International Financial Services Centre
The International Financial Services Centre (IFSC) is a major European financial centre located in North Wall and parts of East Wall, Dublin, Ireland. As of 2014 the centre ostensibly employs 35,500 people in over 500 companies, generating some 2.1 billion euro.
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.
East of Guild Street and down as far as the Point Depot is the most recent IFSC III area containing the Central Bank of Ireland, the NTMA as well the offices of PwC and numerous Fintech companies including Yahoo, Fenergo and Voxpro.
The centre houses financial institutions, or at least their nameplates, together with the law firms and accountancy and taxation advisors who support them. While the IFSC was ostensibly intended for foreign financial institutions, the first bank to take up residence was Allied Irish Bank.
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, JP Morgan, The Bank of New York Mellon, Danske Bank, SMBC Aviation Capital and Sumitomo, as well as major international trading companies such as SIG.
The National College of Ireland is situated within the IFSC.
The IFSC was the brainchild of financier 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.
After the crisis
The response of the regulator which followed the Irish financial crisis led many financial institutions to move operations elsewhere and caused Dublin's ranking as a financial services centre to drop for a time from 10th in 2009 to 70th in 2014. IFSC institutions cited the timeliness of decisions by the Central Bank of Ireland as having a significant impact on their operations. Since 2014 Dublin has rapidly recovered developing a broader base of service offerings and rising to 33 in the GCFI rankings as of March 2017[better source needed]
Notable participants in the IFSC
- JP Morgan
- Wells Fargo
- The Bank of New York Mellon
- Credit Suisse
- BNP Paribas
- Bank of Ireland
- "I.F.S.C". I.F.S.C.ie. 21 June 2010. Retrieved June 11, 2012.
- "Dermot Desmond". ashokaglabalizer.org. 21 June 2010. Retrieved January 21, 2010.
- "The Sunday Business Post". businesspost.ie. 2012. Retrieved 7 August 2012.
- "Dublin's ranking as a financial centre continues to plummet". Irish Times. 22 September 2014.
- "Banking body argues for strong signal on corporation tax rate in IFSC strategy". Irish Times. 14 February 2015.
- "GFCI". March 2017.