The Department of Finance’s mission is to lead in the achievement of the government’s economic, fiscal and financial policy goals, having regard to the goals set out in the Programme for Government.
Within the Department of Finance there are three divisions that deal with international financial services:
The Banking Division deals with strategies for the banking and payment sectors in Ireland; policies relating to the provision of credit in the economy; credit and payments regulation; consumer protection; addressing mortgage credit and debt issues and difficulties with personal and small/medium business debt. The Banking Division is also responsible for policies on Central Bank powers and functions and National Treasury Management Agency (NTMA) managed funding and investment strategies.
The Financial Services Division is responsible for the development of domestic and EU/International policy and legislation in relation to the financial services sector (with the exception of the banking sector). The division also manages the transposition of EU directives. Its primary functions relate to Insurance; Pensions Provision; Anti-Money Laundering and Counter Terrorist Financing; Markets and Securities; Investment Funds.
The International Finance and Climate Division is responsible for supporting the Minister and the Minister for State in relation to International Financial Services (IFS). It is specifically responsible for the development and implementation of the International Financial Services Strategy. The strategy is led by the Minister for State who has responsibility over Financial Services. The approach seeks to develop the international financial services sector in Ireland to make it the global location of choice for these specialist activities.
The Government’s current international financial services strategy is ‘Ireland for Finance’ (launched in 2019, and updated in October 2022) and is a strategy to develop and grow Ireland’s international financial services industry for the period to 2026. ‘Ireland for Finance’ is implemented through a series of Annual Action Plans that collectively work towards the vision of making Ireland the top-tier location of choice for specialist international financial services and to enhance and protect competitiveness. Implementation of the Ireland for Finance Strategy and the annual Action Plans is driven by a public sector High Level Implementation Committee (HLIC). The Minister of State chairs the public sector High Level Implementation Committee, which meets on a quarterly basis as a standalone committee. The High Level Implementation Committee provides strategic leadership to continue the development of the international financial services sector and ensures coordinated, timely and effective implementation of the strategy.
The Industry Advisory Committee (IAC) is composed of representatives of leading Irish and International Financial Services companies from a broad range of financial services sub-sectors with diverse experience and perspectives. The IAC meets quarterly on a standalone basis. The High-Level Implementation Committee and the Industry Advisory Committee meet quarterly as the Ireland for Finance Joint Committee to review progress and consider new ideas.
Minister for Finance: Paschal Donohoe T.D.; Minister of State with special responsibility for Financial Services, Credit Unions and Insurance: Robert Troy T.D.; Michael J. McGrath, Assistant Secretary, Finance Services Division; Brian Corr, Principal Officer, International Financial Services, Risk and Compliance Unit.
