Assessing the role of the international financial services centre in Irish regional development

This paper examines the manner and extent to which the International Financial Services Centre (IFSC) in Dublin contributes to regional development in Ireland. Since its 1987 launch, the IFSC created over 10,000 jobs and promoted urban renewal in a previously derelict section of Dublin. Although it stands as one of Ireland's most prominent development projects, empirical examination of the IFSC remains limited. This study looks specifically at issues such as the kinds of activities and employment created at the IFSC, as well as local linkage formation. Based on published data and research interviews, this paper shows that the IFSC contributed to Ireland's economic development at a time when industrial policy focused primarily on employment creation. To date the IFSC has proven to be a successful policy intervention, the routine nature of many IFSC-related activities raises questions about the IFSC's ability to become something more than a centre for back-office financial services.