Is this just a response to Brexit?
Brexit has been a catalyst but the raison d’être is much broader than that. Of course, working more closely together across international boundaries – and what’s likely to be the UK/EU border – is something that is absolutely necessary for the health of our financial industries at present. But looking to the future in a world where we will be challenged by regional, not national, industry hubs, this project takes on a new and even more important task.

So what does the Initiative cover?
We help companies in the UK and Ireland to trade and grow, especially against the backdrop of Brexit, and we feel the Scottish-Irish angle is an important element of bridging some of the gaps that Brexit exposes. We look to develop stakeholders links in areas such as academia and industrial development that underpin a successful economic strategy. We want to create a more unified labour market so as to ensure all our companies have access to the right human resources. Importantly. we are focused on developing new industries such as those in fintech and sustainable finance and to utilise the broader expertise and financial-sector hinterland of both countries to develop better end-to-end solutions for the finance industry and its clients.

Does the Initiative hinder either Scotland’s or Ireland’s ability to grow their own domestic finance industries?
Absolutely not. Our approach is additive to the main national development policies of both jurisdictions.

What’s the view of the Initiative on Brexit?
We are strictly nonpolitical and hold no corporate opinions on the constitutional or political issues both countries face. Instead we seek to provide positive proactive answers and policies within the political framework that we inhabit.

What is the output of the Initiative?
We have two key tasks: our first is to act as a conduit in bringing people together – trade and industry organisations, development agencies, third-level institutions, government and companies – in a forum in which to develop solutions; and our second is to bring forward policy suggestions under the terms of our mandate. We hold meetings and produce papers on a wide range of topics. We use the media to promote our ideas and we have appeared regularly in the press in Ireland, Scotland and the wider UK.

How is the Initiative managed?
We run a small office to help oversee our activities, to maintain good links between the two locations and stakeholders, and to channel funding into research for policy development and networking events. are supported by an informal advisory group which receives input from key stakeholders in industry and government in both jurisdictions. We have received support from the Scottish Government, the Scottish Government Innovation and Investment Hub in Dublin, the Irish Consulate General in Edinburgh, Enterprise Ireland, Scottish Enterprise, the Dublin Business School and our event partners PwC.

©SIFI 2019