Ireland’s financial services minister promises to support UK amid Brexit concerns
Ireland’s minister of state for financial services has promised that the Irish government will fully support the UK financial services sector to provide a unified stance, as that is what is “better” for the UK, the EU and “above all Ireland”, in a post-Brexit environment.
Ireland’s minister of state for financial services, Eoghan Murphy was speaking at the Irish Funds organisation’s largest ever UK event, with more than 600 industry professionals from the representative body for the international cross-border investment funds industry in Ireland gathering in London last Friday.
During his keynote address, Murphy stressed that the Irish government was aiming to support the UK post Brexit to provide “a welcoming business environment and a responsive regulatory environment”.
Murphy said that Ireland has always delivered solutions for the entire investment community and “a stable, prosperous, and outward-looking UK is clearly in our own interests and those of the EU as a whole. “The closer the UK is to the EU, the better for all of us, and above all for Ireland,” he said.
In the panel session on Brexit, the strongest emphasis was on the importance of flexibility and a focus on solutions. In order to provide this, engagement is key, a point stressed by the minister; “Industry engagement with government is important in achieving our shared goal of growth and development,” he said.
The minister also highlighted new Investment Limited Partnership legislation which he hopes will enhance Ireland’s private equity offering, adding that “draft heads of a Bill are now at an advanced stage”.
In sessions covering regulation, authorisation processes and product enhancements a mixture of Irish, European and global themes were covered in relation to ETFs, loan funds and passporting.
Meeting the needs of millennials was another session that provided a forward looking dimension which complemented earlier comments by the chairperson of Irish Funds, Alan O’Sullivan who pointed to the work of the Association’s fintech group who are exploring the use of Blockchain for regulatory reporting.
In summarsing the day’s events Pat Lardner, chief executive at Irish Funds, said: “The active and committed involvement of government, the presence of regulators and policy makers as well of hundreds of industry professionals speaks directly to our approach which is to encourage active and open dialogue, focus on solutions rather than things we can’t control and ensure we maintain the flexibility which both fund investors and industry need.”