Press release
Minister of State Michael D’Arcy TD launches the IFS2020 Action Plan for 2019
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Michael D’Arcy TD, Minister of State for Financial Services and Insurance at the Department of Finance today launches the ‘IFS2020’ Action Plan for 2019.
First launched in 2015, ‘IFS2020’ is a five-year Strategy for the development of Ireland’s international financial services (IFS) sector.
The Strategy’s vision is for Ireland to be the recognised global location of choice for specialist international financial services. The Strategy’s job creation target is 10,000 net jobs across the combined International Financial Services (IFS) portfolios of IDA Ireland and Enterprise Ireland between 2015 and 2019. The employment target in the Strategy is on track to be achieved withalmost 9,000 net new jobs created across the combined IFS portfolios of IDA Ireland and Enterprise Ireland since 2015.
Commenting on the 2019 Action Plan, Minister Michael D’Arcy stated:
“2019 is the last year of asuccessful strategy that has increased the size and depth of the international financial services sector in Ireland. We have started work on formulating a successor strategy for the IFS sector. This successor strategy will focus on helping the IFS sector to adapt and build on what has worked well in the past while addressing emerging challenges and capitalising on new opportunities.”
Minister D’Arcy officially launches ‘IFS2020’ Action Plan 2019 at a reception in Iveagh House on Tuesday evening 12 February 2019. This is one of a number of engagements taking place in conjunction with Wednesday’s fourth annual European Financial Forum in Dublin Castle.
ENDS
12 February, 2019
The IFS2020 Strategy is updated each year by means of annual action plans. The 2019 Action Plan has been prepared in close consultation with key public sector and industry stakeholders.
The Action Plan’s priority action areas are:
On Brexit, the Government will continue to prepare for the UK’s exit from the European Union. This is reflected in measure 1 (continue to prepare for all outcomes) and measure 18 (IFS legal Brexit summit).
The legislation on investment limited partnerships will continue to be a priority as part of the continued commitment to grow the funds sector. Progression of this legislation is contained in measure 13 (private equity finance).
The Action Plan contains a number of measures for further development of the green and sustainable finance sector in Ireland: developing a roadmap to support growth of sustainable finance (measure 24); education measures in sustainable finance (measure 25); a study on the development of a sustainable finance innovation programme (measure 28); assisting with the co-hosting of the European Climate Summit (measure 31) and supporting international collaboration on sustainability (measure 32).
The IFS strategy is also aligned with the goals of the future jobs Ireland initiative, which will ensure that Ireland is well positioned to adapt to the technological and other transformational changes the economy will face in the years ahead.
The 2019 Action Plan also contains a suite of 33 measures to be actioned in 2019 with lead agencies and organisations assigned to each measure.
All measures fall under one of IFS2020’s strategic priorities which are as follows:
Implementation framework.
It is intended that the new strategy will be launched once agreed by Government.
The hosting of a European Financial Forum each year is a key IFS2020 deliverable. The 2018 Forum was attended by nearly 600 delegates from over 350 organisations. Forty per cent of the attendees at EFF 2018 were international delegates from 24 countries. A similar attendance is expected for the 2019 Forum on Wednesday, 13th February 2019 in Dublin Castle.
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 European Financial Forum showcases Ireland’s international financial services (IFS) environment to an international audience, and highlights the Irish Government’s commitment to the development of IFS.