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Thursday, 18th April 2024
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IFSC continues to expand Back  
The number of new cross border financial services companies that moved into Ireland during 2001 is on a par with the 1990s when the 10 per cent tax regime existed, returns for the Finance Dublin Yearbook 2002 show.
During the 1990s, the annual average rate of growth of new standalone IFSC companies was between 20 and 40, but the year 2000 saw a sharp reduction in the number of new cross border projects establishing in Dublin in the aftermath of the abolition of the preferential tax rate for new companies. This is particularly encouraging and bodes well for the future. It also demonstrates that companies are continuing to come to Ireland for reasons other than the fiscal advantages it offers. The concept of the ‘IFSC’ is continuing to move from a ring-fenced tax jurisdiction in a geographic zone within the city of Dublin to a fully integral part of the jurisdiction of Ireland - a process that will be completed in 2005.
The new edition of the Yearbook includes over 30 new companies establishing across a range of activities, including aviation finance, structured finance, treasury, fund administration, custody, pensions, life and reinsurance, as well as in new sectors such as internet banking and stock lending. The 2002 edition of the Yearbook separately lists newly established cross border financial services companies regulated by the Irish authorities in a new ‘Second Generation IFSC’ category.
Banking and finance accounted for several new companies, for example, Zurich Bank, maxblue Limited, the internet banking arm of Deutsche Bank and Guild Global Securities which is engaged in securities lending. In aviation finance the establishment of Boeing Capital Leasing was significant for Ireland’s critical mass as an aviation finance centre. Some of the biggest names in funds and banking also established new operations in Dublin during 2001 such as BNP Paribas, Goldman Sachs and Credit Agricole Indosuez. In the aftermath of September 11, insurance saw very strong growth and this is expected to carry through to 2002. Statistics derived from these new companies who indicated their employment levels, show that they created 418 new jobs in 2001. The predicted employee figures of these new companies for 2002 are also impressive, with 227 additional jobs expected to be created.

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