- Dublin's tied vote of 13-13 in the final round of EU vote for the European Banking Authority underlines Ireland's standing as a foremost financial centre in the EU27
November 21st 2017: Dublin's loss, on a draw from a fishbowl to Paris for the right to host the European Banking Authority, while exasperating for Irish national interests augurs well for the future of Dublin as a winner of Brexit-exiting banks, despite the inevitable draw Paris will be able to exert as new host city of the EBA, after London. Frankfurt's distant showing as third in the second round draw (of 3 cities) is also an underpinning of Ireland's position.
- Airborne Capital targets $5bn of managed assets within 5 years
November 23rd 2017: Airborne Capital, a new specialist aircraft leasing and asset management company, is targetting $5 billion of aircraft assets under management within five years. The company has received substantial backing from FEXCO Group, Ireland's largest privately owned financial services company and is led by CEO Ramki Sundaram and an experienced management team including Cian Dooley and Anand Ramachandran.
- The November edition of Finance Dublin profiles the proceedings of the Financial Centres Summit, Dublin, 2017 on October 17th
The latest edition of Finance Dublin profiles the proceedings of the Financial Centres Summit, Dublin, 2017 on October 17th
- The Financial Centres Summit, Dublin, 2017
The Financial Centres Summit, Dublin 2017
presented by Finance Dublin
and FSI in Dublin Castle heard from over 80 speakers on the current vital issues for Ireland's IFS industry on Tuesday October 17th. See the latest on the event and what's happening as a result on Twitter here at: #FCSDublin2017
Proceedings started with the keynote address by Lord Jonathan Hill, former EU Commissioner for financial services.
- Now Blockchain is moving beyond hype into real world applications - FCSDublin2017 Blockchain special session
The potential value of blockchain technology and the reasons why it has been slow to move beyond proofs of concept into real world applications were addressed by some of the key leaders in the field at one of the FCSDublin2017 special sessions, which was sponsored by Deloitte and chaired by David Dalton.
- Former Taoiseach Enda Kenny calls for extended Brexit transition period for UK beyond 2019 in most in depth interview since he stepped down from office
October 25th 2017:
Irish commercial law firm Matheson has filmed a Brexit interview with Enda Kenny TD
, in Mr Kenny's most in-depth interview since leaving the office of Taoiseach. In the interview, filmed this week in New York, the former Taoiseach says that that he does not think negotiations would be concluded by 2019, commenting that 'Britain is expected to leave two years after it triggered its letter of intent to leave. And that's by March of 2019. These discussions will not be concluded by 2019. Therefore, you need a transition period and in my view that transition period should be as long as is necessary to conclude an effective working agreement in the interests of everybody.'
- IMDO issues statement on its agenda to leverage Ireland's IFS industry to boost Ireland's shipping services sector
October 23rd: The Irish Marine Development Office outlined its plans to develop Ireland's shipping services and marine finance industry at a special session at the Financial Centres Summit, Dublin 2017 in which CEO Liam Lacey spoke of the 'marinisation' agenda which aims to leverage and extend the activities of the IFSC, Aviation Leasing and the ICT cluster into the shipping industry in Ireland.
- Fidelity International overhauls fee structure, announces long-term Dublin expansion
Fidelity International has adopted an aggressive new pricing strategy in a major overhaul of its fee charges. The company is to adopt and hedge fund-style feee structure, linking fees to fund performance, and largely abandon its current flat fee structure - the move comes as active managers are coming under pressure from the growth of assets invested in low-cost passive funds and strategies. The investment manager also announced plans to add 250 jobs to its Irish operations as part of its long-term plans.
- XL Group chooses Dublin as preferred location for its EU insurance carrier
XL Group, which has been operating in Ireland since 1990, has decided to move its European headquarters to Dublin from London in response to Brexit, joining several other insurers including Chaucer and Royal London in choosing Dublin. The Bermuda-headquartered insurer announced the move following a meeting between CEO Michael McGavick and the Taoiseach Leo Varadkar in Dublin. Regina O'Connor, Head of Government Affairs and Reg. Policy at XLGroup Ltd to speak at FCS2017
on XL's choice of Ireland as post Brexit hub.
- EBA weighs up risk and rewards of Fintech in new Discussion Paper
The European Banking Authority takes a cautious and carefully balanced view in its deliberations on how it should approach FinTech in its latest Discussion Paper.
- 'Massively expanded' enforcement toolkit and 'potentially colossal' fines on the way for data administrators
When the General Data Protection Regulation (EU 2016/679) comes into force on 25 May next the Office of the Data Protection Commissioner will be able to impose for the first time large administrative fines for data protection breaches. Muireann Reedy explains why it will pay to be compliant with the GDPR.
- Moody's upgrades Ireland's rating to A2, citing continued 5% growth rate, and rates Ireland's "Institutional Strength" as “Very High”
Moody's upgrade of Ireland's rating to A2, also changes outlook to 'stable from positive'. It cites Brexit as the main downside, but says "Ireland's financial sector stands to benefit from Brexit, with a number of large financial firms announcing relocation plans of some operations to Ireland in the past several months".
- Increased prescriptiveness of CP86 raises the bar for fund management companies
New rules being introduced by the Central Bank of Ireland in just under a year for Irish authorised fund management companies (CP86) clearly outline its expectations and arrangements around the core tenets of governance, compliance and supervision.
- Barclays confirms Dublin as its post-Brexit EU banking base
Barclays has confirmed that Ireland will be the location for its post-Brexit EU banking plans having indicated that Dublin would be its chosen location, in the event of a so-called 'hard Brexit' as far back as January. Having recently installed a new CEO at its Irish bank, it described Dublin as a 'natural base' for its EU hub. Barclays Ireland's new chief Kevin Wall will be a speaker at the Financial Centres Summit on October 17th.
- Finance Dublin and Deloitte Research Report finds that 40% of Ireland's IFS companies expect Brexit to have a positive impact on headcount, against 7% saying it will cut jobs
The survey, amongst the 500 Companies included in the 2017 Finance Dublin Yearbook, carried out in collaboration with Deloitte also finds that overall employment increased amongst the companies surveyed last year by 4.6 per cent and that Regulation and Supervision issues are the most important concerns.
- Finance Dublin Yearbook 2017 marks the 30th anniversary of the establishment of Ireland's International Financial Services Centre (IFSC) in 1987
The annual Yearbook, now in its 24th edition profiles 579 institutions overall, including 500 companies in the Irish IFS industry; It profiles 38 Market Infrastructures, Industry Representative bodies and public sector agencies, including IDA Ireland and the Departments of Finance and the Taoiseach, the Irish Stock Exchange and the Central Bank of Ireland as well as 41 professional services firms servicing IFS in Ireland.
- Beazley plc confirms expansion of operations in Ireland
Beazley plc is to establish its European insurance company in Dublin, growing its Irish presence which it had reduced in recent years. Beazley CEO Andrew Horton said 'we have long considered it [Dublin] an attractive potential location from which to develop our European business.' The move reverses the decision by Beazley to scale down its Dublin presence after it moved its head office from Dublin back to London in 2016.
- HSBC's historic Irish connections - from 'Great Architect' to Grand Canal
To mark 30 Years of the IFSC, HSBC Securities Services' Paul Heffernan has traced HSBC's historic Irish connections going back to the late 1880s in Hong Kong, in this article in the 2017 Finance Dublin Yearbook