# IFSC - I'm looking for any interesting facts/anecdotes



## Julius (26 Jun 2012)

Hi,
I'm looking for any interesting facts/anecdotes that I could use for a tour I'm preparing for US business executives investing in Ireland. I'm a tour guide with very good knowledge of the City, it's architecture, history, writers i.e. all the typical tourist stuff. However, I have to stop at the IFSC for a 5 minute presentation on the IFSC and the economy. 
I know the following from a Dept. Foreign Affairs booklet entitled IRELAND IN BRIEF:

IFSC was established in 1987 and that it was the idea of Dermot Desmond. *Any further info on how it came about?*
By end 2003, 13,000 people were directly employed in it. *How many work there now?*
Over half the world's banks top 50 banks have operations in IFSC with assets estimated over €200 billion.
Net asset value of funds administered at IFSC is estimated at over €400 billion
The special tax and other incentives that were available are currently being phased out - *But what are they currently?*
Any humorous anecdotes, provide they don't reflect badly on Ireland, would be very much appreciated.

Thanks
Julius


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## rgfuller (26 Jun 2012)

Accenture researched and published a report in 2010 - some 32k employed there now.
Here's a link to the report.
http://www.fsi.ie/Sectors/FSI/FSI.n...sc-report/$file/FSI-Accenture+IFSC+Report.pdf


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## Brendan Burgess (26 Jun 2012)

Julius said:


> IFSC was established in 1987 and that it was the idea of Dermot Desmond. *Any further info on how it came about?*



Actually, it was proposed by Con Power who wrote an article on it in Business and Finance(?). Dermot Desmond then progressed the idea.

Brendan


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## Brendan Burgess (28 Jun 2012)

I spoke to Con about this to verify the facts

The CII set up the Financial Services Industry Association in 1984 at Con's suggestion and he was appointed their first Director



> 12 November 1985 – I made a formal presentation entitled _The Irish  Financial Services Industry in an International Context _to the Enterprise  & Employment Committee of Dublin County Council in which I proposed the  inclusion of internationally-traded financial services in an Enterprise Zone  that had been proposed by the Dublin County Council on land adjacent to Dublin  Airport.
> 
> 4 July 1986 – my article entitled _International  Finance Centre – Con Power’s Plan_, published as the front cover article in  Stubbs Business (Vol XVCI, No. 26).



The background is given in a number of sections in  Chapter 12 'A New Dawn' of his book '*Metamorphosis*:  _*Lessons from the formative years of the Celtic Tiger  1979-1993'*_ (Cork: Oak Tree Press, 2009). The relevant sections  cover pages 193-207 of the book.


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## elcato (28 Jun 2012)

Tell them about the Monto !


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## Firefly (28 Jun 2012)

Hi Julius,

How about mentioning the famine statues across the road - might be a nice diversion for them from the world of finance 

Firefly.


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## elcato (28 Jun 2012)

Montgomery Street was once the biggest red-light district in Europe with  an estimated 1600 prostitutes.  It was known locally as the "Monto" and  this is the origin of the song "Take me up to Monto"

Just point over to Connelly station at the top of the tram lines and away ya go. Beats any famine stories anyday.


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## Fore (29 Jun 2012)

Heard a story about a Japanese Bank that didnt want to locate there due to the amount of hookers hanging around the offices... it was actually just (female) staff outside smoking ..... not sure if its true, but can see how that could happen on a sunny casual friday !


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