The Department of Finance, through its IFS2020 Unit, provides a coordinating role in the implementation of IFS2020, the Government’s five-year strategy for the International Financial Services (IFS) sector. Further information on the Strategy can be found below.
- International Financial Services (IFS) in Ireland
- IFS2020 strategy - A Strategy for Ireland's International Financial Services Sector 2015 - 2020
- IFS Ireland Banner Brand
- IFS2020 Action Plans
- IFS2020 Implementation Structures
- Public Sector High Level Implementation Committee (HILC) minutes
- IFS 2020 Joint Committee (HLIC & IAC) minutes
- IFS2020 Strategic Plan and Action Plans
- IFS2020 Committees - Terms of Reference
- IFS2020 Progress Reports
- Archive - IFS Clearing House Group (to 2014)
Ireland’s IFS sector has grown from a standing start in the 1980’s to a very strong position today. There are now more than 400 companies employing over 38,000 people directly in IFS, including more than 200 Irish-owned companies. Approximately one-third of those employed in the IFS sector work outside the Greater Dublin area in regional locations like Kerry, Cork, Donegal, Kilkenny, Waterford and Wexford. Continued promotion of jobs in both Dublin and the regions is a key part of the Government’s IFS Strategy.
In March 2015, the Irish Government launched IFS2020, a five-year strategy for the IFS sector in Ireland. The Strategy aims to create 10,000 net new jobs in the sector by 2020. IFS2020 is a ‘whole-of-Government’ approach to driving the growth and the development of Internatioal Financial Services in Ireland. It builds on our strength in talent, technology, innovation and excellent client services, while focusing on capturing new opportunities in a changing marketplace and embracing the highest standards of governance.
In May 2016, the Taoiseach appointed Eoghan Murphy TD as Minister of State for Financial Services at the Department of Finance. The appointment of Minister of State Murphy with specific responsibly for financial services emphasises the vitally important role International Financial Services play in the Irish economy, and that the implementation of IFS2020 will continue to be a priority. Minister of State Murphy will progress the work previously carried out by former Minister of State Simon Harris, in conjunction with stakeholders across the public and private sectors.
IFS2020 is part of the Government’s Action Plan for Jobs, a key strategy to create favorable conditions for job creation in Ireland. The IFS2020 employment target of 10,000 net new jobs is part of the Government’s overall objective to restore the economy to full employment. Employment in the IFS sector increased by 7.4% during 2015, bringing the numbers of people directly employed in IFS at end-2015 to over 38,000, and keeping the Strategy firmly on track to reach its ambitious growth target by the end of 2019.
The IFS2020 Strategy is divided into five key strategic priorities:
IFS Ireland is the banner brand for Ireland’s IFS industry. Launched at the European Financial Forum in January 2016, the banner brand is a shared identity which all IFS stakeholders – Government and industry bodies – use to promote Ireland on the international stage. Further information is available on the IFS Ireland website www.ifsireland.com.
IFS2020 provides for annual action plans, which are developed by the IFS2020 public sector High Level Implementation Committee and agreed by Government. Progress with implementation is monitored regularly, and published on a quarterly basis (see below).
The current action plan for 2017 is available here: IFS2020 Action Plan 2017
Further information on the IFS2020 Action Plan 2017 is available here.
The second annual European Financial Forum (EFF) took place on Tuesday, January 24th 2017 in Dublin Castle. EFF 2017 brought together international and Irish industry leaders, policy makers, regulators and subject matter experts to explore the various forces - political, social, economic and technological that are shaping the global financial services industry. Further information on the event is available here:
Implementation of the Strategy and the annual Action Plan is driven by a public sector High Level Implementation Committee (HLIC). The HLIC meets on a quarterly basis as a standalone committee. It also meets as the IFS2020 Joint Committee on a quarterly basis with the Industry Advisory Committee (IAC). The IAC is composed of representatives of leading Irish and international IFS companies from a broad range of financial services sub-sectors with diverse experience and perspectives. The term of reference of the committees are published below.
The public sector HLIC reports quarterly on progress. This reflects the importance of the International Financial Services sector to the Irish economy and the priority placed by Government on its growth and development. The quarterly progress reports are also published below.Current HLIC Membership
- Eoghan Murphy T.D., Chairperson, Minister of State for Financial Services, at the Department of Finance
- Martin Fraser, Secretary General, Department of the Taoiseach
- Ann Nolan, Second Secretary, Department of Finance
- Robert Watt, Secretary General, Department of Public Expenditure and Reform
- John Murphy, Secretary General, Department of Jobs, Enterprise and Innovation
- Niall Burgess, Second Secretary General, Department of Foreign Affairs and Trade
- Seán Ó Foghlú, Secretary General, Department of Education and Skills
- Martin Shanahan, CEO, IDA
- Julie Sinnamon, CEO, Enterprise Ireland
Current IAC Membership
- Carin Bryans, JP Morgan
- David Dalton, Deloitte
- Brian Daly, KPMG
- Susan Dargan, State Street
- Geraldine Gibson, AQ Metrics
- John Higgins, Avolon
- Peter Keegan, BAML
- Paul Kerley, Fenergo
- Michael Mainelli, International member
- Patrick Manley, Zurich
- Ruth McCarthy, Fexco
- Barry O’Dwyer, Blackrock
- Secretariat (Irish Funds)
- A representative of the Central Bank attends IFS2020 joint Committee meetings in an observer capacity
The HLIC meets on a quarterly basis. The first meeting took place on 24th June 2015. Minutes of all HLIC meetings are published.
- Minutes of HLIC meeting 24/06/2015
- Minutes of HLIC meeting 21/09/2015
- Minutes of HLIC meeting 14/12/2015
- Minutes of HLIC meeting 25/04/2016
- Minutes of HLIC meeting 20/06/2016
- Minutes of specially convened HLIC meeting 21/07/2016
- Minutes of HLIC meeting 19/09/2016
The IFS2020 Joint Committee meets on a quarterly basis. The first meeting took place on 24th June 2015. Minutes of all Joint Committee meetings are published.
- Minutes of Joint Committee meeting 24/06/2015
- Minutes of Joint Committee meeting 21/09/2015
- Minutes of Joint Committee meeting 14/12/2015
- Minutes of Joint Committee meeting 25/04/2016
- Minutes of Joint Committee meeting 20/06/2016
- Minutes of Joint Committee meeting 19/09/2016
- Terms of Reference – Public Sector High Level Implementation Committee (HLIC)
- Terms of Reference – IFS2020 Industry Advisory Committee
- Terms of Reference – Joint Committee
- IFS2020 Q2 2015 Progress Report
- IFS2020 Q3 2015 Progress Report
- IFS2020 Q4 2015 Progress Report
- IFS2020 Q1 2016 Progress Report
- IFS2020 Q2 2016 Progress Report
- IFS2020 Q3 2016 Progress Report
In 2015, with the establishment of the new IFS2020 implementation arrangements, the IFSC Clearing House Group was discontinued. Minutes of previous meetings of the IFSC Clearing House Group are available on the archive section on Department of the Taoiseach’s website.