Minister Eoghan Murphy leads Financial Services’ Trade Visit to London

2nd November 2016


Eoghan Murphy TD, Minister of State for Financial Services, today (02-November) begins a 3-day itinerary in London to advance the objectives of the Government’s IFS 2020 Strategy.

Central to the Minister’s itinerary is an address to the annual Enterprise Ireland Financial Services’ networking event at the Irish Embassy this Thursday.  The purpose of which is to demonstrate Ireland's commitment to maintaining the strong and mutually beneficial trading relationships between Irish and British Companies. Speaking of this Minister Murphy noted,

“I welcome the opportunity to support the showcasing of those Financial Services and Fintech companies travelling to London this week. I look forward to leading aspects of the wider Enterprise Ireland programme and getting the coal face view of the challenges arising from the outcome of the UK Referendum."

The 23 Enterprise Ireland client companies attending the event represent a cross-section of the 200 plus indigenous companies active across the spectrum of financial services, spanning asset and investment management to data analytics and payment solutions.

Julie Sinnamon, Enterprise Ireland CEO, speaking ahead of the Financial Services  Networking event in the context of our wider trading relationship with the UK said,

“The UK market is and will remain an important market for Irish Fintech companies post-Brexit. In 2015, Irish Fintech exports to the UK were in excess of €320m.

Enterprise Ireland is pro-actively engaged with more than 100 companies in the sector to help them take advantage of growth opportunities in sectors such as outsourced services, software and payments. We expect to see a growth in exports from Irish Fintech companies to the UK market as well as other markets such as the USA in 2016.

Enterprise Ireland will continue to work to with key stakeholders to achieve the strategic goals set out in IFS2020.”

Minister Murphy's wider programme takes in meetings with the London Irish Business Society, the London Irish Lawyers Association, the British-Irish Chamber of Commerce, and print and media engagements. Of these the Minister commented,

"Our Expat and British-Irish professional networks are key to a deeper understanding of the challenges facing the Irish Financial Services sector over the coming months and years.  I intend to maximise the opportunity to communicate the Government’s Strategy in dealing with the downside effects and capitalising on opportunities for jobs and investment into Ireland. 

In this regard I will be working closely with IDA Ireland and Enterprise Ireland to ensure that next January's European Financial Forum in Dublin will address the difficult questions for Europe and beyond while showcasing our capacity to both diversify and expand our Financial Services and Fintech sectors."

ENDS

Note to editors

IFS2020

The hosting of the second annual European Financial Forum is a key deliverable under IFS2020 – the five-year Government strategy to drive the further growth and development of the international financial services sector in Ireland.  The Strategy has a clear vision for Ireland to be the recognised global location of choice for specialist international financial services.

IFS2020 sets an ambitious target of growing the number of people employed in the IFS sector from 35,000 people at the end of 2014 to 45,000 people by the end of 2019 – growth of almost 30% over the five year period to 2020, representing a net increase of 10,000 jobs. In 2015 alone, over 2,600 net new jobs were created in the IFS sector.

Minister of State for Financial Services Eoghan Murphy is responsible for the implementation of the Strategy. Supported by an IFS2020 Secretariat within the Department of Finance, Minister Murphy chairs a quarterly meeting of high-level senior public sector officials and industry stakeholders representing the broad spectrum of Irish and multinational IFS companies operating in Ireland.

 

European Financial Forum (EFF) 2017

The hosting of a European Financial Forum in January 2016 was a key IFS2020 deliverable. The inaugural Forum was attended by over 600 delegates from around the world. The second annual European Financial Forum will be held in Dublin Castle on 24 of January 2017. The event will build on the success of last year as a platform to engage leaders from both the public and private spheres through discussion and debate.

The European Financial Forum 2017 offers an unparalleled opportunity for investors and key-decision makers from financial markets around the world to get an overview of the financial, business, FinTech and regulatory landscape in Europe.  The Forum will showcase Ireland's international financial services environment to an international audience, and highlight the Irish Government's commitment to the development of the international financial services sector.

Initial headline speakers 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.

Details of the emerging agenda, programme of speakers as well as venue and logistical information are available at https://live.ft.com/Events/2017/European-Financial-Forum2

 

IFS Ireland - Banner Brand

IFS 2020 has 5 strategic goals, the first of which is the promotion of Ireland as an IFS location. Within that goal, the development of an overarching banner brand was a key deliverable.

The new banner brand IFS Ireland – Delivering Global Financial Services was launched earlier this year at the inaugural European Financial Forum. The IFS Ireland banner brand is now the shared identity which all IFS stakeholders – Government and industry bodies – will use to promote Ireland on the international stage. In conjunction with the new brand, a new website www.ifsireland.com is now live.

 

ENDS

For further information

David Byrne

Press Officer

Press Office

+353 86 0267978