Irish funds legislation could create 3000 jobs
Written by Robert McHugh, on 17th Dec 2020. Posted in General
Irish Funds today welcomed completion of a key financial services bill that has been in the works for over five years and is expected to create 3,000 jobs by 2025 while attracting up to €20bn per annum in global private capital.
The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil, is set to accelerate Irish fund industry growth, help firms facilitate the green recovery and open the door for new global private fund market entrants to domicile in Ireland as a key base for European capital raises.
“Game-changing” bill set to accelerate Irish fund industry growth Dec 17, 2020 By Funds Europe
New Irish funds legislation has been hailed as “game-changing” in its scope to accelerate industry growth and potentially create thousands of jobs by 2025.
The financial services bill – which has been in the works for over five years – is intended to facilitate the ‘green recovery’, as well as open the door for new global private fund market entrants to set up base in Ireland.
Investment industry trade body Irish Funds said businesses will have the potential to expand private equity, infrastructure, renewables, and real estate offerings with “a positive knock-on effect” expected for local employment. The bill is expected to create 3,000 jobs by 2025.
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th December 2020 9:21 am
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New bill boosts Ireland’s private funds industry
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The passage of a financial services bill in Ireland, which will create 3,000 jobs by 2025 and attract up to €20 billion ($24.2 billion) in global private capital per year, has been welcomed by the country s money management association.
The Investment Limited Partnerships (Amendment) Bill 2020 was passed in the Dail, the lower house of Ireland s parliament, on Wednesday.
The amended bill is expected to accelerate the growth of the Irish money management industry, with the potential now for firms to expand their private equity, infrastructure, renewables and real estate offerings in the country.
The Irish Funds Industry Association said in a news release that it expects the move to also have a positive effect on local employment and Ireland s position as a sustainable finance hub.