The Ireland for Finance Action plan 2022 was published by the Department of Finance on 3 February 2022.
The Action Plan is set out in five sections dealing with 'priority themes' to be addressed to grow and develop Ireland's international financial services sector.
Priority Action Measures for each theme are set out and the Action Plan includes commentary on activities that industry and the public sector have committed to undertake to promote the objectives of the Action Plan.
Implementation of the strategy constitutes a commitment in the Programme for Government agreed between Fianna Fáil, Fine Gael and the Green Party.
This is the fourth Action plan under the Ireland for Finance strategy (a whole-of-government commitment in partnership with the private sector to develop the international financial services sector in Ireland).
The 'priority themes' are:
1) Sustainable Finance
The Priority Action Measure under this theme is the implementation of Ireland's Sustainable Finance Roadmap (published in November 2021). The Roadmap set out 18 action measures (for example, establishing an International Sustainable Finance Centre of Excellence). to promote and communicate Ireland's sustainable finance priorities and capabilities with a view to Ireland being a leading sustainable finance centre by 2025.
2) Fintech and digital finance
Priority Action Measures set under this theme include (i) developing educational consumer resources to support consumers to engage with fintech (ii) Enterpise Ireland will deliver a programme of activities to support Irish-owned fintech companies' growth in international markets and (iv) developing a coordinated programme of activities to raise Ireland's global visibility as a hub for fintech.
3) Diversity and talent
A wide range of organisations will undertake a substantial number of initiatives to support and develop talent and diversity. Three Priority Action Measures are set out including (i) the launch of the Women in Finance Charter and (ii) completion of the study commissioned by the Expert Group on Future Skill Needs on the international financial services sector.
4) Regionalisation and promotion
Priority Action Measures under this theme include supporting regional development (including through IDA Ireland targeting potential investment that advances regional development and Enterprise Ireland strengthening regional enterprise development).
5) Operating Environment
Various actions to be undertaken by stakeholders are set out including the Central Bank and Asia Matters (Irelands business think tank focused on Asia) and the Department of Finance will continue to engage on the wide range of EU legislative files in a strategic manner.
For more information please contact our Partner Pat Nyhan in our Banking & Finance team.