Irish Companies Target Growth in British Financial Markets

Ireland is the single biggest exporter of software solutions in Europe and one of the top three software exporters in the world.

IT products from Irish-owned companies have been deployed to every continent by many of the world's leading businesses, financial services firms, governments and corporate organisations.

Within the Irish-owned software sector, financial services is the most mature and successful and Irish companies offer a wide range of products, including component-based banking applications, multichannel banking systems, next-generation customer relationship management systems, automated foreign exchange trading platforms, line-of-business applications for the insurance industry and managed services to technology solutions around network latency, market data, asset management and learning technologies.

At a financial markets networking dinner for Irish financial services suppliers and their British and international customers held in the Irish Embassy in London, Mr Billy Kelleher, T.D., Ireland's Minister for International Trade, said that Irish companies were targeting increased growth in British Financial Markets.

He said that the Irish government had recently announced an investment package to establish a new Science Foundation Ireland strategic research cluster designed to create a centre of financial research excellence.

The financial mathematics and computation cluster, would bring together complementary expertise in financial mathematics, financial economics and computer science.

Focusing on the three fundamental elements of financial markets - risk, information and liquidity - the cluster would undertake world-class research to help enhance the continuing development of the international financial services industry in Ireland.

The networking dinner was organised by Enterprise Ireland, the trade and technology agency of the Irish government.

Mr Kelleher said that Ireland's future success increasingly lay in the research, commercialisation, production and sale of higher value added products and services to worldwide markets.

Ireland, because of its comparatively small size, bred strong export-focused companies with a wealth of experience, a technologically competitive supply base and a drive and determination to develop new business.

He said that Ireland's financial services companies had been successful in Britain and internationally because they offered high quality products and business solutions that were tailored to specific customer requirements in challenging market conditions.

Despite the financial and economic difficulties across the global economy, there was a vibrant enterprise sector in Ireland that was world-class in its capacity and performance:  "Now more than ever our companies are keenly aware of the importance of dedicating time in the market to talking, sharing information, developing deeper mutual understanding and building relationships with their buyers and partners."