IFS2020 A Strategy for Ireland’s International Financial Services sector 2015-2020

Progress Report Q4 2017

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Table of Contents ........................................................................................................................ 1

Foreword ..................................................................................................................................... 2

Progress Report ........................................................................................................................... 3

Strategic Priority 1: Promote Ireland as a location for International Financial Services & world class innovative products & services ..................................................................................................... 5

Strategic Priority 2: Drive continuous improvement in the operating environment & competitiveness of Ireland's IFS sector ......................................................................................... 7

Strategic Priority 3: Drive Research, Innovation & Entrepreneurship in the IFS sector, with a particular focus on financial technology & governance, risk & compliance ..................................... 9

Strategic Priority 4: Develop job-creation opportunities from emerging IFS sub-sectors & new markets… .................................................................................................................................. 11

Appendix 1 Monitoring Dashboard ......................................................................................... 15

Appendix 2 Glossary of Terms ................................................................................................ 18

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Foreword

I am pleased to introduce this Progress Report which documents the implementation of IFS2020, the Government Strategy for Ireland’s international financial services (IFS) sector. This eleventh IFS2020 quarterly Progress Report outlines progress made on measures set out in the 2017 Action Plan during Quarter 4 (October to December 2017). I am pleased to say that all measures for Q4 were successfully completed on time.

There were a number of notable developments in Q4 2017, particularly in relation to education and skills. Education is essential if Ireland is to maintain its position as a global financial services centre given the

competitiveness of the sector globally. We pride ourselves on our highly-skilled and adaptable workforce. However, we must ensure we continue to develop our talent base to continue to improve our offering for IFS. The education measures are varied, with Master’s Degrees, Diplomas and apprenticeship schemes. This variety enables us to continue to cultivate a broad and diverse array of skills for financial services which will undoubtedly help Ireland’s IFS ecosystem continue to move up the value chain into the future. In October, I visited the United States to promote Ireland for international financial services investment while also attending the annual meetings of the IMF and World Bank in Washington DC. I saw at first-hand the tremendous work our enterprise agencies are carrying out to promote Ireland in the US. I met with a number of IDA and EI client firms in New York and San Francisco. While in Los Angeles, I attended and participated in a panel discussion at the inaugural ‘Ireland Week’ - a showcase of Ireland’s modern culture to connect Irish and American business and creative professionals. To continue my series of regional engagements, I hosted a Regional Consultation Forum in Gorey, Co. Wexford in October where a range of IFS stakeholders discussed the benefits of regional financial services hubs and examined the role of education in supporting the development of such hubs. Our financial services showcase in Dublin, the third annual European Financial Forum (EFF), took place on the 31st January of 2018. Among the headline speakers for the 2018 Forum were President of Morgan Stanley, Colm Kelleher; Global Head of BlackRock Infrastructure Investment Group, Jim Barry; and Global Strategic Advisor and Managing Director of PIMCO New York, Richard Clarida. IDA Ireland undertook significant work in planning EFF2018 and I thank them for their work on this. The IFS2020 Strategy is a flexible and adaptable process and the publication of Action Plan 2018 took place in January. As we enter into the second half of IFS2020, I look forward to the continued engagement of all the stakeholders as we work towards the jobs target by the end of 2019. Reflecting this, the 2018 Action Plan contains a review of the Strategy to end-2017 to see what have we done well, what can we do better, and how best to move forward and continue to fulfil the aspirations of the IFS2020 Strategy.

Michael D’Arcy TD Minister of State for Financial Services and Insurance Chair of the IFS2020 Joint Committee

MoS

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Progress Report

Table 1 Monitoring Dashboard – Measures for Delivery in Q4 2017

M Title Lead Deadline Q4

Strategic Priority 1 - Promote Ireland as a location for IFS & world class innovative products and services

1 A public sector financial services sub-group to engage with the Cabinet Committee on Brexit

D/FIN Quarterly

2 Further progress coordinated IFS messaging under the IFS Ireland banner brand

IDA, EI and Comms Subgroup

Quarterly

3 Strategic promotion and marketing of Ireland’s IFS sector overseas under the IFS Ireland banner brand:

a. Overseas trade missions

b. Shared IFS calendar

c. Ministerial and other official visits

d. Banner brand – public sector e. Banner brand – industry

D/FAT D/FAT EI, IDA, D/FAT IDA, EI IAC

Quarterly Quarterly Quarterly Quarterly Quarterly

5 Plan the European Financial Forum 2018 IDA Quarterly

Strategic Priority 2 – Drive continuous improvement in the operating environment and competitiveness of Ireland’s IFS Sector

8 Develop a Master’s Degree in International Financial Services Law

D/ES Q4

12 Development of the IFS apprenticeship programmes D/ES Q4

13 Monitoring skills needs of IFS industry and stakeholder engagement on education and skills

D/ES Q4

15 Liaise and inform regarding changes to Ireland’s network of double taxation treaties

D/FIN Q4

16 Communicate the Central Bank’s approach to authorisation processes

PSCG Q2, Q4

17 Coordinate industry-wide engagement on new payment technologies

FPAI, BPFI Q2, Q4

Strategic Priority 3 – Drive research, innovation & entrepreneurship in the IFS sector, with a particular focus on financial technology & governance, risk & compliance

24 Promote and ensure market diversity with priority given to FinTech & Payments in well-defined markets

EI Quarterly

26 Better connect Ireland’s Regional FinTech landscape FPAI Q1 and Quarterly

27 Provide dedicated fund for FinTech start-up

EI Q4

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M Title Lead Deadline Q4

Strategic Priority 4 - Develop job-creation opportunities from emerging IFS sub-sectors and new markets

31 Identify areas for further IFS related actions D/BEI Q4

32 Monitor Developments on Capital Markets Union D/FIN Q2 and Q4

33 Covered Bonds Environment in Ireland D/FIN Q4

35 International Financial Institutions Located in Ireland D/FIN Q4

37 Sustainable Nation Ireland will continue to focus on the further promotion and positioning of Ireland as an international hub for Green Finance

Sustainable Nation Ireland

Q2 and Q4

39 Maximise opportunities presented by ongoing global developments in front, middle and back office activities

IDA Q4

Legend

Measure delayed Measure at risk of being delayedMeasure on trackMeasure Complete

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Strategic Priority 1: Promote Ireland as a location for International Financial Services & world class innovative products & services This strategic priority focuses on enhancing Ireland’s standing and reputation as a location for, and producer of, international financial services and products, including innovative financial technologies. IFS2020 provides the context for a more strategic and coordinated approach to promoting, marketing and branding Ireland’s IFS sector internationally, leveraging the expertise and international reach of departments, state agencies and our embassy and consulate network, in conjunction with industry stakeholders.

Table 2 Strategic Priority 1: Promote Ireland as a location for IFS

Status at Q4 2017

M#1 A public sector financial services sub-group to engage with the cabinet committee on Brexit

Q4 2017 Update:

The sub-group meets regularly to discuss issues relevant to financial services with a current focus on the upcoming negotiations. The sixth meeting took place on 23 November 2017.

Measure Complete

M#2 Further progress coordinated IFS Messaging under the IFS Ireland Banner Brand

Q4 2017 Update:

Regular meetings of the PSCG Sub-Group on Communications took place in Q4, including a meeting with the industry group, with a focus on preparations for the European Financial Forum 2018 to maximise coverage of the EFF across traditional, digital and social media platforms. Coordinated messaging for use by all IFS Ireland stakeholders was updated.

Measure Complete

M#3 Strategic promotion and marketing of Ireland’s IFS sector overseas under the IFS Ireland banner brand

Q4 2017 Update:

An extensive programme of Ministerial-level overseas visits saw IFS Ireland promoted in the USA (New York, Washington, San Francisco), Europe (UK, Greece, Cyprus, and Malta) and the Middle East (UAE and Oman). The European Financial Forum was launched by Minister of State D’Arcy in London. The Embassy network undertook specific IFS Ireland promotion in Mexico, Japan, Thailand, and in San Francisco and Atlanta.

Measure Complete

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M#5 Plan the European Financial Forum 2018

Q4 2017 Update:

Planning for the third European Financial Forum, to take place on Wednesday 31 January 2018 in Dublin Castle, was finalised during the quarter. The professional conference organiser (PCO) was formally appointed and the process of inviting delegates was launched along with the microsite for the event itself. The launch of the event microsite also included the recording of a promotional video featuring Minister D’Arcy recorded in London.

The final list of speakers and the themes to be explored on the day were confirmed and the agenda finalised. Planning for media involvement, working with the Department of Foreign Affairs and Trade and the Communications sub-group, was initiated.

Measure Complete

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Strategic Priority 2: Drive continuous improvement in the operating environment & competitiveness of Ireland's IFS sector

This strategic priority focuses on the importance of improving Ireland’s standing as a competitive location for innovative IFS companies. It covers a broad range of issues, including education and skills; promotion of IFS as a career option for young people; promotion of Ireland as an attractive location for mobile international talent; promoting the regional dimension of Ireland for IFS; developing the business environment for IFS, including the regulatory, and infrastructure arrangements.

Box 1: Diversity and Inclusion – Updates from Q4 2017

Diversity and inclusion is an area of increasing importance throughout IFS2020.

In Q4 2017, Insurance Ireland launched a report on its Year of Inclusion initiative as a best practice guide and to highlight the work undertaken by its members on diversity and inclusion. The report also builds on Insurance Ireland’s efforts to promote Ireland as a jurisdiction of choice for international insurance business by highlighting the inclusive agenda of the sector and its relevance to all workers.

The Year of Inclusion initiative was a platform for Insurance Ireland’s members to engage with diversity and inclusion experts to share their experiences and to support change at all levels in the sector. It involved a calendar of events held with organisations including the 30% Club, Age & Opportunity, the National Council for the Blind of Ireland and the Disability Federation of Ireland to consider inclusion issues to help understand and tackle shared challenges.

The Year of Inclusion report details this experience and includes contributions from Ed Sibley, the Deputy Governor of the Central Bank of Ireland, Brid Horan of the 30% Club Ireland and Sandra Healy, the Head of Inclusion at DCU and one of Ireland’s leading advocates for inclusion and gender equality. The Inclusion Report also includes an overview of inclusion activity from Insurance Ireland members Allianz Worldwide Care, FBD, Irish Life and Liberty Insurance.

The report was launched at Insurance Ireland’s President’s Conference and has been shared with all Insurance Ireland members as a reference guide for best practice on diversity and inclusion. The effects of the Year of Inclusion initiative have been that Insurance Ireland’s members are engaged on this issue, as evidenced by the attendance of 240 people from 90-member companies at the launch event, and the continuation of discussions at industry and company-specific events. The activities undertaken throughout the Year of Inclusion were an important first step in engaging insurance staff and stakeholders on diversity and inclusion and building on this platform is a priority for Insurance Ireland through its Inclusion Task Force.

More information can be found here:

http://www.insuranceireland.eu/media/Inclusion%20Report%20v11aw%20v2%20digital.pdf

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Table 3 Strategic Priority 2: Operating environment & competitiveness

Status at Q4 2017

M#8 Develop a Master’s Degree in International Financial Services Law

Q4 2017 Update:

The Master’s Degree in International Financial Services Law has been fully developed by Law Society Finuas Network in collaboration with the UCD Sutherland School of Law. The programme is scheduled to commence delivery on the 22nd of January 2018.

Measure Complete

M#12 Development of the IFS Apprenticeship Programmes

Q4 2017 Update:

Two apprenticeship programmes in International Financial Services (Associate & Specialist) have commenced. Each programme had 15 registrations by November 2017. In addition, an accounting technician apprenticeship programme began and has had 54 registrations to end November.

Measure Complete

M#13 Monitoring skills needs of IFS industry and stakeholder engagement on education and skills

Q4 2017 Update:

The National Skills Council oversees research and provides advice on the prioritisation of identified skills needs and how to secure the delivery of identified needs. IFS will be considered alongside other skills needs as part of the work of the Council.

To help foster stronger links between employers and the education and

training sector, the Department of Education and Skills has established a

network of 9 Regional Skills Fora along with 9 Regional Skills Fora Managers.

Eight of the nine regions are currently engaging with financial services employers, including through skills audits of companies, on the facilitation of new upskilling programmes and reporting on regional skills needs.

Measure Complete

M#15 Liaise and inform regarding changes to Ireland’s network of double taxation treaties

Q4 2017 Update:

In April 2017, Ireland signed a double taxation agreement with Kazakhstan which was ratified as part of the Finance Bill 2017.

Measure Complete

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M#16 Communicate the Central Bank’s approach to authorisation process

Q4 2017 Update:

In August, the Central Bank published the Regulatory Service Standards Performance Report for the first half of 2017. The report sets out the Central Bank’s performance against service standards that it has committed to for the authorisation of financial service providers and Pre-Approval Control Functions under the fitness and probity regime. The report shows that 96% of the Service Standards covering most sectors regulated by the Central Bank were met in the first half of 2017.

Measure Complete

M#17 Coordinate industry-wide engagement on new payment technologies

Q4 2017 Update:

An event was held to discuss the new Payment Services Directive 2 application process published by the Central Bank. It was attended by 120 people. The FPAI has been having meetings with the Central Bank to appraise the Central Bank of emerging technologies in the FinTech area.

Measure Complete

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Strategic Priority 3: Drive Research, Innovation & Entrepreneurship in the IFS sector, with a particular focus on financial technology & governance, risk & compliance

This strategic priority focuses on the significant role of research, innovation and entrepreneurship in developing Ireland’s status as a leading global location for financial services. The objective is to continue to develop and promote Ireland as a centre for innovative, scaling and next generation companies with world-class capabilities in financial technology, governance, risk and compliance, working within an innovation ecosystem that supports advanced research and commercialisation in areas such as data analytics, mobile banking/payments, cloud computing, etc.

Table 4 Strategic Priority 3: Research, Innovation and Entrepreneurship

Status at Q4

2017

M#24 Promote and ensure market diversity with priority given to FinTech & Payments in well-defined markets

Q4 2017 Update:

Enterprise Ireland hosted a number of overseas buyers in Ireland including FinTech buyer groups from Scandinavia and from India. Along with one-to-one client meetings, these buyers also saw the wider Irish FinTech ecosystem in technology centres and FinTech labs in Irish-based financial institutions.

A number of financial services events were arranged around the President’s state visit to Australia and New Zealand in October with a well-attended FinTech seminar in Sydney.

Enterprise Ireland supported Irish FinTech and payments companies participating in exhibitions and conferences around the world.

Measure Complete

M#26 Better connect Ireland’s Regional FinTech landscape

Q4 2017 Update:

Focus has been on enabling local FinTech players connect and engage through events and meet-ups.

A number of initiatives are contributing to better FinTech connections across Ireland.

In September, an FPAI Research and Technology Showcase was held on Sept 28th - 2nd October in a series of community events that showcased research talent and expertise from centres based in Universities across Ireland and the potential that exists for companies in the FinTech sector to engage and leverage that expertise to their advantage.

FPAI and EY have commenced a working group stream to identify and action concrete steps in the development of a project to encourage innovation collaboration: Application Programming Interfaces (APIs), Hackathon event, international payment

Measure Complete

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Status at Q4

2017

participation. Participants from International Banks, Domestic Processors, and Regional FinTech companies.

Further initiatives to follow in Q1 2018

M#27 Provide dedicated fund for FinTech start-up

Q4 2017 Update:

During Summer 2017, Enterprise Ireland ran a FinTech competitive start fund competition to identify new early-stage FinTech companies and this process was completed in September with the programme commencing in October at Bank of Ireland’s dedicated FinTech startlab.

The 7 companies selected to participate in this programme will each receive an investment of €50,000 along with access to Bank of Ireland’s Innovation Team and desk space at startlab (as well as passports to regional startlab locations and NYC startlab). In addition, a number of masterclasses are being provided by industry experts.

Measure Complete

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Strategic Priority 4: Develop job-creation opportunities from emerging IFS sub-sectors & new markets

This section reports on progress in developing new opportunities from IFS sub-sectors. There are a number of measures under this strategic priority with a Q4 2017 deadline.

Box 2: IFS Regional Consultation Forum

On 2 October 2017, the Minister of State for Financial Services and Insurance, Michael D’Arcy TD, hosted an International Financial Services Regional Consultation Forum in Gorey, Co. Wexford, part of which took place in a tech incubator space, The Hatch Lab.

This dedicated regional consultation forum brought together a range of stakeholders from across the international financial services sector to examine the key opportunities and challenges to fostering closer links between Dublin and regional financial services hubs.

“The conversations we had in Gorey show the significant potential for an increased number of financial services jobs in the regions. There are already major success stories which we can build on and learn from.” Minister of State, Michael D’Arcy TD

At the forum, participants heard about key successes of the IFS2020 Strategy such as increased availability of educational opportunities, the way in which education can support industry to attract and develop staff, and how the development of hubs can drive both competition between companies and staff development.

The forum confirmed that there is considerable interest and capability among regional actors to identify and facilitate the establishment of second site office operations to supplement growing IFS operations in Dublin or other cities.

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Table 5 Strategic Priority 4: Develop job-creation opportunities from emerging IFS sub-sectors & new markets

Status at Q4

2017

M#31 Identify areas for further IFS related actions

Q4 2017 Update:

It is envisaged that 2018 will see further engagement with the regions and greater opportunities to identify new IFS Actions through Regional Forums and a renewed strategy taking the place of those regional action plans which expired in 2017.

Measure Complete

M#32 Monitor Developments on Capital Markets Union

Q4 2017 Update:

Significant progress has been made to date on the Capital Markets Union (CMU). Ireland is broadly supportive of CMU and welcomes the progress made to date. Ireland’s focus is on what CMU can do for smaller capital markets. Ireland particularly welcomes progress on CMU measures that advance product markets which can help diversify funding to smaller and fast growing companies.

Work will continue on the implementation of the Capital Markets Union and its various initiatives throughout the remainder of 2017 and into 2018 with the publication of relevant legislative proposals, studies and communications in due course.

Measure Complete

M#33 Covered Bonds Environment in Ireland

Q4 2017 Update:

The EU Commission has announced its intention to bring forward a proposal in early 2018 for a Directive on the harmonisation of Covered Bond Frameworks in the EU. In tandem with this proposal, the Department continues to assess the case for amendments to covered bond legislation in Ireland.

Measure Complete

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M#35 International Financial Institutions Located in Ireland

Q4 2017 Update:

The Department of Finance promoted Ireland as the location of choice for the European Banking Authority (EBA). Ireland tied with Paris in the final round of voting. The decision on location was made by drawing lots which confirmed Paris as the new host of the EBA. The European Investment Bank (EIB) Group office in Dublin has allowed a deepening strategic engagement with the EIB in Ireland. The Dublin office has provided a direct point of contact with national authorities, agencies and borrowers. This is assisting Irish companies and Government authorities in identifying opportunities for EIB funding while also giving more visibility to the EIB’s actions through participation in a wide range of public fora and events.

Measure Complete

M#37 Sustainable Nation Ireland will continue to focus on the further promotion and positioning of Ireland as an international hub for Green Finance

Q4 2017 Update:

Following a strategic review of Ireland’s unique green finance credentials, Sustainable Nation Ireland (SNI) launched its Finance Green Ireland initiative in Q3 to promote those credentials abroad. The domestic objective of this initiative is to advocate for the policy and regulatory certainty that will be vital to allow the capital markets to contribute to the achievement of Ireland’s national decarbonisation targets.

SNI have developed a detailed and structured approach in order to achieve these objectives, which will be guided by a National Committee with senior representatives drawn from public and private stakeholders. SNI held a number of international events to promote this initiative in Q3. With regard to raising awareness of responsible investment in Ireland, the Sustainable and Responsible Investment Forum (SIF) Ireland was established. This is a forum supported by leading Irish asset owners, asset managers and intermediaries. During 2017, Irish Strategic Investment Fund activities included three Leadership Series Seminars (over 200 attendees in total) and two Insights Roundtables (c. 30 attendees in total) on responsible investment topics. SNI activities also included advocacy for the green finance agenda, continued up-skilling in the sector, and developing international partnerships.

Measure Complete

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M#39 Maximise opportunities presented by ongoing developments in front, middle and back office activities

Q4 2017 Update:

The IFS Division of IDA Ireland is working both at home and abroad to promote Ireland as the location of choice for specialist IFS investments with a particular focus on regulated entities looking to relocate as a result of Brexit. Activities overseas up to the end of Q4 2017 included a series of briefings held in London where relevant officials from the Central Bank of Ireland spoke about the authorisation process to executives from the Investment Management, Payments, and Insurance industries. This is in addition to a number of IDA trips to the traditional financial centres of New York, Los Angeles and London, and including events co-ordinated as part of IFS2020 in Frankfurt and Paris featuring Minister Michael D’Arcy. This complements the routine engagements by IDA’s overseas executives, in conjunction with local market teams, with both existing client companies and target companies that are reviewing operations in response to Brexit. The output from this work is the projects that are approved by the IDA board and include the location decisions reached in relation to Brexit planning such as Bank of America Merrill Lynch, Barclays and XL Catlin.

Measure Complete

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Appendix 1: Monitoring Dashboard Action M Title Lead Deadline Q1 Q2 Q3 Q4

1 Promote Ireland as a location for IFS & world class innovative products and services

1 A public sector financial services sub-group to engage with the Cabinet Committee on Brexit

D/FIN

Quarterly

2 Further progress coordinated IFS messaging under the IFS Ireland banner brand

IDA, EI and Comms Sub Group

Quarterly

3 Strategic promotion and marketing of Ireland’s IFS sector overseas under the IFS Ireland banner brand:

a. Overseas trade missions b. Shared IFS calendar c. Ministerial and other official visits d. Banner brand – public sector e. Banner brand – industry

D/FAT D/FAT EI, IDA, D/FAT IDA, EI IAC

Quarterly Quarterly Quarterly Quarterly Quarterly

4 Review the European Financial Forum 2017 IDA

Q1

5 Plan the European Financial Forum 2018 IDA

Quarterly

6 Host the European Financial Forum 2018 IDA

Q1 2018

7 Conduct a mapping review of access to equity finance in Ireland with a focus on access by SMEs and issues relating to investor interest

D/FIN Q2

2 Drive continuous improvement in the operating environment and competitiveness of Ireland’s IFS sector

8 Develop a Master’s Degree in International Financial Services Law

D/ES Q4

9 Deliver a Higher Diploma in FinTech and a Master’s Degree in FinTech

D/ES Q3

10 Deliver a specialist Postgraduate Diploma in Aviation Finance and Leasing and an MBA (Aviation Management Stream)

D/ES Q3

11 Develop and deliver an Introduction to Aviation Finance and Leasing short course

D/ES Q2

12 Development of the IFS apprenticeship programmes

D/ES Q4

13 Monitoring skills needs of IFS industry and stakeholder engagement on education and skills

D/ES Q4

14 Promote IFS as a career option through the SFI Smart Futures programme

D/BEI Q3

15 Liaise and inform regarding changes to Ireland’s network of double taxation treaties

D/FIN Q4

16 Communicate the Central Bank’s approach to authorisation processes

PSCG

Q2, Q4

17 Coordinate industry-wide engagement on new payment technologies

FPAI, BPFI

Q2, Q4

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3 Drive research, innovation & entrepreneurship in the IFS sector, with a particular focus on financial technology & governance, risk & compliance

18 Promote Ireland’s IFS sector on the Tech/Life Ireland Platform

EI Q2

19 Develop opportunities, in co-operation with the Ireland Strategic Investment Fund (ISIF), for co-investment proposals with a particular focus on asset management.

IDA, ISIF

Q3

20 Assess the feasibility of establishing a Corporate Alliance Programme for FinTech & Payments companies

EI Q2

21 Map financial services research and innovation activities across Ireland

FPAI

Q2

22 Establish a FinTech & Payments Advisory Panel

FPAI

Q3

23 Appoint FinTech & Payments “advocates” in key markets

EI, IDA

Q2

24 Promote and ensure market diversity with priority given to FinTech & Payments in well-defined markets

EI

Quarterly

25 Promote the new Access USA Programme with FinTech & Payments companies

EI

Q1

26 Better connect Ireland’s Regional FinTech landscape

FPAI

Q1 and Quarterly

27 Provide dedicated fund for FinTech start-ups EI

Q4

28 Host a payments industry roundtable in

London to discuss opportunities in the sector IDA

Q1

29 Conduct public consultation on crowdfunding D/FIN & SME State Bodies Group

Q1

4 Develop job-creation opportunities from emerging IFS sub-sectors and new markets

30 Promote IFS on a regional basis IDA

Q2

31 Identify areas for further IFS related actions D/BEI

Q4

32 Monitor developments on capital markets

union D/FIN

Q2, Q4

33 Covered bonds environment in Ireland D/FIN

Q4

34 Ireland as a global location for private equity funds management

D/FIN

Q3

35 International Financial Institutions located in Ireland

D/FIN

Q4

36 Assess Ireland’s legislative framework for financial markets infrastructures to ensure it meets the needs of Irish market participants, consistent with EU law and sound financial regulation

D/FIN

Q3

37 Sustainable Nation Ireland will continue to focus on the further promotion and positioning of Ireland as an international hub for green finance

Sustainable Nation Ireland

Q2, Q4

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38 Aviation Leasing and Financing IAC

Q3

39 Maximise opportunities presented by ongoing global developments in front, middle and back office activities

IDA

Q4

40 Review the current status of market based financing with a workshop focused on opportunities for Alternative Credit Managers in the European market

IDA

Q1

Legend

Measure delayed Measure at risk of being delayedMeasure on trackMeasure Completed

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Appendix 2: Glossary of Terms

BPFI Banking & Payments Federation Ireland

Comms Subgroup Communications Sub Group of the IFS2020 Public Sector Co-Ordination Group

D/BEI Department of Business, Enterprise and Innovation

D/ES Department of Education and Skills

D/FAT Department of Foreign Affairs and Trade

D/FIN Department of Finance

D/TTAS Department of Transport, Tourism and Sport

EI Enterprise Ireland

EFF European Financial Forum

FIBI Federation of International Banks in Ireland

FPAI FinTech & Payments Association of Ireland

FSI Financial Services Ireland

HLIC High Level Implementation Committee

IAC Industry Advisory Committee

IAIM Irish Association of Investment Managers

IFS International Financial Services

ISIF Ireland Strategic Investment Fund

NCADF National Civil Aviation Development Forum

PSCG Public Sector Co-ordination Group

SFI Science Foundation Ireland

SNI Sustainable Nation Ireland