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Financial services ‘has potential to create 10,000 jobs’

The financial services sector has the potential to create up to 10,000 jobs over the next five years, according to a major strategy document released by the Government.

The ‘IFS 2020 — a Strategy for Ireland’s International Financial Services Sector 2015-2020’ was unveiled in Dublin yesterday by the Taoiseach Enda Kenny and the Tánaiste Joan Burton.

The IFS 2020 paper looks to make Ireland a global leader in a number of key areas in the financial services sector.

The Clearing House Group, which was responsible for the development of the IFSC, will be scrapped and replaced by a cross-departmental and private sector collaboration.

Junior Minister for Finance Simon Harris will chair a committee comprising of the secretary generals of the Departments of Finance; Public Expenditure and Reform; Jobs, Enterprise and Innovation and Foreign Affairs as well as the chiefs executive of Enterprise Ireland and the IDA.

A new unit in the Department of An Taoiseach will be responsible for implementing IFS 2020. The global embassy network will be responsible for promoting Ireland as a location for financial services.

Mr Harris announced that Ireland will host a major annual financial services summit, most likely beginning next February, with the aim of showcasing the potential of the country to investors.

IFS 2020 cites, green finance, Islamic finance, aircraft leasing, securitisation, and financial technology as potentially lucrative areas.

Speaking to reporters prior to the launch of the document, Mr Harris said that the plan was to attract companies and create jobs throughout the country and not just Dublin.

The five-year strategy will also address education and skills; regulation and corporate governance.

The Central Bank is responsible for regulating the financial services sector.

Mr Harris noted that the central bank is independent and outside government control. However, the committee would ensure that there was full transparency around Ireland’s regulatory framework and communications between the regulator and all stakeholders would be conducted in an timely manner.

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