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Irish Funds welcomes the European Commission’s Capital Markets Union

15 May 2015

Dublin, 15th May 2015 – The Irish Funds Industry Association (IFIA), the trade body representing the largest sector of the financial services industry in Ireland, has responded positively to the European Commission’s Green Paper on Capital Markets Union (CMU).

CMU is a project to build a genuine single market for capital in the EU by 2019. The CMU forms part of the Commission’s “growth and jobs” agenda with the aim of promoting investment in Europe’s economy and is not intended to be a regulatory driven initiative. The intention is to address Europe’s overreliance on bank credit by boosting investment via capital markets which should result in improved access to finance for business.

Commenting on the initiative Pat Lardner, CEO at the IFIA, said:

“The IFIA is strongly supportive of the CMU initiative as a significant opportunity for the Irish funds industry. As a major investment fund domicile and fund servicing centre, Ireland can play a key role in the development, promotion and servicing of investment fund solutions to address the objectives of CMU.”

The IFIA has provided a comprehensive response to the Green Paper consultation which includes recommendations on:

  • Encouraging the take-up of ELTIFs
  • Developing an appropriate EU framework for loan origination and addressing barriers to lending for non-bank entities
  • Reducing the costs associated with cross-border investment funds
  • Enhancing the framework for European private equity and venture capital
  • Encouraging retail investment in cross-border UCITS
  • Enhancing efficiencies via harmonised regulatory reporting
  • Striking the right balance in the development and implementation of a single rulebook
  • Ensuring alignment with CMU across all EU policy initiatives
  • Ensuring that the international tax agenda reflects the objective of more integrated capital markets

The IFIA response to the Green Paper consultation is available here

The IFIA response to the Department of Finance CMU consultation is available here.

– Ends –

FOR FURTHER INFORMATION CONTACT:

Jamie Wynn Williams; James Dumelow, Michael Kelly

Hume Brophy

Email: ifia@humebrophy.com

Tel: +44 (0) 203 440 5656

Pat Lardner

Chief Executive, Irish Funds Industry Association

Email: info@irishfunds.ie

Tel: +353 (0)1 6753200

Follow us on Twitter: @IrishFunds

Key Statistics end of 2014

Assets & Growth

  • Irish total assets are up by 23.6% to €1,661 billion
  • UCITS are up by 22% to €1,274 billion
  • Non UCITS are up to 29% to €387 billion

Net Sales (Distribution)

  • Net Sales for Irish domiciled funds in 2014 was €132bn in total, this is a multi-year high
  • Irish UCITS Net Sales €112 billion
  • Irish Non UCITS Net Sales €20 billion

About the IFIA

The Irish Funds Industry Association (IFIA) is the representative body of the international investment funds community in Ireland, representing the administrators, depositaries, managers, transfer agents, fund promoters and professional advisory firms involved in the international fund services industry in Ireland.

The IFIA’s 100+ members are responsible for in excess of 12,500 funds with a net asset value of over €3.4 trillion. The objective of the IFIA is to support and complement the development of the international funds industry in Ireland, ensuring Ireland continues to be a location of choice for the domiciling and servicing of investment funds.

Over the last 20 years Ireland has become a premier jurisdiction for fund managers establishing regulated investment products for distribution in the global marketplace. In recent years Ireland has been the fastest growing international fund administration centre and boasts the largest hedge fund administration centre in the world. Ireland is also a leading European domicile for money market funds and exchange traded funds, as well as the world’s premier jurisdiction for the stock exchange listing of investment funds.

International investment managers are attracted to Ireland due to its open, transparent and regulated investment environment, its strong emphasis on investor protection.

Over 430 fund promoters from across the globe have used Ireland to set up regulated investment funds distributed to shareholders throughout the world. Fund promoters can rely on expert service supported by 13,000 skilled employees across the entire service provider community, including fund administrators, trustees, legal advisers, auditors, tax advisers, compliance, listing and other industry specialists.

For further information about the IFIA, please visit www.irishfunds.ie

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