Dáil Éireann - Volume 389 - 03 May, 1989

Written Answers. - Financial Services Centre.

Mr. Cullen Mr. Cullen

56. Mr. Cullen asked the Minister for Industry and Commerce the number of Irish insurance companies which have agreed to locate in the Financial Services Centre, Dublin 1; the number of foreign insurance companies which have also agreed to locate there; and if he has satisfied himself with the number of participants.

Minister for Industry and Commerce (Mr. R. Burke) Raphael P. Burke

Minister for Industry and Commerce (Mr. R. Burke): To date a total of nine projects, which include either insurance or re-insurance business among their proposed activities, have been approved in principle to establish in the International Financial Services Centre.

The projects are almost equally divided between Irish and non-Irish companies, illustrating the commitment to the centre from both the domestic and the international community.

A number of further projects are under consideration by the certification advisory committee at present and the IDA are also in active negotiation with a number of promoters who have expressed an interest in establishing insurance-related projects in the centre.

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I am extremely satisfied with the progress which has been made in attracting insurance or insurance-related projects to the centre. In marketing the centre abroad we have concentrated on four specific types of activity in this area, i.e. captive insurance, re-insurance activities and life and non-life fund management. The area of captive insurance in particular has proved to be one of the most [1092] fruitful in terms of interest expressed in the centre in the past year or so.

Dáil Éireann 389 Written Answers. Financial Services Centre.

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