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IFSC: The Future or The Past?

IFSC: The Future or The Past?. Top Economist Round Table on the Future of Ireland's Financial Services and Regulatory Structures Session 1: The Future Development of Ireland’s Financial Services 25th February 2010. The Export Platform Model. The Export Platform Model. Total Exports.

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IFSC: The Future or The Past?

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  1. IFSC: The Future or The Past? Top Economist Round Table on the Future of Ireland's Financial Services and Regulatory Structures Session 1: The Future Development of Ireland’s Financial Services 25th February 2010

  2. The Export Platform Model

  3. The Export Platform Model Total Exports Source: Annual Business Survey of Economic Impact, 2008 , Forfás

  4. How are we doing?

  5. How are we doing? - a significant portion of our electronics industry has migrated east

  6. How are we doing? - number suggest an economy that remains very competitive

  7. How are we doing? - though we have replaced electronics jobs with services €70bn €30bn €80bn €90bn

  8. How are we doing? - and the flow of services projects confirms this Services Manufacturing IDA Project Announcements in 2010

  9. Services > Manufacturing - soon, we will have more services exports than manufacturing > <

  10. Policy Background - old policies very effective in new ‘services’ world • Low corporation tax • Investment in education • Pro-business environment

  11. The Importance of Cities - the one policy area that needs to change, but hasn’t

  12. Financial Services - does it have a role? Reasons why we should target financial services

  13. Financial Services - does it have a role? • Reasons why we should target financial services • Very significant part of services success

  14. Financial Services - does it have a role? Hourly Value Added by industry • Reasons why we should target financial services • Very significant part of services success • High value added activity

  15. Financial Services - does it have a role? • Reasons why we should target financial services • Very significant part of services success • High value added activity • Share of market, not size of market

  16. Financial Services - does it have a role? • Reasons why we should target financial services • Very significant part of services success • High value added activity • Share of market, not size of market • London calling Canary Wharf Canary Dwarf

  17. The Importance of Cities - the big difference in the switch to services

  18. The Importance of Cities - the big difference in the switch to services Services: Economies of Agglomeration Manufacturing: Economies of Scale IFSC, Company Locations Intel, Leixlip

  19. Irish Policy Influence - has always been deeply distrustful of cities • Rate of urbanisation low because of • Speed of economic transformation • Planning laws • “Look West” • Decentralisation • Playboy …….

  20. Irish Policy Influence - though penny is dropping • Economies of Agglomeration • Efficiency of Public Services • Lowcarboneconomy

  21. A New Policy Agenda - recognise the reality of cities, and maximise their potential

  22. Thank you - ‘Playboy of the Western World’, Shakespeare Santa Cruz Players, 2007

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