Former PM to Head Ireland’s International Financial Services Center

Former Taoiseach (Prime Minister) and European Union Ambassador to the United States, John Bruton, has agreed to accept a newly created position as the Chairman of the International Financial Services Center (IFSC Ireland).

The association’s bulletin described the new role as a “private sector initiative” and indicated that Bruton would “work with the industry to promote Ireland as a location of choice for international financial services, to identify opportunities for the development of the IFSC, and will act as a point of contact and advice for potential investors.”

Bruton commented: “I’m delighted to accept this invitation to work with IFSC Ireland to promote Ireland’s international financial services industry, which already supports in excess of 25,000 well paid jobs. Bringing jobs to Ireland will be my overriding priority in this new role, on behalf of the organizations who have come together to establish IFSC Ireland.”

He also explained that the international financial services industry in this country has “remained resilient throughout the global downturn and is continuing to act as a source of well paid employment particularly for young qualified graduates. It is also the source of many further spin off jobs.

“This key group will be the mainstay of our economic recovery and I am particularly pleased to be asked to play a part in ensuring that we continue to generate new employment opportunities in the IFSC for our young people .The IFSC is a global centre of excellence in key areas of banking, fund administration, and insurance.

“It is a success story that we should be proud of. I hope to be able to put my experience overseas, previously in the public sector and now in the private sector, to use to promote the industry in a manner that maximizes the employment benefits of the IFSC for Ireland.”

IFSC Ireland was developed and is being wholly funded by the Irish Funds Industry Association, Financial Services Ireland, the Federation of International Banks in Ireland, the Institute of Bankers, the Irish Stock Exchange, the Irish Association of Investment Managers, and the Dublin International Insurance and Management Association [DIMA – www.dima.ie].

In a joint statement the organizations establishing IFSC Ireland welcomed Briton’s acceptance, adding that the “Irish economy faces many challenges including the need to attract investment and stimulate job creation. The establishment and growth of the IFSC was one of the driving forces of Ireland’s economic transformation over the last 25 years. The industry believes that the IFSC can, once again, play an important role in supporting our economic recovery. However, in light of the quickening pace of the global recovery in international finance the industry believes that it has a responsibility to take the lead in ensuring that Ireland is positioned to attract further investment in this important area.”

Barry O’Leary, CEO of IDA Ireland welcomed the “creation, by the industry, of IFSC Ireland and the appointment by IFSC Ireland of a Chairman of such global standing to represent it.” He promised the Authority’s support.

He also noted that the “international financial services sector in Ireland has proved to be very resilient despite the current economic situation. We believe there are significant investment opportunities for Ireland to win across a broad range of activities within the industry. These will generate highly skilled employment thereby assisting our economic growth and recovery. We look forward to collaborating with the industry and the new Chairman to ensure this comes to pass”

Source: IFSC