International Financial Services Centre
The International Financial Services Centre (IFSC) is a controversial major financial services centre in North Wall, Dublin, Ireland. The centre ostensibly employs 14,000 people and was the brainchild of financier and tax exile Dermot Desmond, whose NCB financed a study by Price Waterhouse on the feasibilities of an 'IFSC'. Desmond then approached Fianna Fáil leader Charles Haughey, then in opposition, who made it the centrepiece of his economic manifesto when he came back into power. The Finance Act, 1987 (Section 30) allowed for the designation of an area exempt from normal taxation laws. Haughey's name (he died in 2006) has by now become a byword for corruption in Ireland.
The IFSC comprises the area between Memorial Road, Amiens Street, Lower Sheriff Street (including part of Crinan Strand), Guild Street, and the River Liffey along North Wall Quay and Custom House Quay. Adjacent districts include East Wall to the north and Spencer Dock to the east; the Custom House, Busáras and the city centre lie to the west along Store Street and Abbey Street.
Within the IFSC, the original development area lies west of Commons Street. East of Commons Street is the later IFSC II area, along North Wall Quay and Lower Mayor Street. It is an integrated development located in the centre of the city which incorporates office accommodation, educational institutions, housing, restaurants and shopping facilities. It has expanded beyond its original site.
The centre now houses financial institutions (or at least their nameplates), together with the law firms and accountancy and taxation advisors who support them. While it is ostensibly for foreign financial institutions, the first bank to take up residence was Allied Irish Bank. The National College of Ireland is situated within the IFSC.
There are currently more than 500 financial operations allowed to trade within the IFSC. According to the official website it is home to more than half of the worlds top 50 financial institutions including Citibank, Commerzbank and Sumitomo.
- "Dermot Desmond". ashokaglabalizer.org. 21 June 2010. Retrieved January 21, 2010.
- "The Sunday Business Post". businesspost.ie. 2012. Retrieved 7 August 2012.
- "I.F.S.C". I.F.S.C.ie. 21 June 2010. Retrieved June 11, 2012.
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