Progress Report IFS2020

[Pages:20]Progress Report IFS2020 A Strategy for Ireland's International Financial Services sector 2015-2020

Q4 2017

Table of Contents ........................................................................................................................ 1 Foreword..................................................................................................................................... 2 Progress Report ........................................................................................................................... 3 Strategic Priority 1: Promote Ireland as a location for International Financial Services & world class innovative products & services ..................................................................................................... 5 Strategic Priority 2: Drive continuous improvement in the operating environment & competitiveness of Ireland's IFS sector ......................................................................................... 7 Strategic Priority 3: Drive Research, Innovation & Entrepreneurship in the IFS sector, with a particular focus on financial technology & governance, risk & compliance..................................... 9 Strategic Priority 4: Develop job-creation opportunities from emerging IFS sub-sectors & new markets... .................................................................................................................................. 11 Appendix 1 Monitoring Dashboard ......................................................................................... 15 Appendix 2 Glossary of Terms ................................................................................................ 18

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Foreword

I am pleased to introduce this Progress Report which documents the implementation of IFS2020, the Government Strategy for Ireland's international financial services (IFS) sector. This eleventh IFS2020 quarterly Progress Report outlines progress made on measures set out in the 2017 Action Plan during Quarter 4 (October to December 2017). I am pleased to say that all measures for Q4 were successfully completed on time.

There were a number of notable developments in Q4 2017, particularly in relation to education and skills. Education is essential if Ireland is to maintain its position as a global financial services centre given the competitiveness of the sector globally. We pride ourselves on our highly-skilled and adaptable workforce. However, we must ensure we continue to develop our talent base to continue to improve our offering for IFS. The education measures are varied, with Master's Degrees, Diplomas and apprenticeship schemes. This variety enables us to continue to cultivate a broad and diverse array of skills for financial services which will undoubtedly help Ireland's IFS ecosystem continue to move up the value chain into the future.

In October, I visited the United States to promote Ireland for international financial services investment while also attending the annual meetings of the IMF and World Bank in Washington DC. I saw at first-hand the tremendous work our enterprise agencies are carrying out to promote Ireland in the US. I met with a number of IDA and EI client firms in New York and San Francisco. While in Los Angeles, I attended and participated in a panel discussion at the inaugural `Ireland Week' - a showcase of Ireland'Ms moSodern culture to connect Irish and American business and creative professionals.

To continIumeamgey series of regional engagements, I hosted a Regional Consultation Forum in Gorey, Co. Wexford in October where a range of IFS stakeholders discussed the benefits of regional financial services hubs and examined the role of education in supporting the development of such hubs. Our financial services showcase in Dublin, the third annual European Financial Forum (EFF), took place on the 31st January of 2018. Among the headline speakers for the 2018 Forum were President of Morgan Stanley, Colm Kelleher; Global Head of BlackRock Infrastructure Investment Group, Jim Barry; and Global Strategic Advisor and Managing Director of PIMCO New York, Richard Clarida. IDA Ireland undertook significant work in planning EFF2018 and I thank them for their work on this.

The IFS2020 Strategy is a flexible and adaptable process and the publication of Action Plan 2018 took place in January. As we enter into the second half of IFS2020, I look forward to the continued engagement of all the stakeholders as we work towards the jobs target by the end of 2019. Reflecting this, the 2018 Action Plan contains a review of the Strategy to end-2017 to see what have we done well, what can we do better, and how best to move forward and continue to fulfil the aspirations of the IFS2020 Strategy.

Michael D'Arcy TD Minister of State for Financial Services and Insurance Chair of the IFS2020 Joint Committee

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Progress Report Table 1 Monitoring Dashboard ? Measures for Delivery in Q4 2017

M Title

Lead

Deadline

Strategic Priority 1 - Promote Ireland as a location for IFS & world class innovative

products and services

1 A public sector financial services sub-group to engage with D/FIN

Quarterly

the Cabinet Committee on Brexit

2 Further progress coordinated IFS messaging under the IFS IDA, EI and

Quarterly

Ireland banner brand

Comms

Subgroup

3 Strategic promotion and marketing of Ireland's IFS sector

overseas under the IFS Ireland banner brand:

a. Overseas trade missions

D/FAT

Quarterly

b. Shared IFS calendar

D/FAT

Quarterly

c. Ministerial and other official visits

EI, IDA, D/FAT Quarterly

d. Banner brand ? public sector

IDA, EI

Quarterly

e. Banner brand ? industry

IAC

Quarterly

Q4

5 Plan the European Financial Forum 2018

IDA

Quarterly

Strategic Priority 2 ? Drive continuous improvement in the operating environment and

competitiveness of Ireland's IFS Sector

8 Develop a Master's Degree in International Financial

D/ES

Q4

Services Law

12 Development of the IFS apprenticeship programmes

D/ES

Q4

13 Monitoring skills needs of IFS industry and stakeholder

D/ES

Q4

engagement on education and skills

15 Liaise and inform regarding changes to Ireland's network of D/FIN

Q4

double taxation treaties

16 Communicate the Central Bank's approach to authorisation PSCG

Q2, Q4

processes

17 Coordinate industry-wide engagement on new payment FPAI, BPFI

Q2, Q4

technologies

Strategic Priority 3 ? Drive research, innovation & entrepreneurship in the IFS sector, with

a particular focus on financial technology & governance, risk & compliance

24 Promote and ensure market diversity with priority given to EI

Quarterly

FinTech & Payments in well-defined markets

26 Better connect Ireland's Regional FinTech landscape

FPAI

Q1 and

Quarterly

27 Provide dedicated fund for FinTech start-up

EI

Q4

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M Title

Lead

Deadline

Q4

Strategic Priority 4 - Develop job-creation opportunities from emerging IFS sub-sectors

and new markets

31 Identify areas for further IFS related actions

D/BEI

Q4

32 Monitor Developments on Capital Markets Union

D/FIN

Q2 and Q4

33 Covered Bonds Environment in Ireland

D/FIN

Q4

35 International Financial Institutions Located in Ireland 37 Sustainable Nation Ireland will continue to focus on the

further promotion and positioning of Ireland as an international hub for Green Finance 39 Maximise opportunities presented by ongoing global developments in front, middle and back office activities

Legend Measure delayed Measure at risk of being delayed Measure on track Measure Complete

D/FIN

Q4

Sustainable

Q2 and Q4

Nation Ireland

IDA

Q4

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Strategic Priority 1: Promote Ireland as a location for International Financial Services & world class innovative products & services This strategic priority focuses on enhancing Ireland's standing and reputation as a location for, and producer of, international financial services and products, including innovative financial technologies. IFS2020 provides the context for a more strategic and coordinated approach to promoting, marketing and branding Ireland's IFS sector internationally, leveraging the expertise and international reach of departments, state agencies and our embassy and consulate network, in conjunction with industry stakeholders.

Table 2

Strategic Priority 1: Promote Ireland as a location for IFS

Status at

Q4 2017

M#1

A public sector financial services sub-group to engage with the cabinet committee on Brexit

Q4 2017 Update:

The sub-group meets regularly to discuss issues relevant to financial services

with a current focus on the upcoming negotiations. The sixth meeting took place on 23 November 2017.

Measure

Complete

M#2

Further progress coordinated IFS Messaging under the IFS Ireland Banner Brand

Q4 2017 Update:

Regular meetings of the PSCG Sub-Group on Communications took place in Q4, including a meeting with the industry group, with a focus on preparations for the European Financial Forum 2018 to maximise coverage of the EFF across traditional, digital and social media platforms. Coordinated messaging

Measure

Complete

for use by all IFS Ireland stakeholders was updated.

M#3

Strategic promotion and marketing of Ireland's IFS sector overseas under the IFS Ireland banner brand

Q4 2017 Update:

An extensive programme of Ministerial-level overseas visits saw IFS Ireland promoted in the USA (New York, Washington, San Francisco), Europe (UK, Greece, Cyprus, and Malta) and the Middle East (UAE and Oman). The European Financial Forum was launched by Minister of State D'Arcy in

Measure Complete

London. The Embassy network undertook specific IFS Ireland promotion in

Mexico, Japan, Thailand, and in San Francisco and Atlanta.

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M#5 Plan the European Financial Forum 2018

Q4 2017 Update:

Planning for the third European Financial Forum, to take place on Wednesday 31 January 2018 in Dublin Castle, was finalised during the quarter. The professional conference organiser (PCO) was formally appointed and the process of inviting delegates was launched along with the microsite for the event itself. The launch of the event microsite also included the recording of a promotional video featuring Minister D'Arcy recorded in London.

Measure

Complete

The final list of speakers and the themes to be explored on the day were confirmed and the agenda finalised. Planning for media involvement, working with the Department of Foreign Affairs and Trade and the Communications sub-group, was initiated.

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Strategic Priority 2: Drive continuous improvement in the operating environment & competitiveness of Ireland's IFS sector This strategic priority focuses on the importance of improving Ireland's standing as a competitive location for innovative IFS companies. It covers a broad range of issues, including education and skills; promotion of IFS as a career option for young people; promotion of Ireland as an attractive location for mobile international talent; promoting the regional dimension of Ireland for IFS; developing the business environment for IFS, including the regulatory, and infrastructure arrangements.

Box 1: Diversity and Inclusion ? Updates from Q4 2017 Diversity and inclusion is an area of increasing importance throughout IFS2020. In Q4 2017, Insurance Ireland launched a report on its Year of Inclusion initiative as a best practice guide and to highlight the work undertaken by its members on diversity and inclusion. The report also builds on Insurance Ireland's efforts to promote Ireland as a jurisdiction of choice for international insurance business by highlighting the inclusive agenda of the sector and its relevance to all workers. The Year of Inclusion initiative was a platform for Insurance Ireland's members to engage with diversity and inclusion experts to share their experiences and to support change at all levels in the sector. It involved a calendar of events held with organisations including the 30% Club, Age & Opportunity, the National Council for the Blind of Ireland and the Disability Federation of Ireland to consider inclusion issues to help understand and tackle shared challenges. The Year of Inclusion report details this experience and includes contributions from Ed Sibley, the Deputy Governor of the Central Bank of Ireland, Brid Horan of the 30% Club Ireland and Sandra Healy, the Head of Inclusion at DCU and one of Ireland's leading advocates for inclusion and gender equality. The Inclusion Report also includes an overview of inclusion activity from Insurance Ireland members Allianz Worldwide Care, FBD, Irish Life and Liberty Insurance. The report was launched at Insurance Ireland's President's Conference and has been shared with all Insurance Ireland members as a reference guide for best practice on diversity and inclusion. The effects of the Year of Inclusion initiative have been that Insurance Ireland's members are engaged on this issue, as evidenced by the attendance of 240 people from 90-member companies at the launch event, and the continuation of discussions at industry and company-specific events. The activities undertaken throughout the Year of Inclusion were an important first step in engaging insurance staff and stakeholders on diversity and inclusion and building on this platform is a priority for Insurance Ireland through its Inclusion Task Force. More information can be found here:

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