| Time Slot |
Event | Speakers |
| 08:30 |
Registration and coffee | |
| 09:00 |
Introduction from the Chair | William Slattery, Managing Director, State Street International |
| 09:10 |
Further cross-border consolidation in the financial services industry | Guido Ravoet, Secretary General, European Banking Federation (FBE) |
| 09:30 |
Innovation in finance – and how Europe can be at the leading edge | Charlie McCreevy, Commissioner for the Internal Market, European Commission |
| 09:50 |
Progress Report – IDA Ireland’s activities in developing IFS industry in Ireland 2005-2006 | Deirdre Lyons, Head of International Financial Services, IDA Ireland |
| 10:10 |
Coffee | |
| 10:30 |
Panel debate: Ireland's future as a financial services location | Moderator: William Slattery, Managing Director, State Street International
Walter Brazil, Managing Director, AIB International Financial Services
David Dillon, Senior Partner, Dillon Eustace
Pat Farrell, Chief Executive, Irish Bankers Federation
John Larkin, Partner, Head of Insurance Unit, William Fry and Chairman of An Taoiseach's IFSC Insurance Group
Deirdre Lyons, Head of International Financial Services, IDA Ireland
Aileen O'Donoghue, Director, Financial Services Ireland |
| 11:30 |
Panel debate: the taxation opportunities for the IFS industry
- EU Tax Developments
* common corporate tax base - backdoor harmonisation?
* VAT - killing outsourcing?
* eliminating tax barriers to the single market, cross border dividend payments and pension contributions
* fair tax competition? Belgium, Luxembourg, NL, Accession states
- Direction Revenue has taken re: tax issues
- Domestic Tax changes
* abolition of capital duty
* abolition of remittance basis
* post IFSC tax issues, leasing etc
* interest deductions | Moderator: Enda Faughnan, Tax Partner, PricewaterhouseCoopers
PJ Henehan, Tax Partner, Financial Services Group, Ernst & Young
Brian Daly, Partner, KPMG
Paul Reck, Tax Partner, Deloitte |
| 12:30 |
Lunch | |
| 14:00 |
Introduction from the Chair | Tom Healy, Chief Executive, The Irish Stock Exchange |
| 14:10 |
Ireland as a financial services centre in a European context | Eoin Ryan, TD and MEP, Co-ordinator of the Economic and Monetary Affairs Committee, European Parliament |
| 14:30 |
Research Findings: The embedded strength of Ireland's international financial services sector cluster – hedge funds and reinsurance
Based on an extensive questionnaire and interview research in 2005 amongst all companies operating in hedge fund servicing/reinsurance out of Ireland, this presentation assesses the competitiveness of these sectors as they enter a post-IFSC environment. Fiona's presentation is based on research as part of her Masters in Commerce (Research), at the UCD Michael Smurfit School of Business.
- Introduction to 'clustering'
- The strengths/weaknesses of Ireland's hedge fund servicing/reinsurance clusters
- Cluster life-span – how long do the industry think these clusters will last?
- Industry recommendations – how to enhance the clustering concept with regard to hedge funds and reinsurance, and what role should policy play in doing so
Fiona will be introduced by Ray Kinsella, Smurfit Business School | Fiona Reddan, Deputy Editor, Finance Dublin |
| 14:50 |
Best practices in operational risk management
- Regulatory requirements - a global overview
- Driving business benefit for operational risk compliance | Richard Pike, Director, Ci3 |
| 15:10 |
Best practice in managing IT risks for financial services companies | Pat Moran, Partner, Risk and Advisory Services, Ernst & Young |
| 15:30 |
Coffee | |
| 15:50 |
Frontiers in Life Assurance - Exciting opportunities in life
An explosion in product innovation has been a major contributor to the recent phenomenal growth in Ireland’s cross-border life assurance market: sales up over 30 p.c in the last year, up 90 p.c. in two years. Life Strategies, as actuarial adviser to companies transacting life business from Ireland, has been at the centre of this explosion. Colm Fagan, Chairman of Life Strategies, will talk about recent innovations and possible future expansions to Dublin’s product offerings in life. Themes covered will include:
- Instant innovation: designing and launching new single investment, mixed or umbrella funds within days rather than weeks
- Utilising tax-free inside build-up and single passport to meet tax approval requirements for retirement accumulation products in different member states
- Wrapping hedge funds, leveraged real estate funds, guaranteed equity-linked funds in approved life contracts
- Variable annuities with guaranteed minimum accumulation benefits (GMAB) and guaranteed minimum withdrawal benefits (GMWB)
- Product opportunities from innovations in distributing credit and other risks
- Opportunities to remove longevity and interest rate risk from balance sheets of sponsors of defined benefit pension schemes
- Optimising use of capital to meet ROI targets in a low-interest environment
- Stochastic modelling to determine capital requirements for embedded options
- Hedging risks through on-balance sheet or off-balance sheet instruments | Colm Fagan, Former Chairman, Life Strategies |
| 16:10 |
Case Study in IFSC Innovation, Research and Development: Citibank Ireland Financial Services
- A case study of CIFS's evolution in Ireland from its establishment in May 2001 | Mark Fitzgerald, Chief Operating Officer, Citibank Ireland Financial Services |
| 16:35 |
Trends in aviation finance | James Cottle, Managing Director, Airbus Financial Services |
| 17:00 |
End of conference: Drinks Reception | |
