the ifsc Dublin: challenge and opportunity - Public Affairs Ireland

Public Affairs Ireland Conference:The IFSC Dublin:Challenge andopportunityKeynote speaker, Martin Mansergh TD,Minister of State at the Department of FinanceThursday, 26 March 2009 • Venue: Westin HotelThese are worrying times in the financial services industry.The global financial crisis has led to problems for ourdomestic banks but, in an IFSC context, also for theinternational names which up to recently were regarded asgiants of the financial services sector.There are over 430 international operations trading in theIFSC and they employ some 17,500 at present while thecorporation tax take from IFSC companies has been of theorder of €800 million in recent years. Even with the presentturmoil in financial markets, Ireland is still one of the leadingglobal fund jurisdictions, with in excess of $2 trillion in assetsunder administration in over 10,000 funds.The international institutions, faced with sub-prime andother losses, have already begun to change their businessfocus and to lay off staff. The IFSC, long a shining exampleof the celtic tiger years, now faces its first serious setbacksince it was established in 1987.The public and private sectors have worked in harmonyover many years to create investment, jobs and therejuvenation of the part of the city that is now the IFSC. Formany who were there at the outset, it is clear that there wasa meeting of minds to secure the success that has beenachieved. There are lessons to be learned from the past asit becomes essential now to reinvent the IFSC and developit in new ways to meet the challenges of today. The publicand private sectors have continuing and complementaryroles to play in this evolution and, with ingenuity andadaptability, there is no doubt that successful outcomes canbe achieved.The Minister of State at the Department of Finance, DrMartin Mansergh TD, will be the keynote speaker at thisconference which will address some of the issues arisingin a positive and constructive manner. He will be joinedby speakers from the Financial Regulator, the IDA and theRevenue Commissioners among others. It is a short, sharp,focused event with contributions from today’s policymakersand industry practitioners.In this time of unprecedented turmoil in the financialworld, this conference will be of critical interest to anyoneconcerned with the future prosperity of the IFSC in Ireland.It should be of keen interest to anyone working in the IFSCor with international financial service companies, regulators,policy-makers in Government departments and agencies,and anyone affected by the financial crisis. We know yourtime is valuable and guarantee that delegates can be backat their desks after lunch. There will be no workshops, nococktails, just honest to goodness focus on the issues thatmatter to you.Sponsors:www.publicaffairsireland.com

CONFERENCE AGENDA9.00amIntroduction – Don Bergin, Director, Public Affairs Ireland9.10amKeynote address – Current Government objectives for the IFSC– Martin Mansergh TD, Minister of State at the Department of Finance9.30amAchieving a competitive and strong international financial sector in Ireland– threats and opportunities,– William Slattery, Managing Director, State Street International (Ireland) Limited10.00amRegulatory issues to be faced: the industry perspective– Pat Farrell, Chief Executive, Irish Banking Federation10.25amThe tax regime as an incentive for inward international financial businessinvestment– Michael O’Grady, Commissioner, Revenue Commissioners10.50amQ and A11.00amCoffee11.15amChair, second session: Fiona Reddan, journalist and author of Ireland’sIFSC: A Story of Global Financial Success.11.20 am Passporting and other recent developments in the Funds sector– Andrew Bates, Partner, Dillon Eustace11.55amThe prospects for the industry in more challenging times– Barry O’Leary, CEO, IDASponsors:www.publicaffairsireland.com

CONFERENCE AGENDA12.20pmProactivity and cooperation - the keystones for recovery– Brian Daly, Partner, KPMG12.45pmQ and A13.00 LunchSpeakersMartin Mansergh TD is Minister of State at the Departmentof Finance, including special responsibility for the Office of PublicWorks and Minister of State at Department of Arts, Sports andTourism, with special responsibility for Arts. A TD for TipperarySouth, he was formerly a member of Seanad Éireann having beenelected on the Agricultural Panel after nomination by the IrishThoroughbred Breeders Association, 2002. He was a political andNorthern Ireland advisor to three Taoisigh and leaders of FiannaFáil over 21 years, 1981-2002.Don Bergin is a former senior official in the Department ofFinance and a director of Public Affairs Ireland. In his career,Don had responsibility for PPPs, Government Procurement policy,Privatisation policy, Corporate Governance and Budgetary issues.William Slattery became managing director of State StreetInternational (Ireland) Limited in February 2003 and ExecutiveVice President of State Street Ireland and Head of EuropeanOffshore Domiciles in June 2008. Between 1996 and 2001, Mr.Slattery held several senior compliance and risk managementpositions in the asset management divisions of Deutsche Bankin London and Deutsche Morgan Grenfell in Ireland. He wasmanaging director and global head of risk management from 1999to 2001. Prior to 1996, Mr. Slattery worked for the Central Bank ofIreland for more than 20 years, supervising Dublin’s InternationalFinancial Services Centre from its establishment in 1987 until1995. Before leaving the Central Bank, Mr. Slattery was deputyhead of banking supervision with responsibility for the supervisionof all Irish banks and building societies.Pat Farrell was appointed Chief Executive of Irish BankingFederation (IBF) in January 2004. Pat is a member of a number ofcommittees including the Department of the Taoiseach’s ClearingHouse Group, the Financial Services Consultative Industry Panel,the High Level Implementation Group on Better Regulation andthe Executive Committee of the European Banking Federation.Michael O’Grady is one of three Revenue Commissionerswho are responsible for running the Irish tax and customsadministration. He was appointed to the Revenue board in 2002.At present, he has overall responsibility for the Revenue Divisionsdealing with tax policy, legislation and interpretation (includinginternational tax), the largest corporate groups and Revenue’scollection and tax debt management functions. Michael has spenthis entire career in the Irish Revenue. He is also an accountant anda barrister.Fiona Reddan is a journalist and author of “Ireland’s IFSC: AStory of Global Financial Success”, published in 2008 by MercierPress. Described by The Irish Times as “required reading for anyoneseeking to understand the Irish financial services industry”, the booktraces the development of Ireland’s international financial servicessector and identifies its critical success factors as well as assessingfuture potential. A regular contributor to The Irish Times, Fiona is aformer deputy editor of Finance magazine and Finance Dublin. She isa graduate of both UCD and the University of Limerick.Andrew Bates is the Head of the Financial Services Department,current Council Member of Irish Funds Industry Association, regularspeaker on funds related topics as well as author of numerous articles/contributor to industry publications. Andrew has recently workedon issues including side pockets, UCITS eligible assets, and privatecompany offers of securities. Andrew sits on the boards of severalinvestment fund platforms, life insurers and asset managers.Barry O’Leary was appointed as Chief Executive Designate ofIDA in October. He has worked in IDA for over 30 years in most of itsbusiness areas, including two periods totalling 15 years in Germany,latterly as Director Europe until 2002. He has been deeply involvedin changing the profile and raising the value of Ireland’s inwardinvestments in the past ten years. He has also undertaken strategicchange and built new strengths in R&D, medical technologies,information and communications technologies (ICT) and otherareas. He has led IDA teams that won world-class investments fromcompanies such as Centocor, Cisco, IBM, Intel, Kellogg’s and SAPamong many others. In addition he is a board member of the DublinMolecular Medicine Centre and of the Institute of Neuroscience inTrinity College Dublin.Brian Daly is a partner in KPMG, head of the firm’s FinancialServices (FS) practice, head of the FS Tax Group and a member ofKPMG’s leadership team. He advises major clients of the firm inbanking, insurance, leasing and leveraged buyout areas. Brian is amember of the Department of the Taoiseach’s International FinancialServices Tax Group which contributes views to the Government onkey tax issues affecting the success of the international financialservices sector in Ireland. Brian specialises in International Taxand has made many presentations at International Conferences onthe attractiveness of doing business in Ireland. He is also editor ofKPMG’s Tax Monitor which comments on key aspects of Ireland’stax environment. Brian is a graduate of UCD and is a member ofthe Irish Institute of Chartered Accountants and the Irish Institute ofTaxation.Sponsors:

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