The Federation of International Banks in Ireland (FIBI), which is affiliated to Banking & Payments Federation Ireland (BPFI), today held its flagship annual conference ‘Strategically Positioning IFS’ at The Marker Hotel, Dublin. Today’s conference brought together industry leaders and decision makers from across the international and domestic banking and financial services sector.
Speaking about the issue of regulation and its application, Jonathon Lowey, FIBI Chairman and Chief Financial Officer, JP Morgan Ireland said:
“What we wish to see is for regulation to be as responsive here as it is in other competing jurisdictions. We would also like to see regulation being applied in a way which is consistent with other similar jurisdictions. Unfortunately, this is not always the case and the net result appears to be that sound business propositions in banking and payments end up being licensed and established elsewhere. While many in the fields of banking and payments see the environment here as conducive to innovation, several have cited timeliness of decision making and the responsiveness of the Central Bank as impacting significantly on their ability to develop new business lines. This is why we are especially pleased that the IFS Strategy requires the development and publication by the Central Bank of operational metrics and we look forward to contributing our views on these.”
The full version of Mr. Lowey’s speech can be downloaded here.
Simon Harris, T.D., Minister of State at the Department of Finance with Special Responsibility for International Banking (incl. IFSC) provided the opening address at today’s conference. While speaking about the implementation of the IFS2020 Strategy, Minister Harris said:
“The implementation structures of IFS 2020 with a high level group chaired by me and involving both the public sector and private industry should ensure that issues within and ancillary to the Strategy are considered and prioritised for action. This will allow for issues of interest to be considered by the sector. In addition, the Strategy is intended to be flexible to cope with the challenges to be addressed. Indeed, an important part of the approach in dealing with the Strategy is the recognition that it will change and evolve over the next five years.”
The full version of Minister Harris’s speech can be downloaded here.
Also speaking at today’s conference Jonathan Hill, Commissioner of Financial Stability, Financial Services and Capital Markets Union, European Commission highlighted the benefits and opportunities expected from the Capital Markets Union:
“There is a shared analysis of the benefits that a stronger single market in capital can bring. That it can support more cross-border risk-sharing, create deeper and more liquid markets, and increase the resilience of the financial system through diversifying the sources of funding to the economy. Or, to put it another way, it will better link savings with growth. It will provide more options and better returns for savers and investors. It will offer businesses more choices of funding at different stages of their development. It will channel investment to where it can be used most productively, increasing the opportunities for Europe’s companies and infrastructure projects. It will help to ensure that the financial system supports growth and jobs and help with the demographic challenges Europe faces.”
The full version of Commissioner Hill’s speech can be downloaded here.
Note: The Federation of International Banks in Ireland (FIBI) is the principal voice of the international banking and financial services sector in Ireland. FIBI is affiliated to Banking & Payments Federation Ireland (BPFI).
Contact: Sinéad McGovern 087 6411725