Minister’s Brief

epresented and an Industry Advisory Group (IAG) which drives the implementation of the
Strategy.
The plan provides for quarterly updates to the actions which are reported to the Government
and are externally published. To date nearly all of the actions set out under the Strategy have
been achieved.
The Strategy has been refreshed and sets out the implementation agenda for 2016, to be
delivered by Government departments and agencies, in conjunction with the IFS industry.
This commits Government Departments and Agencies to delivering 10 priority actions and
more than 40 measures in 2016 in areas as diverse as the development of Ireland’s research
and innovation ecosystem, our education and skills system, and the promotion of Ireland’s IFS
sector internationally.
In terms of outcomes, four are of note:
• The establishment of a third country bank branch (Credit Suisse) – the first new
banking licence in almost a decade – with the creation of, initially, 100 positions.
During 2015, 2,600 net new jobs were created as part of the IFS2020 Strategy (as
reported by the enterprise agencies)
• International initiatives – such as a RQFII (Renminbi Qualified Foreign Institutional
Investor Quota) renminbi quotas – are being developed with, amongst other the
Department of Foreign Affairs and Trade and the Central Bank. This will ensure that
funds managers can access this quotas to invest in domestic Chinese shares
• the IFS Ireland banner brand was produced in consultation with industry
• the first annual European Financial Forum was held in Dublin Castle in January, 2016
The Strategy is refreshed on an annual basis with the inclusion of new an updated objectives.
The Department has a number of reporting lines under the updated strategy which we report
on a quarterly basis.
FSO PO Amalgamation
Work is on-going by the Risk and Financial Stability team on the amalgamation of the offices
of the Pensions Ombudsman (PO) and Financial Services Ombudsman (FSO). The purpose of
this amalgamation is to improve the operation and effectiveness of the service to consumers
by integrating both bodies an updating the legislation underpinning their work.
The PO and FSO have been physically integrated in one location. Provision has been included
in legislation for the current FSO to assume the office of PO in advance of legislation to effect
the amalgamation.
In terms of the preparation of legislation, the Department published a Regulatory Impact
Assessment, and had a public consultation process which involved engagement with industry
and consumer interests. The Government agreed draft heads of bill on 26 th May 2015.
Page 141 of 184