A new national strategy for Ireland's international financial services sector is to be prepared under the guidance of Minister of State Simon Harris. Work on the strategy is to begin shortly which will offer a "coherent and up-to- date strategy to drive growth in the sector".

It is expected that the strategy will be completed and brought to Government for agreement in early 2015, and will replace the existing strategy for the sector, ‘Strategy for the International Financial Services Industry 2011-2016’, which was prepared in early 2011 at a time of “very significant challenges for Ireland’s economy”. The development of the strategy will be co-ordinated through a Public Sector Group chaired by the Minister of State with input as appropriate from the members of the IFSC Clearing House Group, the Strategic Group and other stakeholders.

Announcing the commencement of the new strategy, Mr Harris, who was appointed Minister of State with specific responsibility for the IFSC in July, says his appointment, the first time in twenty years someone has been given this responsibility, “demonstrates the importance that the Irish Government attaches to this sector”.

“Given the contribution of the international financial services industry to the Irish economy it is vital that there is a coherent and up-to- date strategy to drive growth in the sector. Therefore the Government has agreed that I will lead the preparation of a revised strategy to ensure that we protect existing jobs and adapt to take advantage of new and emerging opportunities to further drive jobs and growth,” he said.

It has been a turbulent few years for the sector. While sectors such as investment funds servicing have continued to grow, others, such as banking, were badly hit by the global financial crisis. Yesterday the Global Financial Centre Index ranked Dublin in 70th place out of 83 international centres.