It’s time to develop a structured partnership between the IFSC and the City of London – Hayes

Speaking at a Joint IFSC Ireland-City of London event in Brussels this morning, Brian Hayes MEP said that Ireland and Britain’s financial services centres need to establish a structured partnership arrangement to coordinate on areas of common interest.

“It makes economic sense to build closer ties between the IFSC and the City of London. By developing a structured partnership arrangement with the City of London, the IFSC has the chance to maximise its potential. This can be done by establishing a joint IFSC-City of London Committee which would meet regularly to coordinate on areas of mutual interest. It could include government representatives as well as industry players.

“The IFSC and City of London must be working in tandem to ensure that EU regulation works in the interest of industry and citizens. It is important that we create the strongest link possible between our financial services centres. This will help develop better financial services products and will encourage the continued growth of our economy. The IFSC represents around 7.5% of Irish GDP and is home to over 400 companies (200 of which are Irish owned) that employ 35,000 people.

“Recently both Taoiseach Enda Kenny and Prime Minister David Cameron have agreed to address, in a closer way, key issues of strategic importance to Dublin and London. Secretary Generals and Permanent Secretaries will now meet to develop an action plan for greater partnership. I would like the idea of a new partnership arrangement between the City of London and the IFSC to be explored as part of these discussions which culminate every year with a summit meeting between the leaders on the week of St Patrick’s day.

“Minister Simon Harris this year launched a very useful International Financial Services Strategy which will help to grow this sector up to 2020. With this strategy, we have a good opportunity to establish a structured partnership arrangement between the IFSC and the City of London.

“No other arrangement exists in the world between financial services centres and we could become a leading example.

“Both financial services centres, although different in size, have been growing at an enormous pace in recent years. In the early 1980s the Dublin Docklands was essentially a derelict site. Now it is a major hub for international financial services. The City of London is the largest financial services centre in Europe and is home to most of the world’s major banks.”