Conference Overview

This year's conference

The theme of the conference 'using the Dublin franchise to grow your company's operations' was chosen because it has become increasingly evident with the transformation of the original IFSC into a vibrant international financial services industry that the difference between success and failure in determining a company's ability to add value in Ireland is the decision of management, both Dublin-based and in the parent company to exploit to the fullest the opportunities available.

These opportunities exist with regard to taxation, and with regard to the effectiveness of the regulatory framework.

By working with both, and with the other resources of expertise and service available in Dublin, the success of the IFS sector in Ireland continues to impress. This is underlined by figures contained in the Finance Dublin Yearbook 2004, showing a further strong growth of up to 10 per cent in sector employment expected in 2004.

The conference this year comes in two parts:

The main plenary session on March 31st will provide a number of case studies of how the Dublin franchise has been exploited including Hypo Real Estate Bank International, BISYS Hedge Fund Services, Burdon Capital, Merrill Lynch ?, and Scotia Capital, and Axis Speciality Europe. Speakers from other companies including UniCredito Italiano, and Northern Trust will also draw from the experience of their own companies to show how the Dublin franchise can be used to add value to your company. There will also be a corporate speaking on the opportunities arising from the pensions pooling vehicle.

The conference, too, will present a series of papers on each sector and its opportunities, and will have detailed discussion of key developments in taxation and regulation. On the tax front, the opportunities arising from the Finance Bill 2004 will be discussed. including the headquarter legislation. On the regulatory front, the head of IFSRA, along with US and Irish participants and the UK SFA will participate in a discussion of the new Irish framework.

The Conference will also hold a specially convened Session of the conference intended to discuss and promote a new and positive agenda for the EU after the FSAP, A Vision for Financial Services after FSAP.

The special colloquium jointly hosted by Finance Dublin and Financial Services Ireland takes place with the support of the Irish Presidency of the EU. Delegates to this will include the top policymakers and thought leaders in the creation of the financial services single market. It is being held at a critical juncture the FSAP is in its final phase, and a new direction will now be needed, coinciding with the new European Parliament.

The discussion aims to enable a platform to exist in which a vision of financial services union can be presented that will (a) achieve the economic benefits to European consumers that a single market in financial services in Europe can deliver (b) provide the European financial services industry with a positive platform for progress involving a recognition of the role of complementary financial centres and jurisdictions working together in union to deliver a single financial services market that still preserves the distinctiveness of the historic markets and centres.

'Competitive regulation' is a phrase that has characterised the evolution of financial services regulation in the EU, notably in the case of Ireland and Luxembourg, both of which have been to the forefront in enacting EU wide reformed legislation. The continuance of this model, as envisaged. For example in the Lamfalussy model of regulation for Europe is part of that vision that will at one enable Europe to consolidate its individual strengths, and the benefits of the single market.

The vision for EU is in a global context too, not just a 'fortress Europe' . A transatlantic model is part of this, hence the discussions at the conference of developments in a transatlantic context. This vision should also see Europe coming into place as a centre for global innovation, complementing the historic role of the US capital markets in many respects. And the vision does not stop there either, it embraces the coming huge changes in Asia, and also the vision that one world in finance will embrace the other continents too.

The conference is not to be missed. I look forward to welcoming you there on March 30th-31st.

Yours sincerely

Ken O'Brien