ADDRESSING the European Federation of Insurance Intermediaries (BIPAR) in Dublin this week, I explained how the Government was working to bring more financial-services jobs to Ireland and rein in the spiralling cost of motor insurance. The conference on ‘Regulation and Digital Development’ attracted insurance professionals from across 30 countries and so was a terrific platform to emphasise once again Ireland’s strengths as the location of choice for financial-services firms post-Brexit.
Explaining that our IFS2020 strategy is on course to meet its target of 10,000 new jobs in the five years to the end of 2019, I told the conference of the importance that our 2017 Action Plan places on continually upskilling our workforce to meet the insurance sector’s needs.
I also outlined how the recommendations of the Cost of Insurance Working Group, which I chaired, are aimed at ensuring greater transparency for consumers in their dealings with insurers, as well as tackling premium inflation by addressing issues such as uninsured drivers and fraudulent claims.
Read my speech to the BIPAR conference here.
The report of the Cost of Insurance Working Group can be read here.
WE LAUNCHED the Government’s 2017 Action Plan for the ongoing implementation of our strategy for financial services on the eve of the European Financial Forum in Dublin Castle.
Under the strategy, IFS2020, we set ourselves the ambitious target in 2015 of growing the number of jobs in Ireland’s financial services sector by 10,000 over five years, which would take us to 45,000 by the end of 2019. The good news – not just for Dublin, but for the rest of the country too – is that we are on course to meet that target.
Furthermore, while Brexit has clearly created a degree of economic uncertainty, it also represents an opportunity for Ireland to attract financial services and FinTech investment and jobs.
As Minister of State with responsibility for Financial Services, I made it clear at the European Financial Forum and in a series of overseas visits to promote the sector and our ‘IFS Ireland’ banner brand that Ireland is very much open for new business.
This year’s IFS2020 Action Plan places a strong focus on Brexit and, as I said at the launch, its structures provide the toolkit to react to domestic and international challenges and opportunities arising over the next 12 months and beyond.
Read more about IFS2020 and this year’s Action Plan here.
Listen to my comments RTÉ’s Morning Ireland on financial-services firms expressing an interest in moving operations to Ireland here.
AS Minister of State with special responsibility for financial services, I have placed particular emphasis on encouraging the development of start-up companies in the Fintech sector. This will continue to be a growing area of the economy that delivers high-value jobs.
I was therefore delighted this week to officiate at an event marking the completion by 10 Irish Fintech companies of a development and mentoring programme at Dogpatch Labs in the chq Building beside the IFSC. Earlier this year, the 10 start-ups each received €50,000 in equity support from Enterprise Ireland’s Competitive Start Fund under the IFS2020 strategy. This is the first dedicated funding programme exclusively for Fintech companies.
As well as their membership of Dogpatch Labs, which has nurtured and developed start-ups such as Instagram, the nascent enterprises had access to Ulster Bank’s Innovative Solutions team and were able to draw on the expertise of members of the Fintech and Payments Association of Ireland (FPAI).
As I said at the ceremony: “Strengthening our indigenous Fintech sector as a source of high-value job creation is a key objective of the Government’s IFS2020 Strategy. I welcome Enterprise Ireland’s initiative to support the development of a world-class start-up eco-system and wish these companies every success for the future.”
You can read more of my comments here.
Information about Enterprise Ireland’s Competitive Start Fund is available here.
THE Department of Finance is acutely mindful not only of the vital importance to our economy of small and medium-sized Irish businesses, but also of the need of SMEs for access to affordable investment capital, so that they can grow and create employment.
Following on from my meeting with FEXCO at its Killorglin, Co Kerry headquarters in July, it was announced this week that FEXCO Asset Finance, working with the Strategic Banking Corporation of Ireland (SBCI), is to make €70m available in specialist leasing finance.
Welcoming this latest shot in the arm for Ireland’s growing SME sector, I commented: “FEXCO is a great example of how our indigenous financial services sector can expand, both at home and through export of its services.
“Our Irish financial services industry has a lot to offer and the Government, through its IFS2020 strategy, will continue to support growth in employment over the coming years.”
Further details on the €70m fund can be read here.
Recently I presented Minister Noonan with my emerging recommendations from the Cost of Insurance Working Group.
The Cost of Insurance Working Group, which I am chairing, is undertaking a review of the factors which are influencing the increased cost of motor insurance.
The Working Group brings together all the relevant Departments and Offices involved with the process. Its objective is to identify immediate and longer term measures which can address increasing costs, while bearing in mind the need to maintain a stable insurance sector.
To read my speech on ‘The Future of Insurance’ from a Business Post conference, go here.
At a ‘Future of Insurance’ event, organised by the Sunday Business Post, I gave the opening address.
I spoke about the recent volatility in the sector, reforming it, and the cost of Insurance Working Group which I am chairing.
You can read the speech here.
I welcome the publication of the new Book of Quantum – the update and transparency around awards is urgently needed. It is important though that the information is understood as a guide for assessing potential awards and not as a target or “the going rate”, or even some sort of a new baseline for awards.
To read more of my comments on the publication, go here.
To find out more about the Motor Insurance Working Group I am chairing, go here.
In early September, the Banking Inquiry wrapped up its public hearings. From now until January we will meet in private to finalise our report and recommendations.
Since January, over 100 key players from before, during, and after the crisis were brought before the Inquiry. These included bankers, auditors, politicians, civil servants, developers and regulators. We questioned them in detail on their respective roles during the period and examined what lessons we can learn to prevent a banking or fiscal crisis happening again.
You can access my questioning all witnesses on my Youtube channel, which you can access here.
“Now, it’s our taxes which are unacceptably high, so our first priority has to be the reduction of taxes for public and private sector workers.”
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A position has opened up in my office to support my work on the Banking Inquiry.
If you are interested in applying for the position, please email your CV to firstname.lastname@example.org.
All applications must be received by 11th December 2014, with interviews to take place in the week commencing 15th December. To apply you must be available to start full time work on the 12th January 2015 and be Dublin based.
The successful candidate will have:
Practical experience working in legal, financial or related fields; a degree in Finance or Law or a related discipline; an ability to multitask and prioritise a demanding workload; an ability to independently analyse and critique detailed legal and financial documents; capability to work alone and as part of a team; competence working with WordPress, Excel and Powerpoint.
Duties will include, but will not be limited to:
Analysing reports, financial information and related documentation
Researching specific areas of work
Preparation of reports, presentations and other documents
Creation and maintenance of filing systems
Managing emails and physical correspondence
Managing communications on Inquiry related issues
Liaising with members of the House, Inquiry staff and others
Attending Banking Inquiry meetings and briefings
General assistance in support of the Deputy’s work on the Banking Inquiry