IFSC work summary - Department of Taoiseach

1. Transparent and competitive direct and indirect tax framework2. Credible, responsible and proportionate regulatory regime3. Development of new business lines4. Coordinated international engagement and marketing5. Integrated support for investment and growth6. Targeted development of appropriate skills7. Sustained control of business costsA key focus of the Group since the publication of this Strategy has been tocontribute to its implementation to ensure that the necessary enablers are in placeand any unnecessary barriers to growth are addressed.Since its launch both the public and private sectors have been actively involved inexecuting the Strategy across a broad front. Considerable progress has been madeincluding securing a number of very significant investments through the IDA.Approximately 5,000 jobs have been approved in the international financialservices sector since January 2011. Other positive developments include:Significant progress on initiatives such as Green Finance and IslamicFinance;Notable investment wins by IDA Ireland including Northern Trust,Mastercard, Paypal, HedgeServ, ICBC Leasing and CIMB Principal Islamic,Fidelity and Butterfield FulcrumA Technology Centre in Financial Services has been launched with initialresearch projects approved; and

The Chair of the Clearing House Group has also written to the Chairman of theOireachtas Joint Committee on Finance, Public Expenditure and Reformoffering to brief them on the work of the Clearing House Group.These initiatives will ensure increased awareness of the continued importanceof the International Financial Services Sector to the Irish economy andhighlight the progress that is being made by the private and public sectorworking together in terms of creating and protecting jobs for Ireland.