IFSC 'must be modernised'

David Harvey our consultant managing the role

The Irish state's top civil servant has warned that the Irish Financial Services Centre (IFSC) is no longer fit for purpose and suggested something needs to be done to modernise it if Ireland is to retain its reputation as a hub for International business.

Martin Fraser, secretary general of the Department of An Taoiseach, told the most recent meeting of the IFSC Clearing House Group that the IFSC's strategy is now a few years old and requires a major revamp.

While the hub has been attacked in the past for giving the financial services industry a level of access to central government that no other sector has, its existence shows the importance of financial services to the Irish economy, reports the Irish Times.

The IFSC - based in North Wall, Dublin - has been the centre of controversy in the past, having been set up by financier Dermot Desmond along with former Taoiseach Charles Haughey.

There are currently more than 500 financial operations allowed to trade within the IFSC, including more than half of the world's top institutions.

One of the Irish government's key job strategies is to generate some 10,000 positions in the district over the coming three years, although the centre endured significant losses over the last decade due to the deprivations of the financial crisis.

While the IFSC is apparently still on track to meet this target, Mr Fraser expressed concerns that the business area is not prepared to capitalise on changes taking place in the world economy.

"He told the group of his belief that there should be a new ambitious, coherent, and co-ordinated plan which all relevant stakeholders would buy into in order to rebrand and market the industry to build on the skills and expertise already available there," the minutes state.

Tim Hennessy of Axis Capital suggested refining the IFSC's offering and focusing on a specific target area in order to make the hub relevant to the modern financial world, which is becoming increasingly specialised.

11/04/16
posts

Related articles

What's the latest on recruiting senior finance and accounting professionals?
What's the latest on recruiting senior finance and accounting professionals?

Teaser

Finance & Accounting

Content Type

General

25/04/24

Summary

Over the years, we have developed a strong reputation as a leading Senior Finance and Executive Search firm. We’re proud to have well-established teams of finance and accounting recruitment cons

Teaser

Our employment update for senior accounting and finance professionals.

Read full article
Neil Burton

by

Neil Burton

Neil Burton

by

Neil Burton

How technology is impacting the future of risk and compliance jobs
How technology is impacting the future of risk and compliance jobs

Teaser

Governance

Content Type

Fintech

18/04/24

Summary

The role of risk and compliance in financial services  As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine

Teaser

With no signs of slowing down, strong risk and compliance is now more important than ever.

Read full article
David Clamp

by

David Clamp

David Clamp

by

David Clamp

What does the future hold for private equity?
What does the future hold for private equity?

Teaser

Executive Search

Content Type

General

18/04/24

Summary

Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b

Teaser

Learn about emerging private equity job opportunities and more.

Read full article
Tracey Alper

by

Tracey Alper

Tracey Alper

by

Tracey Alper

jobs

Related jobs

Accounts Payable

Salary:

Up to £50,000 per annum + Bonus

Location:

London

Industry

Private Equity

Qualification

None specified

Market

Financial Services

Salary

£50,000 - £60,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Permanent

Description

This is an Accounts Payable position for a Private Equity firm based in the Centre of London to take control of the whole Accounts Payable function.

Reference

BBBH180448

Expiry Date

01/01/01

Thomas  Steel

Author

Thomas Steel
Find out more
Interim Finance Manager

Salary:

£55,000 - £70,000 per annum

Location:

Leeds, West Yorkshire

Industry

Business Services

Qualification

Fully qualified

Market

Professional Services

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Contract

Description

Working with the business for a period of at least 12 Months, you will be a Qualified Accountant with strong group accounting knowledge

Reference

NH - 179937

Expiry Date

01/01/01

Niamh Hellewell Find out more
Corporate Finance Associate Director

Salary:

Negotiable

Location:

Manchester, Greater Manchester

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£80,000 - £100,000

Job Discipline

M&A

Contract Type:

Permanent

Description

Marks Sattin are delighted to be recruiting a senior level opportunity to lead and develop the Lead Advisory CF team within an established and highly reputable corporate finance firm.

Reference

BBBH168654

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
Restructuring Advisory Manager

Salary:

Negotiable

Location:

London

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£70,000 - £80,000

Job Discipline

Restructuring

Contract Type:

Permanent

Description

Marks Sattin are delighted to be currently recruiting for one of the UK's market leaders in Restructuring and Business Recovery.

Reference

BBBH161717

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
M&A Partner

Salary:

Negotiable

Location:

Reading, Berkshire

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£175,000 - £250,000

Job Discipline

M&A

Contract Type:

Permanent

Description

Marks Sattin are delighted to be supporting our client - an ambitious and reputable Corporate Finance firm in seeking a highly experienced and accomplished M&A Partner.

Reference

BBBH179977

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
M&A Partner

Salary:

Negotiable

Location:

London

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£175,000 - £250,000

Job Discipline

M&A

Contract Type:

Permanent

Description

Marks Sattin are delighted to be supporting our client - an ambitious and reputable Corporate Finance firm in seeking a highly experienced and accomplished M&A Partner.

Reference

BBBH179976

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
Group Tax Manager

Salary:

£55,000 - £70,000 per annum

Location:

West Yorkshire

Industry

Business Services

Qualification

Fully qualified

Market

Financial Services

Salary

£70,000 - £80,000

Job Discipline

Tax

Contract Type:

Permanent

Description

Group Tax Manager for a leading Financial Services business based in West Yorkshire

Reference

BBBH180443

Expiry Date

01/01/01

Andy Craven

Author

Andy Craven
Andy Craven

Author

Andy Craven
Find out more
Financial Accountant

Salary:

Negotiable

Location:

City of London, London

Industry

Consumer & Retail

Qualification

Finalist / Newly qualified

Market

Commerce & Industry

Salary

£60,000 - £70,000

Job Discipline

Qualified Finance

Newly Qualified Finance

Contract Type:

Contract

Description

Financial Accountant role with a well-known retailer based in central London for an initial 6 month contract.

Reference

BBBH180441

Expiry Date

01/01/01

Julia Aruci

Author

Julia Aruci
Julia Aruci

Author

Julia Aruci
Find out more
View all jobs