The Minister of State for Financial Services and Insurance, Michael D'Arcy, has launched a strategy for the development of Ireland's international financial services sector at an event in New York.

The strategy, "Ireland for Finance", aims to increase direct employment in the sector to 50,000 people by 2025.

The plan had its US launch today at an event at the Irish Consulate in New York which was attended by representatives from the banking, financial services and legal industries in the city.

Speaking at the launch, Minister Michael D'Arcy described New York as the global financial centre and highlighted the fact that many major financial firms have their headquarters in the city.

"If we are to be successful in delivering 'Ireland for Finance', we need to continue the connections between New York's financial services and the industry in Ireland, and we must also deepen and broaden them," he said.