herald

Monday 23 October 2017

Financial services plan to boost jobs

strategy

PRIVATE-sector secondments are to be offered to staff from select Government departments and agencies to financial services firms at home and abroad.

The move is one of a number of actions set out in the Government's new strategy for the financial services sector here, which aims to boost employment in the sector by 10,000 by 2020.

Secondments will be offered for staff in the Departments of Foreign Affairs and Trade and Finance as well as Enterprise Ireland and the IDA.

A scheme is already in place in Foreign Affairs to allow staff to take a secondment to aircraft leasing company Avolon.

Under the new financial services strategy, launched yesterday, a new umbrella brand for the financial services sector will be drawn up.

And the existing Clearing House Group, which includes representatives from the industrial and financial services sector, and is chaired by the Secretary General of the Department of the Taoiseach, will be replaced by an IFS industry advisory committee.

The work will be supported by a small, IFS co-ordination team to be set up in the Department of the Taoiseach.

Under the strategy - launched by Taoiseach Enda Kenny, Tanaiste Joan Burton and Junior Finance Minister Simon Harris (inset), who has responsibility for financial services - a target to boost employment in financial services by 10,000 by 2020 was laid down.

This is equivalent to an almost 30pc net increase in employment and will bring the numbers working in the sector here to 45,000.

Mr Kenny said the strategy will ensure that international financial services companies in Ireland will continue to thrive.

There are 430 companies operating in the financial services sector, half of which are foreign-owned.

At the end of 2014, these companies employed 35,000 staff.

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