merrion street

Taoiseach Enda Kenny today spoke at the Irish Funds Industry Association Annual Conference.

The Taoiseach said:

As we meet here this morning we are approaching yet another critical time for the country on our path to economic recovery.

The coming weeks will see Government advance preparations for Budget 2013 and work to secure agreement internationally on aspects of Ireland’s bank debt.

Both are essential to bring the national finances back under control as we continue to reduce the deficit and rebuild confidence in the wider economy.

There is some way to go on our joint path of economic recovery but there have been some significant developments over the past year that we should take encouragement from.

Ireland’s economy returned to growth last year with GDP increasing by 1.4%. This comes after three successive years of contraction.

This recovery is being driven by exports which are now well in excess of pre-crisis levels.

Last year was also the best year in a decade for net FDI jobs created by the IDA.

Last week the annual Global Competitiveness Report compiled by the World Economic Forum showed Ireland moving up the ranks once again.

Last year Forbes magazine listed Ireland as the top EU country for doing business.

The Taoiseach spoke of challenges ahead for Ireland:

Over the summer, the State has successfully re-entered the bond market, the treasury bill market and the sovereign annuity market.

However, we recognise that significant progress needs to be made on the jobs front before we can truly say we are on the road to recovery.

The growth of the funds industry in Ireland is vital in this regard. Continuing job and investment growth in this sector will be part of our mission to get Ireland working again.

To advance this agenda the effective and timely implementation of our Strategy for the International Financial Services Industry is progressing well.

The Taoiseach highlighted the importance of the funds industry:

The Irish funds industry has gone from strength to strength and passed a number of significant milestones in the past year.

Most notably the Irish funds industry has surpassed €2 trillion in total assets under administration.

Credit for this must go to all of you here today who work so tirelessly to provide the services needed by global asset managers as well as promoting Ireland as a centre of excellence for the location and servicing of funds.

Since I was last here, we have also achieved €1 trillion in Irish domiciled investment funds for the first time – which by any standards is a huge success.

Today Ireland is responsible for administering more than 40% of the world’s alternative investments.

 The Taoiseach concluded:

We are making progress on the road to recovery. We are in a better place since last year and I expect us to be in an even better place next year.

I’d like to thank you for all your hard work.

Through your experience and ability to adapt, the funds industry has flourished and experienced growth year on year for 22 of its 23 years.

And, with our funds industry benefitting from 23 years of excellence, innovation and reach, it is easy to see why Ireland is the managers’ choice.