The Lord Mayor of the City of London, Alderman Alan Yarrow, will visit Dublin today to launch a new industry-led dialogue on financial services between the City of London and Ireland’s International Financial Services Centre (IFSC Ireland). The meeting will look to explore how the two financial centres can work more closely together.

The invitation for the Lord Mayor to visit Ireland stems from the State Visit of President Michael D. Higgins to the UK in April 2014. During the visit, the President gave a keynote speech at the Guildhall in the City of London in which he highlighted the importance of the trading relationship between both nations.

Speaking about the opportunities for collaboration, Lord Mayor Alan Yarrow said:

“The financial centres of Ireland and the UK have different, yet complimentary, strengths. Each reinforces the other. For example, there are some exciting financial technology start-ups emerging in Ireland which could benefit from the City of London as a potential source of finance.

“It is in both our interests to see EU regulation that encourages innovation and supports jobs and growth, and I look forward to discussing this and other matters with government ministers from both countries.

The UK is the largest market by value for exports of Irish financial software, accounting for 25 per cent of Irish exports and the largest market for Irish financial services representing 50 per cent of exports.

Opening the dialogue is one of a number of engagements the Lord Mayor will undertake during his inaugural visit to Dublin today and tomorrow. He will also visit Accenture’s FinTech Innovation Lab, meet the Taoiseach, Enda Kenny, the Lord Mayor of City of Dublin, Christy Burke, and the Minister for Jobs, Enterprise and Innovation, Richard Bruton.

Notes to the Editor

1. The Lord Mayor is head of the Square Mile’s City of London authority for one year and the position is unpaid and apolitical. It is an exceptionally demanding role. The Lord Mayor spends some 90 days abroad and addresses some 10,000 people face-to-face each month (making around 800 speeches a year). The Lord Mayor represents City businesses and helps the City Corporation advise the Government of the day on what is needed to help the financial services sector to function well. The Lord Mayor frequently travels to represent the City; and travels overseas with the status of a Cabinet Minister. The Lord Mayor meets several international Heads of Government and Business each month to discuss financial services, often in conjunction with senior City business representatives. The Lord Mayor lives in the Mansion House for the Mayoral year.
2. Ireland is the 5th largest export market for the UK. The UK is Ireland’s largest trading partner. In 2012 Ireland exported goods and services with a value of €32.5 billion to the UK. In the same year, Ireland imported goods and services from the UK with a value of €26.5 billion.
3. There are more than 50 Irish companies listed on the London Stock Exchange - more than from any other overseas country. At the end of 2012, direct investment in the UK by Irish companies (book value) totalled £12.1 billion, making Ireland the 11th largest investor in the UK.
4. Dublin-London is now the world's second busiest international air route. Two airlines, City Jet and Flybe have both announced recent expansions of their daily London City to Dublin services.
5. This year, Ireland and the UK signed an agreement on a joint British-Irish Visa Scheme which will allow visitors from China and India to visit both countries with a single visa.
6. In February, Ireland and the UK began their first ever joint trade mission, at the Singapore Air show, as part of a programme of cooperation to strengthen relations over the next decade led by UK Prime Minister David Cameron and Irish Taoiseach Enda Kenny.
7. The Joint Statement by the Prime Minister and the Taoiseach in 2012 sets out the framework in which both countries have committed to boosting competitiveness, productivity and intensifying cooperation.