FINCAD Establishes Dublin HQ

by Jason Gorringe, Tax-News.com, London

28 November 2007

Michael Ahern, Irish Minister for Innovation Policy, has described the opening of the new Europe, Middle East and Africa Headquarters of FINCAD in Blackrock, Dublin, as a significant development for the Irish financial services sector.

FINCAD software is designed to help financial institutions to manage exposure to risk by providing valuation, risk assessment and regulatory compliance tools to banks, corporate treasuries and asset management firms in over 70 countries around the world.

The official opening of the new EMEA Headquarters of FINCAD was performed by Ahern, who attended with FINCAD Chairman, Frank Barr, co-founder and CEO Bob Park, and the Canadian Ambassador to Ireland, Patrick G. Binns. The new Centre will develop and support the company’s international growth, and will be responsible for managing relationships with clients across Europe, Middle East and Africa.

Founded in 1990, FINCAD provides over 1,400 financial modelling products, including commodities, convertible bonds, credit equity through to fixed income, foreign exchange, municipal bonds among others. FINCAD allows financial institutions to mitigate the impact of market uncertainty by having a far greater understanding of the consequences of their decisions.

Speaking at the official opening, Minister Ahern welcomed FINCAD’s decision to locate its EMEA base in Ireland as a significant development for the Irish financial services sector. He also highlighted the importance of the investment in light of intense competition from other leading financial centres in Europe.

“The development of a world class financial sector remains a top priority for Ireland. I am delighted with FINCAD’s decision to locate its EMEA base here in Dublin as it further demonstrates that Ireland continues to be a very attractive location for international financial services companies," he remarked.

Speaking at the opening ceremony, Park explained that there were many factors in Ireland's favour to justify the opening of its new HQ there, in preference to other financial centres.

"Before making this investment we looked at a number of countries in Europe and we chose Ireland because the people are predominately English speaking, well educated, trained, experienced people with multilingual capabilities. Ireland has a stable Government, a stable economy and is also very friendly to businesses setting up here – the beneficial tax regime was an added bonus," he observed.

Recommended