CHILDERS URGES MINISTER TO MAKE IFSC LOBBYING MORE TRANSPARENT

 CHILDERS URGES MINISTER TO MAKE IFSC LOBBYING MORE TRANSPARENT

Labour MEP Nessa Childers today urged Minister Noonan to take action for greater transparency on how international finance lobbies the Irish government.

"Given the news reports over the weekend, I welcome the further spotlight on the intensive IFSC lobbying of government. Today I wrote to Minister Noonan urging him to take specific actions for more transparency in this area.

“Intensive and regular lobbying is facilitated by the 'IFSC Clearing House Group' and involves many government departments. This Group has sub-groups focusing on the hedge fund, insurance, banking and treasury sectors with monthly meetings of each in government buildings.

“I urge the Minister to publish the details of these meetings, the agenda and the attendees online on an ongoing basis. We know from previous experience that government policy on such critical sectors of the economy must be openly and transparently debated.

“When this group is influencing policy that not only affects the financial services sector but also impacts on the lives of all sections of Irish society, there must be far more balance in these meetings. This is especially needed when discussing EU policy, with balance provided with participation from other sectors, from SMEs, academics, and the social partners.

“It is of course essential that there is close co-operation between the government and the IFSC in developing such an important sector, the IFSC provides thousands of jobs and much needed tax revenue. However these meetings must be transparent."

ENDS

Further details:

FOI documents released to Nessa Childers MEP:

http://www.scribd.com/doc/91354148/FOI-DeptFinance-Childers

http://www.ifsc.ie/company.aspx?idcompany=125&idcategory=35

http://www.taoiseach.gov.ie/eng/Work_Of_The_Department/Economic_and_Soci...