Peter Keegan Pat Wall Aileen O‟Donoghue Breda Power Willie Slattery David Guest Robert Richardson Gary Palmer 1. Apologies Kevin Cardiff Matthew Elderfield William Beausang Neil Ward Barry O‟Leary John Feely Deirdre Somers D/Taoiseach D/ Taoiseach IDA Ireland D/Finance Revenue D/ETI FSI FSI CITI Bank of Ireland KPMG Chair Funds Group Axis Capital/FSI Legal & General Enterprise Ireland IBF/FIBI Central Bank BOAML PWC ISE D/JEI State Street Ulster Bank Pioneer Investments IFIA D/Finance Central Bank D/Finance BMO IDA Ireland Attain ISE 2. Minutes and Matters arising The Minutes of the meeting of 23 June 2011, as circulated, were agreed. 3. Adoption of Strategy Document In relation to the IFSC Strategy, the Chair noted that the document agreed by the Group at its previous meeting had been finalised and approved by Cabinet. Printed versions of the
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Clearing House Group Minutes - Department of Taoiseach

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