International Financial Services in 2015

In March 2015, the Government launched a new International Financial Services Strategy, IFS2020, with the aim of creating 10,000 new jobs in the sector by 2020.

The Department of Foreign Affairs and Trade was actively engaged in the formulation of IFS2020, drawing on the advice and experience of the Embassy network. We remain a key stakeholder in its implementation, through our ongoing work at HQ and overseas in cooperation with the Department of Finance, Enterprise Ireland and IDA Ireland.

Throughout the year, the Department and the Embassy network worked to promote Ireland's IFS offering in key international locations, engaging with local Governments on the necessary bilateral frameworks for further development of ties in IFS, supporting Irish companies in their efforts to win new business and reaching out to prospective investors.

In October, Minister Flanagan invited the then Minister of State with responsibility for International Financial Service, Simon Harris T.D., to brief the Export Trade Council on IFS2020. Minister of State Harris subsequently participated in a dedicated panel discussion at the Global Irish Economic Forum organised by the Department in November. This looked at future opportunities for Ireland's IFS sector, and fed into the development of new strategy actions for 2016.

A key development in 2015, in which the Department played an active role, was the creation of a banner brand and logo for the industry, IFS Ireland. The banner brand aims to enhance coordination between the public and private sectors, as we seek to raise Ireland's profile internationally as a location of choice for IFS companies and as a leading centre for specialist international financial services. We also contributed to preparations for the inaugural European Financial Forum held in Dublin Castle in January 2016, helping to secure attendance by high-level participants and delegates from the US, Asia and from across the EU.

The Q4 2015 Report on the implementation of IFS2020 indicated that employment in the IFS portfolios of Enterprise Ireland and the ISDA had risen from 35,448 at end-2014 to 38,056 at end-2015. This increase of 2,608 jobs amounted to 7.4% growth in the sector.