Fianna Fáil Dublin spokesperson and Seanad Leader Darragh O’Brien has welcomed the announcement by Deutsche Bank that it is creating 700 jobs in Dublin over the next four years.

“This is a major vote of confidence in our financial services sector and in Dublin as a major player in the European financial market,” Senator O’Brien said.

“The IFSC and the principles which underpin it have been very important for Ireland over the last 30 years.  In financial and administrative services Ireland has punched above its weight and is home to some of the major international names in financial services.

“While the jobs announced today will be coming on stream over the next number of years the decision by Deutsche Bank is important given the considerable retrenchment we’ve seen in the domestic banking sector and the job losses arising from it.  I hope the expansion of Deutsche Bank’s technology and operations unit and global transaction banking business will offer opportunities for people who have lost their jobs in the banking sector here.

“I think today’s announcement also brings into focus the importance of Ireland’s decision not to sign up to the Financial Transaction Tax and underscores the need for Ireland to remain highly competitive and attractive for future investment.  This will also require the Government to ensure there is appropriate education and training to ensure we have the neccessary skills-base to attract investors into the future.”