BIGGEST CHALLENGE SINCE ACT OF UNION - BRUTON - The Federation of International Banks in Ireland (FIBI) is the representative voice of international banks in Ireland. Its inaugural conference in Dublin today is called 'International Banking: The Forward Agenda'. The speakers will focus on the issues of concern to the IFSC and the international banking sector in Ireland.
Fewer international financial companies than you might think have left Ireland in recent years during the crisis, but it is a tough time to attract new ones.
IDA Ireland chief executive Barry O'Leary said IFSC companies had been doing very well, and some were expanding their operations here. He also said there was a 'cluster' effect developing among financial technology companies.
Mr O'Leary said one of these was Asset Control, which announced new jobs this morning. He said there would be more announcements in this area.
Asked about his recent remarks about the ECB in the context of the banking and financial crisis, former Taoiseach John Bruton, the president of the IFSC Ireland,
said the statute of the European Central Bank said that it had a responsibility for supervision of credit institutions.
But he said some of the ECB's powers were not used, as some European countries prevented these from being activated. As a result, he said, blame for the financial crisis could be spread 'quite widely'.
Asked about the possibility of worries about over-regulation, Mr Bruton said the Central Bank was doing a good job in difficult circumstances, and organisations which were doing a good job often attracted criticism. He said people like Central Bank Governor Patrick Honohan and head of financial regulation Matthew Elderfield were enhancing Ireland's reputation.
He rejected suggestions that Ireland was 'bust', saying there was a lot of accumulated wealth in the country. Mr Bruton said it was time to tap into Irish people's patriotism, as our economic problems were the biggest challenge to independence since the Act of Union.
On the Moriarty Tribunal report, Mr Bruton described it as 'deplorable' that former minister Michael Lowry had conmtact with those involved in the bidding process for the second mobile phone licence. He said it was not proven, however, that the result of the competition was influenced in any way by Mr Lowry.
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NEWS AND CURRENCIES - 50 new jobs have been announced at US financial services company Asset Control and the company says more could follow. It manages information for big international banks. The jobs are for graduates and senior developers in the company's financial technology division.
On the currency markets, the euro is trading at $1.4255 and 87.26p sterling.
