FInAnCe DuBLIn | J UNE /J ULY 2017 Bank of China opens Dublin branch BANK of China (BOC) has opened a branch in Dublin, which under EU passporting rules will, for now, be a subsidiary of BOC’s London branch. It was opened in a ceremony attended by the Taoiseach, Leo Varadkar TD, the Tanaiste and Minister for Enterprise and Innovation, Frances Fitzgerald TD, Bank of China Chairman, Tian Guoli, and China’s Ambassador to Ireland H.E. Dr. Yue Xiaoyong. The move is part of BOC’s internationalisation strategy which has seen it establish branches or subsidiaries in 16 countries in Europe. BOC, the fourth largest bank in the world by capital, already has operations in Ireland through its aircraft leasing business unit, the Singapore- headquartered BOC Aviation, Its Irish subsidiary, BOC Aviation (Ireland) Ltd was incorporated in 1995. BOCA (I) will continue to operate as a separate business unit to the bank branch. The Dublin branch, headed up by Tian Jun, will focus on corporate lending, with plans to build a diversified products platform in Ireland within 2 years, with target clients Chinese companies operating in Ireland, Irish companies with interests in China, and multinationals in Ireland. The Month FIBI chair Moreland: marketing ‘deficiency’ in the Central Bank of Ireland's mandate COLIN MORELAND, the chair of the Federation of International Banks in Ireland (FIBI), outlined what he describes as the 'comparative deficiency' in the Central Bank of Ireland's mandate, namely the lack of a mandate to promote Ireland as a location for international financial services, in his opening address to the FIBI International Banking Conference which took place on 22nd June at the Westin Hotel in Dublin. Moreland, who is European head of treasury & trade solutions at Citi said 'The Central Bank has been consistent in their position for many years stating that they do not have a mandate to promote Ireland as a location for international financial services. But the question arises as to how Ireland can compete fully and effectively with other jurisdictions where regulators have such a mandate? And, notwithstanding the good work undertaken by the IDA, what can we do collectively in the medium term to address this comparative deficiency in our position against other jurisdictions.' A call for the return of a 5 marketing mandate for the Central Bank was made in the April issue of Finance Dublin (page 3) - such a move would ensure that Ireland can maximise its potential in attracting IFS business. Kieran Donoghue, head of international financial services at IDA Ireland, gave a progress update on Brexit- related FDI in the IFS sector saying that Ireland would secure a number of wins that will be announced during the and other parties before making public announcements. ‘We would expect to see some announcements from July to the end of the year,’ he said, noting that the Bank of England had ordered UK firms to advise it of their Brexit contingency plans by the middle of next month. Other keynote speakers at the conference included Christian Schulz, Director Economics, Citi; Michael O’Sullivan, Citi’s Colin Moreland, FIBI chair Chief Investment Officer, International Wealth Management, Credit Suisse and Pëntti Hakkarainen, Member of Supervisory Board, European Central Bank. second half of the year. ‘I’m confident that there will be a flow of announcements’ and that many firms had privately selected Ireland but had to notify their home regulators REGULATING FINTECH: THE WAY FORWARD In May the European Parliament was the first EU institution to set out a clear position on how Fintech should be regulated in the EU. The European Commission is currently conducting a public consultation on Fintech with a view to defining an EU strategy. This event is an opportunity to discuss the oncoming regulatory responses to Fintech services and how we can create a fit-for-purpose Fintech ecosystem in Ireland. Speakers from Central Bank and leading companies in the sector. Hosted by Brian Hayes MEP, member of European Parliament’s Economic and Finance Committee Brian Hayes MEP European Parliament, 12-14 Lower Mount Street - Friday, July 14th from 09.00-11.00 Reserve your place at epdublin@ep.europa.eu or phone 01-6057900