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Ahern sees Euro role for Financial Center

February 16, 2011

By Staff Reporter

By Andrew Bushe

DUBLIN — Ireland has the potential to become the e-commerce hub for Europe, with the International Financial Services Center spearheading the drive, according to Taoiseach Bertie Ahern.

More than 1,500 new jobs were created in the IFSC development on Dublin’s north docks last year and the value of funds under management at the Center grew to $270 billion.

Insurance through the center grew by 50 percent and the banking sector assets are now worth over $52 billion.

Ahern was speaking at the publication of the report "e-Business in International Financial Services — Developing Ireland’s Potential," which was prepared by the IFSC’s Clearing House Group. His department chairs the group.

The report recommends that the provision of services using new technology must be fully exploited if the growth is to continue.

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Infrastructure for e-business must be kept up to date and the fiscal and regulatory environment has to be right to attract more finance businesses.

"While we have accomplished much in the last few years with regard to our readiness for the impact of e-business, it is important that we don’t take our foot off the pedal. Much work still needs to be done," the taoiseach said.

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