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Report Highlights Opportunities For Ireland In Global Financial Services

by Jason Gorringe, Tax-News.com, London

15 December 2004


A new report by consultancy firm Deloitte has identified a number of areas in which Ireland can gain a competitive advantage in the global financial services industry, and has recommended that the country should continue to develop its infrastructure to remain a major player.

The report, commissioned by IDA Ireland, highlights a number of areas of opportunity for Ireland, including specialist debt and financing products and securitisation, management of global and regional banking products, funds servicing, asset management and pan-European insurance products.

However, the principal recommendations of the report were for the maintenance and development of the nation’s supporting infrastructure, and the continuing development of the education system to ensure that courses remain relevant to the needs of business.

The report also identified Ireland’s flexible and business-focused tax and regulatory framework as the two cornerstones of the country’s success, and recommended that further progress be made in these areas.

Prime Minister Bertie Ahern, who attended the launch of the report, noted: “It is important that we continue to innovate and develop our current position. To do so will need a comprehensive strategy with commitment from the public and private sector to ensure its effective delivery."

A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp

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