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Strategy for the Development of the International Financial Services Industry in Ireland - Progress Report

 

1. Summary of Progress in achieving the Priority Objectives:

  • The IFSC has continued to perform strongly. There are currently over 8,500 people employed in the IFSC and in back-office activities for international financial services companies (compared with 6,500 at the beginning of 1999). This figure does not include indirect employment in support services.

  • Funds authorised by the Central Bank up to end-October 1999 were estimated at almost Euro 126 billion (an increase of 77% over December 1998).

  • The 12-acre extension to the original IFSC site is developing rapidly. The 650,000 ft 2 of offices is now 50% occupied. The remainder of the offices will be occupied progressively over the next six months. The contract has been let for the development of 200 apartments, a créche, and some 15,000 ft 2 of retail which will be completed by the end of 2000. A new 11,000 ft 2 pub/restaurant, the "Kings Excise Inn" is at an advanced stage of construction and will be open in the spring, whereas the 200-bed 4-star hotel on the North Wall will be open for business in the autumn. There are now some 8,050 people employed on the 27-acre site, and 1,460 employed on the 12-acre site. The 12-acre employee numbers will be increasing as development and occupation completes over the course of the year to approximately 3,500.

  • The final IFSC project certificates under the agreement with the European Commission have been successfully allocated by the Certification Advisory Committee. Projects approved in 1999 generated a job commitment of 1,073.

  • Secondary tax issues have been addressed by the Minister for Finances announcement on Budget Day. Combined with the other aspects of the Strategy which have maintained confidence in the future of the sector during the transition period, this paves the way for continued growth, including the attraction of new financial services projects to Ireland following the end of IFSC project certification.