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IFS
2020
A STRATEGY FOR IRELAND’S
INTERNATIONAL FINANCIAL SERVICES SECTOR
2015-2020
ACTION PLAN 2017
www.ifsireland.com
1
IFS
2020
A STRATEGY FOR IRELAND’S
INTERNATIONAL FINANCIAL SERVICES SECTOR
2015-2020
ACTION PLAN 2017
www.ifsireland.com
CONTENTS
4
IFS2020 ACTION PLAN 2017
FOREWORD7
SECTION 19
International Financial Services (IFS) Strategy Development
The IFS Sector in Ireland
10
Brexit and Contingency Planning
12
International Schools16
Central Bank of Ireland
17
SECTION 2 19
IFS2020 Actions for 2017
APPENDIX41
Glossary of Terms
5
FOREWORD
6
IFS2020 ACTION PLAN 2017
I am pleased to introduce the 2017 Action Plan under the IFS2020
Strategy. Launched in March of 2015, the Strategy constitutes the
Government’s long term vision for the development of Ireland’s
international financial services sector.
The re-appointment by An Taoiseach Enda Kenny TD in May of 2016
of a Minister of State with responsibility for financial services sends
a clear signal of the Government’s strong ongoing commitment to
Ireland’s international financial services industry and it demonstrates
the importance of the IFS2020 Strategy. In developing the Strategy, the
Government envisaged Ireland as a leading global location for specialist
international financial services, across all sub-sectors including: banking;
insurance; funds and asset management; FinTech; payments and business
services; – building on our strengths in innovative technologies, data
analytics, governance, risk and compliance. The Government also set
an ambitious medium-term objective: to grow the numbers directly
employed in the international financial services sector by 10,000 – a net
increase of almost 30% - over the five year term of the Strategy.
The IFS2020 Strategy combines long-term strategic thinking with the
flexible tools to react to any domestic and international developments
occurring over the period. The annual Action Plans enable us to tailor
responses to deal with these challenges and opportunities as they arise.
One such recent development which has given rise to much uncertainty
as we look to the international landscape in the years ahead is the
decision of the UK to leave the European Union. Ireland remains
completely and very strongly committed to our membership of the
European Union and the Eurozone despite the UK referendum. And,
following determined policy action over recent years, Ireland’s economic
recovery is now firmly established and sustainable, and we will be tackling
these new challenges from a position of strength.
While there will be many challenges arising from the UK’s decision to
leave the EU, there are also likely to be some opportunities for Ireland in
relation to international financial services and we will of course, seek to
optimise those opportunities. As the long-term vision for international
financial services, the IFS2020 Strategy was developed and put in place
long before the UK decision to leave the EU. However, it provides a clear
framework to maximise any opportunities that might arise from that
decision particularly through the annual Action Plans and ongoing work in
2017.
Maintaining a vibrant and attractive international financial services sector
requires a financial regulator that is both experienced and innovative.
7
A strong, robust, independent regulator is essential to any successful
international financial system – the Central Bank of Ireland meets all of
these criteria, balancing experience with innovation. The Central Bank is
committed to providing a high quality, fair and transparent authorisation
process for all applicants and it stands ready to engage with new
applicants seeking authorisation or existing firms seeking to extend their
business. Potential applicants will find the Central Bank to be engaged,
efficient, open and rigorous.
Over the coming years, the Irish financial sector will continue to grow,
and quite possibly to a significant extent. The Central Bank is committed
to meeting this challenge. Workforce planning for the next year contains
a Brexit component and contingency planning, including in respect of the
additional applications that may result.
The 2017 Action Plan contains a number of new actions and measures
that reflect the exciting strong potential of Ireland’s IFS sector, while
also updating the existing actions in light of our experiences of the 2016
Strategy. Progress on implementation of IFS2020 will continue to be
reported quarterly to Government and subsequently published. We will
also continue the traffic light reporting model for each action that was
successfully introduced last year.
In conclusion, I want to acknowledge the excellent contribution made
by the public sector High Level Implementation Committee, the Industry
Advisory Committee, other stakeholders and the Department’s IFS
Secretariat to the development of this latest Action Plan for IFS2020.
I am confident that the actions set out for the year ahead will ensure
continued focus on, and momentum behind, our collective efforts to
develop Ireland’s international financial services sector and to achieve
our ambitious jobs creation target which clearly exemplifies the overall
ongoing importance of international financial services to Ireland’s
economy.
Eoghan Murphy TD
Minister of State for Financial Services and Chair of the
IFS2020 Joint Committee
8
IFS2020 ACTION PLAN 2017
SECTION 1
INTERNATIONAL FINANCIAL SERVICES (IFS)
STRATEGY DEVELOPMENT
9
The IFS Sector in Ireland
The international financial services (IFS) sector is an important feature
of Ireland’s economy. With a solid track record spanning close to thirty
years, it has grown from an initial small base in the International Financial
Services Centre (IFSC) in Dublin’s Dockland in the mid-1980’s to a truly
national industry, employing over 40,000 people across the length and
breadth of the country.
The IFS2020 Strategy, a “whole of Government” approach for this
important sector of the Irish economy, was launched in March of 2015.
The Strategy sets out a clear vision for Ireland to be recognised as the
global location of choice for specialist international financial services,
building on our strengths in talent, technology, innovation and excellent
client services, while focusing on capturing new opportunities in a
changing market and embracing the highest forms of governance.
Under the strategic framework of IFS2020, both public and private
stakeholders successfully work together to ensure the further growth and
development of the sector in Ireland.
Financial services policy matters are the responsibility of the Department
of Finance, with the Minister of State, Eoghan Murphy TD, having direct
responsibility for IFS policy including the IFS2020 Strategy. The decision in
May of this year by An Taoiseach to appoint a dedicated Minister of State
with specific responsibility for financial services sends a clear and strong
signal of the Government’s long-established commitment to the further
growth and ongoing development of the IFS industry. The movement of
the IFS2020 Secretariat from the Department of the Taoiseach into the
Department of Finance provides a more seamless service on international
financial services.
The vision encapsulated within the IFS2020 Strategy, which predates the
outcome of the UK EU referendum, provides an ideal platform from which
to grow and develop the IFS sector in Ireland. It ensures that Ireland is
well-placed in an ever-changing domestic and international environment,
to adapt to changing trends and to capitalise on emerging opportunities.
The Strategy sets out an ambitious target of growing the number of
people directly employed in the IFS sector by nearly 30% over the five
year period to 2020, representing a net increase of 10,000 jobs. This
ambitious target indicates the potential contribution to be made by the
IFS sector to the Government’s overall job-creation objectives. In 2015
alone, over 2,600 net new jobs were created by IDA and Enterprise
Ireland-supported companies. Provisional data for 2016 indicate the job
10
IFS2020 ACTION PLAN 2017
creation target remains firmly on track, with current indications of further
economic growth reflecting a strong pipeline of additional new jobs in
2017. This is extremely positive for the companies, the employees, the
sector and the Irish economy. It exemplifies the very real tangible success
of IFS2020.
There are now well over 400 companies employing over 40,000
people directly in the IFS sector in Ireland, including more than 200
Irish owned companies. The IFS sector is a truly national industry, with
approximately one-third of those employed in IFS companies operating
outside the greater Dublin area across a wide range of locations such
as Louth, Donegal, Galway, Limerick, Kerry, Cork, Waterford, Wexford
and Kilkenny. Internationally, Ireland is well-regarded as an IFS location,
greatly enhanced by the advantage of our regional locations in terms of
competitiveness, capacity and talented staff.
11
Brexit and
Contingency Planning
The IFS2020 Strategy is a dynamic and evolving strategy for the IFS
sector which reflects ongoing domestic and international developments.
Evolving from the overall IFS2020 vision and the Government’s
Contingency Planning where it is fully integrated into the wider crossGovernment processes, Brexit both underpins the Action Plan 2017 and
also features in individual measures. As with all change, for Brexit the
focus is to maximise the positive outcomes from the opportunities and
address any challenges. While it will undoubtedly have an impact on
Ireland’s IFS sector, the size and scale of new opportunities from the UK
referendum result are unknown. There will be opportunities to attract
new operations but it is equally important to retain and grow existing
activities by remaining competitive in terms of Ireland’s IFS offering.
In that regard, Ireland will leverage the IFS2020 Strategy as we seek to
maximise opportunities that arise, and we will continue to implement
our clear financial services strategy for driving growth in the international
financial services sector.
Since the UK EU referendum result, there has been an enhanced focus
on international financial services across Government departments and
agencies. There will be some opportunities with Brexit – the Government
is keen to maximise those where possible.
¡¡IDA Ireland has intensified the marketing of Ireland as a location for
IFS including a significant increase in direct communication with its
portfolio of IFS clients and the inclusion of a specific IFS element in its
“Ireland for FDI campaign”.
¡¡Enterprise Ireland launched an intensified international trade mission
programme with a strong focus on key financial services markets.
¡¡The Minister of State for Financial Services Eoghan Murphy undertook
a series of high level promotional visits to the US (New York and
Washington) and Asia (Shanghai, Singapore and Tokyo), as well
as undertaking IFS engagements in Europe, including the UK and
Luxembourg supported by Enterprise Ireland, IDA Ireland and the
Department of Foreign Affairs and Trade embassy network.
¡¡The Minister of State launched the IFS Ireland banner brand in the US
and Asia which included the publication of a new brochure on Ireland’s
12
IFS2020 ACTION PLAN 2017
IFS industry under the IFS Ireland banner brand available in English,
Arabic, Japanese and Mandarin.
¡¡The Minister of State has also increased domestic engagements with
IFS companies, including a specific focus on those located in regional
locations outside of Dublin.
¡¡The second annual European Financial Forum (EFF) will be held in
Dublin Castle on 24 January 2017, showcasing Ireland’s international
financial services environment to an international audience and
highlighting the Irish Government’s commitment to the development of
the international financial services sector.
The mandate for the promotion of Ireland for financial services activities
is undertaken by the IDA and Enterprise Ireland under the auspices of the
Department of Jobs, Enterprise and Innovation, with support from the
Department of Foreign Affairs and Trade embassy network. In that regard,
the Irish Government’s approach and engagement with the IFS sector
in the aftermath of Brexit has been positively received internationally
but it will continue to be reviewed on an ongoing basis to ensure that it
remains focussed and appropriate.
Ireland will continue to promote and show-case itself as a leading
location for specialist international financial services including through
the second annual European Financial Forum in Dublin on 24 January
2017, the IFS Ireland banner brand, and the ongoing work of the
Government departments and agencies.
Contingency planning for Brexit has been ongoing at all levels of
Government well in advance of the UK EU referendum in June 2016. In
addition to independent reviews and contingency planning undertaken
by the Central Bank and the enterprise agencies, a comprehensive
review of the risks and opportunities for financial services was prepared
by the Department of Finance in advance of the referendum. This work
has been, and will continue to be, regularly reviewed and updated by
dedicated teams across Government. Departments are currently refining
their analysis, methodically examining all possible models for the future
UK relationship with the EU, from single market membership to full exit
from the customs union.
Input from all public sector and industry stakeholders will continue to
form a key part of the Brexit contingency planning process. This includes
both informal consultation through ongoing bilateral and multilateral
meetings with domestic and international firms, representative bodies
and Government officials, as well as though the framework of the public/
private IFS2020 Joint Committee, chaired by Minister of State Eoghan
13
Murphy TD. The importance of this dialogue between the public and
private sector is evidenced through the preparation of this IFS2020 Action
Plan 2017 which has involved widespread consultation with, and input
from, all industry stakeholders.
In the context of the potential threats and opportunities to the IFS
sector following the UK EU referendum result, the Irish Government will
continue to leverage the existing IFS2020 Strategy to protect and grow
the sector. In addition to the specific measures included in this IFS2020
Action Plan 2017, all public sector stakeholders including the Department
of Finance and the Department of Jobs, Enterprise and Innovation,
the Department of Foreign Affairs and Trade through the embassy
and consulate network, and the enterprise agencies will continue an
international outreach programme to promote Ireland as a global location
of choice for IFS. This will be enhanced by Ministerial engagements when
required.
Ongoing engagement between the public and private sectors will
continue through the IFS2020 Strategy framework including quarterly
meetings of the IFS2020 Joint Committee chaired by the Minister of State
for Financial Services. Brexit will be a standing item on the IFS2020 Joint
Committee agenda.
One of the principal themes of Budget 2017 was to make Ireland Brexitready, including the publication of a document entitled “Getting Ireland
Brexit Ready” which contained a number of specific actions which
directly impact positively on the IFS sector in Ireland. This included the
extension of the Special Assignee Relief Programme (SARP) to provide
additional certainty for foreign direct investment in Ireland, the extension
and amendment of the Foreign Earnings Deduction (FED) to assist with
diversification of trade into emerging export markets, and the provision
of additional resources to the enterprise agencies (IDA Ireland and
Enterprise Ireland) in the context of Brexit.
Individual firms within the financial services industry have been
considering their location options post UK referendum outcome. Ireland’s
strong track record of attracting and retaining major FDI investments in
recent years proves our competitiveness and capacity to deliver large
scale projects. While other international jurisdictions have capacity and
infrastructure constraints, Ireland is currently well-placed compared to
those other jurisdictions to benefit from opportunities in terms of firms
looking to expand existing activities in Ireland, firms looking to add new
activities to existing operations, and new firms with no existing presence
in Ireland.
14
IFS2020 ACTION PLAN 2017
Ireland is in a very strong position to maximise opportunities arising from
Brexit, not least due to our strong track record and excellent reputation
built up over the past thirty years. The “3 L’s” of Language, Law and
Location are key elements. In addition, there are many other significant
factors that contribute to Ireland’s desirability as a location for IFS such as:
¡¡Firmly and fully committed to the EU and the Eurozone
¡¡The only English-speaking common law country in the EU and the
Eurozone
¡¡A young highly-educated, talented workforce
¡¡A strong pro-business environment, including an open economy and a
stable and consistent corporate tax rate
¡¡A strong and fully-independent financial services regulator providing
high-quality, effective regulation and supervision fully embedded in the
European System of Financial Supervision (ESFS) and, for banks, the
Single Supervisory Mechanism (SSM)
¡¡Close and long-established business links with both the UK and the US
¡¡A strong track record of attracting and retaining global multinational as
well as specialist and innovative financial services firms
The Central Bank and the IDA have confirmed an increased interest in
firms assessing Ireland as a location for financial services authorisation
and investment. The Central Bank, carrying out its functions in the context
of a harmonised approach to financial regulation across the EU, stands
ready to confront any challenges posed by Brexit and will appropriately
address any increase in applications for authorisation.
While firms are making, and will continue to make, relocation and
investment decisions in the short term, the implementation of those
decisions will take place over a longer timeframe. In that regard, Ireland
is well-positioned to address any additional domestic and commercial
property demand that may arise. A Government Housing Strategy –
Rebuilding Ireland – was launched in July 2016. It will see the doubling of
the output of overall housing from the current levels to at least 25,000
per annum by 2020, the investment of €200 million to provide enabling
infrastructure to open up large development sites and the delivery of
20,000 homes by the National Assets Management Agency (NAMA).
Specifically, in relation to commercial office space, it is anticipated
that adequate supply will be available to meet any additional capacity
requirements. There is currently close on 4.5 million square foot of
commercial office space under construction or refurbishment. There is a
further 5 million square foot of office space with full planning permission
in the Greater Dublin area, along with additional competitive property
solutions throughout the regions.
15
International Schools
Ireland is currently considering its international schooling provision
in light of changed demand arising from overseas executives and
professionals across many sectors of the economy with children of
different ages moving to work and live in Ireland in addition to potential
demand arising from Irish parents seeking international schooling for
their children. A consideration of many of those people with children
who move to Ireland is the availability of international schooling, and
specifically International Baccalaureate (IB) education, of which there are
a number of options in Dublin.
Provided there is the potential to expand international schooling
provision in Ireland, it should be possible to meet the demand arising
from overseas executives and professionals (including expatriates) moving
to work and live in Ireland. The ongoing development of international
schooling options will continue to enhance the competitiveness and
growth of Irish enterprises and foreign direct investment by ensuring
that enterprises located in Ireland can continue to attract global talent to
complement domestic supply.
Relevant departments and agencies will continue to monitor the provision
of international schooling in Ireland. The IFS2020 secretariat within the
Department of Finance will operate as a point of contact for interested
parties.
16
IFS2020 ACTION PLAN 2017
Central Bank of Ireland
A key component of a successful and attractive jurisdiction for the
location of financial services activities is a strong and independent
regulator, with international credibility. The Central Bank does not legally
have a promotional mandate.1 However, the Central Bank is committed
to delivering high quality, effective financial regulation and supervision
to achieve its mandate of safeguarding financial stability and protecting
consumers. It has a strong commitment to transparency and clarity in
respect of its authorisation process, ensuring that all applicants have a
very clear idea as to what is expected. In that regard, the Central Bank
has repeatedly encouraged all applicants to engage with them early in the
application process, including initial pre-application meetings which very
often will bring significant benefits to applicants.
The Central Bank carries out its functions in the context of a harmonised
approach to financial regulation across the EU. The Central Bank is
committed to providing a high quality, fair and transparent authorisation
process for all applicants. In doing so, the Central Bank will reprioritise where necessary to meet any increased level of demand and
complexity in applications received for authorisations. The Central Bank
undertakes a rigorous assessment against published rules, processes
and standards derived from EU law, ensuring that regulated firms are
well-run and resourced, and that consumers are protected. To support
this, on a semi-annual basis, the Central Bank publishes a Regulatory
Service Standards Performance Report. This document sets out the
Central Bank’s performance against forty service standards that the
organisation has committed to. These service standards are designed to
inform stakeholders with regard to the length of time certain regulatory
processes will take.
While the Central Bank is aware that outsourcing is a feature of the
financial services industry, it nevertheless expects a firm to have a
substantive presence in Ireland, which will include the entity’s key
decision makers. The Central Bank’s guidelines for authorisation are very
clear. When determining an application for authorisation, the Central
Bank follows clear, published rules and processes derived from EU law,
and is guided by the institution’s mandate of ‘Safeguarding Stability,
Protecting Consumers’. It has to be satisfied that it is not contrary to the
public interest or the interest of good financial regulation to grant an
authorisation.
1. A
s mentioned previously promotional activity is undertaken by the IDA and Enterprise Ireland under the auspices of the Department of Jobs, Enterprise and Innovation, with
support from the Department of Foreign Affairs and Trade embassy network.
17
The Central Bank stands ready to engage with new applicants seeking
authorisation (or existing firms seeking to extend their business) and it
is resourced to meet the level of demand and enquiries that are being
presented, despite the significant increase in enquiries.
The Central Bank regularly emphasises its readiness to confront any
challenges posed by Brexit. It is open for engagement and it has the
resources including dedicated professional teams, to deal with any
increase in applications. The Central Bank has made it clear that its
workforce planning for 2017 reflects the additional resources needed to
deal with applications that come its way, and that the Central Bank has
built in contingency should the need arise.
18
IFS2020 ACTION PLAN 2017
SECTION 2
IFS2020
Actions for 2017
19
IFS2020 ACTION PLAN 2017
Strategic Priority 1:
Promote Ireland as a location for IFS & world class innovative products
and services
Measure Proposal
1
Lead
A public sector financial services sub-group to engage with D/FIN
the Cabinet Committee on Brexit
An existing public sector financial services sub-group, led
by the Department of Finance, will develop a strategic
and prioritised approach to the implications of the UK EU
referendum on the financial services sector, including IFS.
Stakeholders
Deadline
D/FIN, in
consultation
with all IFS
stakeholders
Quarterly
One of the most important elements of the IFS2020
Strategy is that implementation will be supported by a
new model of engagement involving key Government
Departments working in close partnership with industry.
The implementation framework as set out is responsive,
action-oriented, flexible and characterised by high quality
dialogue and engagement between the public and private
sectors. It is based on a shared goal of driving economic
growth, jobs, investment and exports in the IFS sector.
Implementation of the IFS2020 Strategy will continue to
be driven by the IFS2020 Joint Committee chaired by the
Minister of State for Financial Services.
The implications of the UK EU referendum result pose
a significant challenge for the financial services sector
globally. Contingency planning has been ongoing at all
levels of Government well in advance of the result. The
IFS2020 Strategy, which predates the result, will allow
Ireland to leverage the Strategy and provides a framework
to protect and grow the IFS sector in Ireland.
The public sector financial services sub-group, as
appropriate, will engage and liaise with all IFS stakeholders,
including the IFS2020 Joint Committee where Brexit will be
a standing agenda item and will report as required to the
relevant Cabinet Committees chaired by the Taoiseach.
21
Strategic Priority 1:
Promote Ireland as a location for IFS & world class innovative products
and services
Measure Proposal
2
Further progress coordinated IFS messaging under the
IFS Ireland banner brand
The IFS2020 Communications sub-group will liaise closely
with all stakeholders, and report on a quarterly basis
to the IFS2020 Joint Committee, to further progress
and develop IFS messaging to ensure the promotion of
Ireland’s IFS sector is maximised to include:
¡¡an integrated, clear, comprehensive, co-ordinated and
consistent approach from all public and private sector
stakeholders to IFS promotional, communications and
other activities following the outcome of the UK EU
referendum;
¡¡further enhance the coordinated messaging on Ireland’s
IFS sector on a quarterly basis. Key objectives include
raising knowledge overseas of Ireland’s IFS sector and
addressing perceived constraints as identified from
engagement with the Irish diaspora and business
network in 2016;
¡¡continue and enhance the regular updates and
dissemination of marketing materials to promote the
sector internationally and nationally, led by IDA and EI
in conjunction with the embassy network, local market
teams and industry stakeholder groups. Key objectives
include the translation of the promotional brochure on
Ireland and the IFS sub-sectors into key languages, as
required, by Q2 2017.
22
Lead
Stakeholders
Deadline
IDA,
EI and
Comms
Sub
Group
IDA, EI,
Quarterly
D/FAT,
D/FIN,
Industry
Advisory
Committee
(IAC) and
other industry
stakeholders,
as appropriate
IFS2020 ACTION PLAN 2017
Strategic Priority 1:
Promote Ireland as a location for IFS & world class innovative products
and services
Measure Proposal
3
Lead
Stakeholders
Deadline
D/FAT
EI, IDA, D/FIN,
IAC
Quarterly
D/FAT
EI, IDA, D/FIN,
IAC
Quarterly
EI, IDA,
D/FAT
D/FIN
Quarterly
IDA, EI
D/FAT, D/FIN,
D/JEI
Quarterly
IAC
Comms Sub
Group
Quarterly
Strategic promotion and marketing of Ireland’s IFS sector
overseas under the IFS Ireland banner brand
There will be active engagement between industry and
public sector, including a quarterly report to the IFS2020
Joint Committee, on overseas promotion and marketing of
Ireland’s IFS sector to ensure a co-ordinated and strategic
approach to promotion and marketing of Ireland as a centre
of excellence for IFS. Elements of the marketing strategy
will include:
¡¡overseas trade missions: Coordinated programme of
overseas trade missions and high profile IFS-related
events (including Ministerial participation where
appropriate) in consultation with industry stakeholders.
This will reflect the Government’s commitment to
the consolidation of IFS relationships with established
partners and the exploration of new IFS opportunities
in growing markets such as Asia. IFS is expected to be
a key component of the forthcoming cross-sectoral
Government strategies for Asia-Pacific and the Americas.
¡¡shared IFS calendar: Public sector and industry
representative bodies to continue to develop and share
on a quarterly basis an inclusive calendar of IFS-related
events, both international and domestic (regional).
¡¡Ministerial and other official visits: Promote the IFS
sector as part of ministerial visits to key financial services
markets, including the St. Patrick’s Day visits programme.
¡¡banner brand – public sector: Increase deployment of
the banner brand at promotional events organised,
supported or attended by the Departments/agencies and
overseas trade missions.
¡¡banner brand – industry: IFS Industry associations to
deploy the banner brand at industry promotion events
and to include the banner brand in new and updated
promotional material.
23
Strategic Priority 1:
Promote Ireland as a location for IFS & world class innovative products
and services
Measure Proposal
4
Review the European Financial Forum 2017
Lead
Stakeholders
Deadline
IDA
PSCG
Q1 2017
IDA
PSCG, industry Quarterly
stakeholders
IDA
PSCG, industry Q1 2018
stakeholders
D/FIN
D/FIN State
Bodies Group
IDA Ireland will present a review of the European Financial
Forum 2017 to the IFS2020 Joint Committee Q1 2017
meeting.
5
Plan the European Financial Forum 2018
Based on the outcome of the review, IDA Ireland, in
consultation with public sector and industry stakeholders
including the IFS2020 communications sub-group and
the IFS2020 Joint Committee, will prepare a plan for the
hosting of the 2018 event. A project plan, including asks
of all stakeholders and resource implications arising will
be presented to the IFS2020 Joint Committee in quarter
Q2 2017. IDA will continue to update the IFS2020 Joint
Committee quarterly on progress.
6
Host the European Financial Forum 2018
IDA Ireland, in consultation with public sector and industry
stakeholders, will host the third European Financial Forum
in Q1 2018.
7
Conduct a mapping review of access to equity finance in
Ireland with a focus on access by SMEs and issues relating
to investor interest
¡¡The Department of Finance will conduct a mapping
review of access to equity finance in Ireland with a focus
access by SMEs and issues relating to investor interest.
A competitive and innovative equity finance market is
important to ensure that SMEs have sufficient access
to appropriate equity finance. Therefore the mapping
exercise will, in the context of the IFS2020 strategic priority
of promoting Ireland as a location for IFS & world class
innovative products and services, seek to examine if Ireland
has a sufficiently coordinated equity finance market.
24
Q2 2017
IFS2020 ACTION PLAN 2017
European Financial Forum (EFF) 2017
The European Financial Forum was a key deliverable as part
of the 2016 Action Plan. The inaugural forum was held on the
27th January 2016 in Dublin Castle and was attended by over
600 delegates from twenty seven countries. Dublin Castle will
once again play host to the European Financial Forum on 24th
January 2017.
The event brings together both public and private sector leaders
from around the world to lead debate and discussion around
the challenges and issues facing the global economy.
The 2017 Forum will feature keynote speakers and panel
discussions on a number of themes. A major focus for the 2017
Forum will be the macro economic outlook for the European,
Asian and North American economies and impacts for financial
services. Given the many international developments in 2016,
the EFF2017 will be particularly timely in shaping the discussion
around the outlook for financial services in our ever changing
world.
Additional themes include risk-pricing and bank-financed
growth, asset management in a near-zero interest rate
environment, unpicking the Blockchain conundrum, and
promoting diversity in financial services.
Initial headline speakers announced by Minister of State
Eoghan Murphy TD include President of the Asian Infrastructure
Investment Bank, Jin Liqun; Blackrock Vice Chairman, Philipp
Hildebrand; and Credit Suisse Vice-Chair of the Board of
Directors (& Chair of the British Bankers’ Association), Noreen
Doyle. Further information is available on https://live.ft.com/
Events/2017/European-Financial-Forum-2017.
A number of related events will take place in the days around
the Forum itself, organised by IDA Ireland, Enterprise Ireland
and private stakeholders. It is hoped that the 2017 Forum can
be built upon for future years and that the event will grow and
develop into a flagship event for key decision makers in the
international financial services sector.
25
Strategic Priority 2:
Drive continuous improvement in the operating environment and competitiveness of
Ireland’s IFS sector
Measure Proposal
Lead
Stakeholders
Deadline
D/ES
Law Society
Finuas
Network,
UCD
Sutherland
School of Law,
Skillnets
Q4 2017
The Finuas Networks Programme is dedicated to
specialised training within the IFS sector. It is jointly funded
by Government and companies within the sector, and
managed by Skillnets on behalf of the Department of
Education and Skills. The Finuas Networks Programme will
develop and deliver a range of IFS specific post graduate
programmes in 2017, including (measures 7 – 10):
8
Develop a Master’s Degree in International Financial
Services Law
The programme will be submitted to the University
Programmes Board acting on behalf of the UCD Academic
Council for approval by Q4 2017, with delivery commencing
during Q1 2018, subject to demand.
9
Deliver a Higher Diploma in FinTech and a Master’s Degree D/ES
in FinTech
A Higher Diploma in FinTech and Master’s Degree in
FinTech were developed in 2016 by Summit Finuas Network
and the National College of Ireland (NCI) and subsequently
launched in Q3 2016. Subject to review and to demand,
the second iteration of both programmes will commence
during Q3 2017, and include a review of modules relating
to payments and the broader digital economy.
10
Deliver a specialist Postgraduate Diploma in Aviation
Finance and Leasing and an MBA (Aviation Management
Stream)
Maintaining and enhancing Ireland’s reputation as
the global centre of aviation finance and leasing is
contingent upon the availability of a cohort of skilled
aviation leasing specialists and executives. The delivery
of these programmes will contribute significantly to the
enlargement of this cohort and the development of a talent
pipeline of aviation leasing professionals. Both programmes
will commence in Q3 2017, subject to demand.
26
D/ES
Summit Finuas Q3 2017
Network,
National
College of
Ireland,
Skillnets
Aviation
Q3 2017
Finance Finuas
Network,
University
of Limerick,
Skillnets
IFS2020 ACTION PLAN 2017
Strategic Priority 2:
Drive continuous improvement in the operating environment and competitiveness of
Ireland’s IFS sector
Measure Proposal
11
Develop and deliver an Introduction to Aviation Finance
and Leasing short course
Lead
Stakeholders
D/ES
Aviation
Q2 2017
Finance Finuas
Network,
Skillnets
D/ES
FSI, NCI,
Q4 2017
Insurance
Institute,
ATI, other
stakeholders
as appropriate
D/ES
Q4 2017
Other
stakeholders
as appropriate
The Aviation Finance Finuas Network is working with
aircraft leasing and financing companies to agree content
for this pilot programme to be undertaken during Q2 2017.
12
Development of the IFS apprenticeship programmes
Financial Services Ireland (FSI), the National College of
Ireland (NCI), Insurance Institute (II), the Accounting
Technicians Ireland (ATI) and other key stakeholders
will progress the delivery of current IFS apprenticeship
programmes, grow the numbers of apprenticeship
applicants and consider the expansion of the
apprenticeship programme.
Deadline
The Department of Education and Skills, with input from
FSI, II, ATI and other stakeholders as appropriate, will
provide an update to the IFS2020 Joint Committee in Q4
2017.
13
Monitoring skills needs of IFS industry and stakeholder
engagement on education and skills
Skills needs of employers will be monitored through
the new skills architecture as set out in the National
Skills Strategy. IFS stakeholders will engage with relevant
Departments and agencies, through the IFS2020 Education
and Skills Liaison Forum and other appropriate channels,
on the development and implementation of national policy
and education and skills initiatives relevant to the IFS sector,
and the applicability of the provisions of Directive 2005/36/
EC on the recognition of professional qualifications. This will
include, where necessary, engagement of IFS stakeholders
with the new skills architecture. An end of year update will
be prepared for the Joint Committee in Q4 2017.
27
Strategic Priority 2:
Drive continuous improvement in the operating environment and competitiveness of
Ireland’s IFS sector
Measure Proposal
14
Promote IFS as a career option through the SFI Smart
Futures programme
Lead
Stakeholders
Deadline
D/JEI
SFI, Industry
stakeholders
Q3 2017
Revenue,
D/JEI, EI,
IDA, Industry
stakeholders
Q4 2017
The Science Foundation Ireland (SFI) Smart Futures
programme will continue to work in conjunction with IFS
industry partners to engage and motivate young people
to explore career opportunities in IFS. This will include
delivering training and access to school visits for volunteers
from IFS industry partners collaborating to raise awareness
of IFS-related careers among post-primary students and
increasing visibility of IFS-related career stories on the
SmartFutures.ie website
15
Liaise and inform regarding changes to Ireland’s network of D/FIN
double taxation treaties
D/FIN and Revenue Commissioners will, as appropriate,
maintain an open dialogue with the IFS industry, D/FAT
and the Enterprise Agencies regarding negotiations on
new double taxation agreements and updates to existing
agreements, and requests the IFS industry to actively
promote the opportunities of a Double Taxation Agreement
(DTA) among key stakeholders, including policy makers,
investors and entrepreneurs in local markets. An end
of year progress update will be provided to the Joint
Committee.
28
IFS2020 ACTION PLAN 2017
Strategic Priority 2:
Drive continuous improvement in the operating environment and competitiveness of
Ireland’s IFS sector
Measure Proposal
16
Lead
Communicate the Central Bank’s approach to authorisation PSCG
processes
The IFS committees will work with the State promotional
agencies and the private sector to effectively communicate
the Central Bank’s approach to authorisation processes.
D/FIN and the State promotional agencies will update the
IFS2020 Joint Committee.
The Central Bank has built an excellent reputation as a
strong and fully-independent financial services regulator
providing effective regulation and supervision. The Central
Bank is committed to providing a high quality, fair and
transparent authorisation process for all applicants. In
doing so, the Central Bank will re-prioritise where necessary
to meet any increased level of demand and complexity in
authorisations received.
17
Coordinate industry-wide engagement on new payment
technologies
Develop industry-wide engagement to highlight the
benefits of new payment industry developments including
contactless payments usage, payment account availability,
SEPA instant payments, mobile payments and new payment
directives. This can be further supported by the regular
publication of Irish payment statistics, monitoring of key
e-payment measurements and promotion of consumer
information campaigns.
FPAI,
BPFI
Stakeholders
Deadline
EI, IDA, D/JEI, Q2, Q4
D/FIN, IAC,
IFS2020 Joint
Committee,
IFS2020
Comms Sub
Group, other
committees/
groups as
appropriate,
and IFS
representative
bodies as
appropriate
including BPFI,
DIMA, FIBI,
FPAI, FSI, IAIM,
Irish Funds,
Insurance
Ireland
EI, IDA,
Q2, Q4
D/FIN, IFS
2017
representative
bodies as
appropriate
including FIBI,
FSI, FinTech
Ireland
29
CASE STUDY:
Why Vijender’s happy to call Ireland home
Vijender is a 33-year-old Quality Assurance Engineer from India
and was encouraged by a friend at university to move to Ireland
eight years ago. With a passion for technology and innovation,
Vijender says that Ireland is a good place to be. He explains:
“Ireland is the technology hub of Europe so there’s always
something happening. Enterprise Ireland is a good resource and
helpful to access.” He also values the close-knit nature of the
tech scene here. He says: “You could say that Ireland is a bit like
Silicon Valley in terms of opportunities and networking but less
daunting as it’s a smaller community. There’s a lively technology
community here and it’s easy to meet like-minded people who
share a passion for tech. I frequently attend tech workshops or
seminars at the weekends.”
Part of the team at Realex Payments, Vijender took the time to
get to know the culture as he developed his career and upskilled. He says: “my friend from University told me about the
great job opportunities available and put me in touch with other
Indian people, who I stayed with when I first arrived.” He adds: “I
began studying for an MSc in computer science at Griffith College
in Dublin, which took a year and a half. I got a part-time job in a
pharmacy to help with my bills and that was a great way to get to
know the culture”.
Now firmly part of the team in the Dublin offices, Vijender says:
“I’ve been in the role of Quality Assurance Engineer for the last
15 months and I’m very happy. My job is to test software that the
company develops to process credit cards for large companies.”
A diverse role, the job involves working on multiple new projects.
“It’s a good job. It’s challenging but I’m never bored as we get
to work on different projects every couple of weeks,” he adds.
“What’s more, I like the working environment. My managers
listen to what I have to say and are open to suggestions about
new ways of doing things. They’re encouraging too.”
Along with his wife, Padma, the couple make the most of their
downtime. With similar roles in IT, he explains: “I think the work/
life balance in Ireland is a lot better than in India. I work from
8.30am to 5pm most days. In India, the hours are longer. When
I’m not working, we spend time together. We’ve been married for
six years and have one son – Ronan.”
30
IFS2020 ACTION PLAN 2017
Strategic Priority 3:
Drive research, innovation & entrepreneurship in the IFS sector, with a particular focus on
financial technology & governance, risk & compliance
Measure Proposal
18
Promote Ireland’s IFS sector on the Tech/Life Ireland
platform
Lead
Stakeholders
Deadline
EI
EI, IDA, IAC,
Industry
stakeholders
Q2 2017
IDA, ISIF
Industry
stakeholders
Q3 2017
EI
IDA, FPAI
Q2 2017
Tech/Life Ireland is a national initiative to brand Ireland
as a top destination to pursue a career in technology. A
dedicated website www.techlifeireland.com is focused on
attracting talented and experienced tech experts to Ireland.
Recognising the unique blend and integration of technology
and financial services companies in Ireland, a specific focus
will be placed on FinTech & Payments, providing short
company case studies from Irish owned and multinational
companies and testimonials that can be used on the
site. These case studies can be linked to other national
initiatives, like Smart Futures. Enterprise Ireland will update
the IFS2020 Joint Committee in Q2 2017.
19
Develop opportunities, in co-operation with the Ireland
Strategic Investment Fund (ISIF), for co-investment
proposals with a particular focus on asset management.
IDA to engage with ISIF to highlight the potential for
specialist asset managers to receive an investment from the
ISIF, in furtherance of their dual mandate. IDA (& ISIF) will
provide an update to the IFS2020 Joint Committee in Q3 on
the status of co-ordinated activities.
20
Assess the feasibility of establishing a Corporate Alliance
Programme for FinTech & Payments companies
Assess the feasibility of introducing a “FinTech Innovation
Challenge Programme” in collaboration with multinational
companies and the Irish-owned IFS sector. The objective
being to provide a platform and engagement framework
to identify real challenges and opportunities in financial
Institutions and to provide a creative means of solution
through technology and expertise. The first phase of this
action will be to prepare a feasibility report for the High
Level Implementation Committee (HLIC).
31
Strategic Priority 3:
Drive research, innovation & entrepreneurship in the IFS sector, with a particular focus on
financial technology & governance, risk & compliance
Measure Proposal
21
Map financial services research and innovation
activities across Ireland
Lead
Stakeholders
Deadline
FPAI
EI, IDA, SFI,
Tech Centres
Q2 2017
FPAI
EI, IDA
Q3 2017
EI, IDA
D/FAT
Q2 2017
A review will be conducted to map the current R&D
work being undertaken in Blockchain and Payments
across our Higher Education Institutions (HEIs) and
technology centres. This research, coupled with other
work being done by the Blockchain and Payments
working groups, to be used by FPAI to promote Ireland
as a Centre of Excellence for Blockchain and Payments.
Particular areas of focus for payments R&D include
e-payments and e-identity, which can create efficiency
for Irish citizens and Government as well as commercial
opportunities for Irish businesses.
22
Establish a FinTech & Payments Advisory Panel
A FinTech & Payments Advisory Panel made up of
industry practitioners will be established for start-up,
established and scaling companies. The Advisory Panel
will comprise of industry practitioners and experts
to provide domestic and international expertise to
support businesses, a Think Tank to support underlying
technology and future focus for Irish FinTech &
Payments, and an advisory service for product build and
international growth.
23
Appoint FinTech & Payments “advocates” in key
markets
EI and IDA will identify and source experienced FinTech
experts/practitioners in designated markets across the
world to provide market intelligence and introductions
focused on supporting entrance and expansion in key
markets, and advisory service for right
locations/supports/customers.
32
IFS2020 ACTION PLAN 2017
Strategic Priority 3:
Drive research, innovation & entrepreneurship in the IFS sector, with a particular focus on
financial technology & governance, risk & compliance
Measure Proposal
24
Promote and ensure market diversity with priority
given to FinTech & Payments in well-defined markets
Lead
Stakeholders
Deadline
EI
IDA, D/FAT,
FPAI
Quarterly
Industry
stakeholders
Q1 2017
EI, IDA
Q1 2017 and
Quarterly
Support will be provided to companies to promote and
ensure market diversity with priority given to FinTech
& Payments in well-defined markets. This will include
an increase in focus on the Americas, MENA and Asia
Pacific, including a review of ministerial and high level
visits, a renewed focus on the UK to ensure that Irish
interests and partnerships are nurtured and developed
further in close consultation with international business
networks, and the identification of flagship FinTech and
Payments events (e.g. EBA Day, Dublin; Money2020,
Copenhagen), where ministerial or high level
involvement will add significant value to the mission’s
overall objectives. Closer links with other international
FinTech & Payment bodies can also be explored to
support international collaboration at conferences etc.
25
Promote the new Access USA Programme with FinTech EI
& Payments companies
EI will launch the new Access USA Programme to
companies in the FinTech & Payments sector, targeting
new business opportunities, partnerships and
investment.
26
Better connect Ireland’s Regional FinTech landscape
FPAI
With the objective of improving awareness of the entire
FinTech & Payments landscape in Ireland, the FinTech
and Payments Association of Ireland (FPAI) will host
a FinTech & Payments conference in Ireland, national
in nature with a strong regional dimension, and run
a series of events across Ireland promoting different
elements of the FinTech ecosystem, including regional
accelerators and start up incubators. The FPAI further
contributes to industry engagement through its working
group meetings, events, and quarterly fora.
33
33
Strategic Priority 3:
Drive research, innovation & entrepreneurship in the IFS sector, with a particular focus on
financial technology & governance, risk & compliance
Measure Proposal
27
Provide dedicated fund for FinTech start-ups
Lead
Stakeholders
Deadline
EI
FPAI
Q4 2017
IDA
EI, FPAI
Q1 2017
D/FIN
& SME
State
Bodies
Group
SME State
Q1 2017
Bodies
Group, D/JEI,
Central Bank
of Ireland,
Competition
and Consumer
Protection
Commission
and relevant
industry
partners.
EI will provide dedicated early stage investment for FinTech
start-ups in Ireland to invest up to €500,000 in early stage
start-up FinTech companies.
28
Host a payments industry roundtable in London to discuss
opportunities in the sector
IDA will organise and host a roundtable in London to
discuss developments in the payments sector and how
Ireland is positioned as a Centre of Excellence for Payments
companies.
29
Conduct public consultation on crowdfunding
Having regard to emerging international best practice,
and in the context of the EU Commission Action Plan
on Building a Capital Markets Union, the Department of
Finance will conduct a Public Consultation on the potential
regulation of crowdfunding in Ireland.
Crowdfunding can be a valuable source of funding for
SMEs either as a complement to, or as an alternative to
traditional bank finance. It is a technology based recent,
innovative and continually evolving type of financial service
and in context of the IFS2020 strategic priority to drive
research, innovation and entrepreneurship in the IFS sector,
has the potential to make a positive contribution to the
development of the Irish FinTech sector.
34
IFS2020 ACTION PLAN 2017
CASE STUDY:
Taking a byte out of Ireland’s FinTech
industry with Xiuyuan
Xiuyuan has been in Ireland for 5 years, originally arriving as
part of an exchange programme with Galway Mayo Institute of
Technology (GMIT) where she studied IT with business and later
digital applications and forensic computing at University College
Dublin (UCD). From her first day in Ireland the experience has
been a very positive one. After graduation, Xiuyuan decided to
stay in Ireland as there are so many opportunities and it wasn’t
difficult to get a visa with her qualifications. She now works
for Ward Solutions who provide IT security consultancy to a
number of industries including financial services. “I think Ireland
is very innovative, as there are so many different tech HQs
here. And there’s a lot of opportunity for people from different
backgrounds.”
Along with gaining experience in the FinTech sector, Xiuyuan says
that Ireland offers a good quality of life. She notes: “The lifestyle
is really good. It’s more relaxed than at home, and a lot less high
pressured. My friends in China work a lot longer, generally until
9 or 10 at night. Whereas everyone here enjoys their life. I go
out with my Irish colleagues and we have a Chinese IT group
online. We exchange ideas and tell everyone if there are any
opportunities in our companies.” She adds: “At weekends, we
like to do different things. Sometimes we go hiking, and we also
travel around Ireland. We’ve gone to Kerry, Galway and Wicklow.
It’s really beautiful. I think it’s quite different to the Chinese
countryside. In China, we have more lakes whereas here there
are a lot more mountains.”
Happily settled in Dublin, Xiuyuan and her boyfriend plan on
staying in Ireland as long as possible. She says: “We came over
together as part of the exchange programme and started dating
afterwards. He works in IT. I’d like to stay here for another 4-5
years. But eventually, we have to go home. I would love my
parents to visit Ireland before then.” For anyone considering a
move over, she adds: “Irish people are very friendly so I think it’s
an easy place to come to. They’re very patient so will take time to
listen to you, and talk to you – even when your English isn’t very
strong initially.”
35
Strategic Priority 4:
Develop job-creation opportunities from emerging IFS sub-sectors and new markets
Measure Proposal
30
Promote IFS on a regional basis
Lead
Stakeholders
Deadline
IDA
Industry
stakeholders
Q2 2017
D/JEI
Action Plan for Q4 2017
Jobs
implementation
committees, EI,
IDA
D/FIN
Industry
stakeholders
Q2, Q4
2017
D/FIN
Industry
stakeholders
Q4 2017
Showcase the competitive and operational advantages of
a regional location for new and existing IFS activities, by
hosting an event in Dublin in Q2 2017 with a number of
senior executives from a range of sub-sectors, insurance,
funds etc., located in different regions presenting to
potential investors, supported by the Property Division of
IDA.
Between June 2015 and January 2016, the Department of
Jobs, Enterprise, and Innovation published eight Regional
Action Plans for Jobs, aimed at raising employment levels
in the regions and facilitating them to achieve their
economic potential. All of the regions in Ireland have
potential for economic growth and employment creation
in the IFS sector. Focus on the regions is critical to realising
the potential within regions as key contributors to the
growth of and the creation of employment in the IFS
sector.
31
Identify areas for further IFS related actions
The Department of Jobs, Enterprise and Innovation (D/JEI)
will monitor progress of IFS-related measures within the
Regional Action Plan for Jobs and identify, in consultation
with EI, IDA and other stakeholders, areas for further
IFS-related actions within the rolling framework. D/JEI
will provide an end-of-year update to the IFS2020 Joint
Committee.
32
Monitor developments on capital markets union
The Department of Finance will monitor EU developments
on Capital Markets Union and provide an update to the
IFS2020 Joint Committee of significant developments.
33
Covered bonds environment in Ireland
The Department of Finance will assess the case for
amendments to covered bond legislation and provide an
update to the IFS2020 Q4 Joint Committee meeting.
36
IFS2020 ACTION PLAN 2017
Strategic Priority 4:
Develop job-creation opportunities from emerging IFS sub-sectors and new markets
Measure Proposal
34
Lead
Stakeholders
Deadline
D/FIN
D/FIN
Q3 2017
D/FIN
Industry
stakeholders
Q4 2017
Assess Ireland’s legislative framework for financial markets D/FIN
infrastructures to ensure it meets the needs of Irish market
participants, consistent with EU law and sound financial
regulation
Industry
stakeholders
Q3 2017
Ireland as a global location for private equity funds
management
Progress proposals for legislative changes to provide
appropriate limited partnership structures to support
development of the private equity fund industry.
35
International Financial Institutions located in Ireland
The Department of Finance will continue to promote
Ireland as the location of choice for the European Banking
Authority and update the Public Sector Co-ordination
Group (PSCG) at key milestones in the process.
The location of international financial institutions in Ireland
sends a positive signal to the global financial services
sector of the importance that Ireland places on its IFS
sector. The location of such institutions could result in a
clustering effect, positively influencing financial services
companies. In that regard, the opening in December 2016
of the European Investment Bank Group Office for Ireland
underpins the existing strong relationships between the
Bank and Irish authorities and private sector partners
and represents an opportunity to further build on the
well-developed funding ecosystem for new and existing
companies located in or considering investing in Ireland.
36
With input and where required action from key
stakeholders, the Department of Finance to best represent
Irish interests in the ongoing EU legislative programme
in this area, and assess Ireland’s domestic legislative
framework to ensure that it meets the needs of Irish market
participants, consistent with EU law and sound financial
regulation. An update will be provided to the IFS2020 Joint
Committee in Q3 2017.
37
Strategic Priority 4:
Develop job-creation opportunities from emerging IFS sub-sectors and new markets
Measure Proposal
37
Sustainable Nation Ireland will continue to focus on
the further promotion and positioning of Ireland as
an international hub for green finance, while raising
awareness of this responsible and sustainable investment
area
¡¡Sustainable Nation Ireland will promote Ireland as a
centre for green finance including the establishment
of Europe’s first dedicated Climate Finance Accelerator
through its on-going relationship with Climate-KIC, the
further development of key international partnerships,
and the co-hosting of the Global Sustainable Capital
Forum in Dublin in December 2017.
¡¡Sustainable Nation Ireland, supported by Sustainability
Skillnet, will deliver a Certificate in Green Finance
accredited at Level 7 on the National Framework of
Qualifications and roll out Academy responsible investing
online courseware.
¡¡Sustainable Nation Ireland will support the establishment
in Ireland of a new low-carbon investment fund focused
on investing in Irish cleantech SMEs at a regional level, by
extension supporting regional job growth.
¡¡Sustainable Nation Ireland will engage with the IFS2020
Joint Committee in Q3 2017 regarding progress on the
promotion and positioning of Ireland as an international
hub for Green Finance.
IFS2020 sets out a vision for Ireland to be the recognised
global location of choice for specialist international financial
services. Green finance provides a unique opportunity
to build on Ireland’s reputation as a centre of excellence
for niche international financial services and as a hub
for innovative technology-driven international financial
services. Sustainable Nation Ireland is working to position
Ireland as a global leader in Green Finance.
Sustainable Nation Ireland aims to support and develop
ideas, innovations and investment strategies to successfully
transition Ireland to a low-carbon economy.
38
Lead
Stakeholders
Sustainable Sustainability
Nation
Skillnet,
Ireland
PSCG, other
stakeholders
as
appropriate
Deadline
Q2, Q4
2017
IFS2020 ACTION PLAN 2017
Strategic Priority 4:
Develop job-creation opportunities from emerging IFS sub-sectors and new markets
Measure Proposal
38
Aviation Leasing and Financing
Lead
Stakeholders
Deadline
IAC
D/TTAS,
IFS2020 Joint
Committee,
NCADF
Q3 2017
IDA
Industry
stakeholders
Q4 2017
The Aviation Finance and Leasing sub-sector will engage
through the IFS2020 Industry Advisory Committee (IAC)
and other structures such as the National Civil Aviation
Development Forum (NCADF) and associated working
groups, as appropriate, in relation to the development of
the sub-sector. The industry representative on the IAC will
update the IFS Joint Committee in Q3 2017 in relation to
issues of interest to the sub-sector.
The National Civil Aviation Development Forum (NCADF)
was launched in February 2016. The establishment
of the Forum follows a specific action contained in
the National Aviation Policy for Ireland published in
August 2015. The Forum provides a platform for key
public sector stakeholders to engage with industry on
the development of national and international policy
affecting aviation in Ireland. The Forum has approved
a number of recommended actions in the context of
removing constraints for attracting and retaining talent
from overseas, and seeks the engagement of relevant
Departments and agencies with the Forum with a view to
implementing those actions.
39
Maximise opportunities presented by ongoing global
developments in front, middle and back office activities
Convert investment opportunities - front, middle and back
office - in banking, payments, insurance, reinsurance,
funds and asset management arising from ongoing global
developments in the context of the Government’s IFS2020
strategic measures.
39
Strategic Priority 4:
Develop job-creation opportunities from emerging IFS sub-sectors and new markets
Measure Proposal
40
Review the current status of market based financing with a IDA
workshop focused on opportunities for Alternative Credit
Managers in the European market
At the time of drafting IFS2020, the employment potential
for non-bank finance activities was a key consideration.
Following the original IFS2020 strategy action, a series of
engagements related to the publication of the CMU and
proposals aimed at restarting the European securitisation
market took place. In addition the Central Bank introduced
a framework for loan origination by investment funds in
2014. Against this background and the uncertainty in the
wake of Brexit, with the FCA regulating the majority of
corporate credit managers, a workshop will be held to
determine the state of the market for existing investments
and future development of regulatory structures in Europe.
40
Lead
Stakeholders
Deadline
Industry
stakeholders
Q1 2017
IFS2020 ACTION PLAN 2017
APPENDIX
GLOSSARY OF TERMS
41
BPFI
Comms Sub Group D/ES D/FAT
D/FIN D/JEI
D/TTAS
DIMA
EI
EFF
FIBI
FPAI
FSI
HLIC
IAC
IAIM
IFS
ISIF
NCADF
PSCG
SFI
42
Banking & Payments Federation Ireland
Communications Sub Group of the IFS2020 Public Sector Co-Ordination Group
Department of Education and Skills
Department of Foreign Affairs and Trade
Department of Finance
Department of Jobs, Enterprise and Innovation
Department of Transport, Tourism and Sport
Dublin International Insurance and Management Association
Enterprise Ireland
European Financial Forum
Federation of International Banks in Ireland
FinTech & Payments Association of Ireland
Financial Services Ireland
High Level Implementation Committee
Industry Advisory Committee
Irish Association of Investment Managers
International Financial Services
Ireland Strategic Investment Fund
National Civil Aviation Development Forum
Public Sector Co-ordination Group
Science Foundation Ireland
44

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