Keynote Address

The future of IFSC companies in the global and European international financial services market - The role of the Irish Government

A true single European market for financial services

* The 1995 Single Market Programme and the 'Cecchini Report'

* The need and the scope for the present action plan on financial services

* The main results of the study by ZEW and IEP on the benefit of further liberalization commissioned by the European Round Table of Financial Services

* The obstacles to be overcome

* The resulting potential benefits

* Ways and means to speed up the legislation and to keep it up to date

Pan-European regulatory environment.

* Role of regulation in making Ireland inc. more consumer-friendly, competitive and attractive for inward investment

* Financial services regulatory regime in Ireland - strict but pragmatic

* The McDowell report and EU legislation

* The concept of a single regulatory authority for financial services in Ireland

* The report on the review group on auditing regulators' duties of confidentiality - do we need to review in light of September 11 ?

* Need for better access to low cost, informal redress for consumers & 'passporting of financial products'

* Responsibility of regulators not to get in the way of commerce & the development of the financial sector

* Future regulation

Ireland as an international financial services gateway

* Ireland's international tax position

* Is Ireland a tax haven?

* Overview of what's happening with tax havens

* Challenges to the future outlook for tax havens

* Opportunities for tax havens

Case Study: INVESCO

* background & strategy

* product integration process - challenges & opportunities

* multiple country registrations - how far can one size fit all?

* new products, new functions - 'B' shares & treasury function

* staff development - cornerstone of success

* future - opportunities and threats

Joseph Beashel, managing director INVESCO Ireland and Anthony Myers, chief operating officer, INVESCO Global

ROUND TABLE DISCUSSION:

* New product initiatives such as the ICB

* Regulation/IFSRA

* International tax environment

* EU legislation/directives

* Labour supply and skill issues

* Competition from emerging EU financial services centres

* Competition from Bermuda

Chairman: Willie Slattery, chief executive officer, Deutsche International (Ireland)

Torlach Denihan, director, FSIA

Eamon O'Brien, chairman of the Taoiseach's insurance group, managing director Aon Insurance Managers (Dublin)

Gary Palmer, chief executive, DFIA

Enda Twomey, director, FIBI

LUNCH
Sponsored by:

Speaker: Padraig O hUiginn, former Secretary of the Department of the Taoiseach

OVERVIEW OF THE UCITS III DIRECTIVES

* Summary of the principal provisions of the product and manager directives

* Outstanding issues following adoption of the Directives and implementation and review process

* Relationship to other EU developments

* Challenging regulatory, legal and fiscal obstacles

* Pensions proposal and proposal for taxation of savings

Philip Woolfson, partner, Oppenheimer Wolff & Donnelly

The IDA Ireland pan-European corporate pensions initiative for the IFSC:

* Does Europe need Pan-European pension schemes?

* What should politicians be looking for?

* What do employers want?

* What do employees need?

* What can the financial services industry offer?

* The EFRP proposal

* IFSC-based life insurance operations with presence in local markets through branches

* Flexible Irish life insurance framework regulations

* Pan-European and national pension plans for large companies and their employees

* Separate investment portfolios per customer

* Competitive prices and surplus distribution

* Adaptability to each customer's particular requirements and preferences

* Pooling options

Case Study - Mellon

* Strategic focus

* Restructuring

* Funds launch - why Dublin?

* Project approach

* Lessons

* Next steps

Harley Murphy, managing director, Mellon Fund Administration (Dublin) Ltd

Jon Little, chief executive, Mellon Global Investments (MGI)

The development and outlook for the financial services industry in Ireland

John Hurley, governor of the Central Bank of Ireland

Closing remarks from the Chair