This whole project is reliant on firms in the IFSC in Dublin. Citibank is one of few that will expand but the others are questionable. Some have already laid off workers in the IFSC. I think this needs time. The IFSC will have to regain reputation then the spin off's will come. But as of now I would find it incredible if most IFSC firms expanded anywhere. They are downsizing. These guys are being severely hit. Most are not in the mood for expansion. But when the upturn comes so to will the benifits.I alctually see this is good, it's not great news ofcourse, but aleast it shows that we are starting to buy into diversification. NI is a place where big projcts can fail and they are allowed to do so because they were too adventurous to begin with (as far as we see) but this shows signs of a new attitude taking hold where people just look at different avenues for a brighter future. If alternatives put Belfast on the map and bring wealth to our city then I am all for it. Belfast must be alright when Citibank are expanding here and shrinking everywhere else....
I wouldn't be too sure about that.What will happen when Citibank needs redundancies? - they won't look first in Dublin...
I would. It's after the event im thinking about. The deal is that only "back office" activities would open in Belfast. They can then avail of the cheaper tax regime. The jobs in TQ have not been created yet. I hope it is successful, im sure it will be but I cannot understand why they did not just select the area and give it much lower taxes on financial companies!? Instead it comes with strings attached. Maybe they could'nt but that is what should have happened IMO. We have alot of "back offices" down here aswell for the likes of New York and London -- not worth a dime in terms of reputation enhancement and the finance industry. So your not alone.I wouldn't be too sure about that.
Hardly..I would. It's after the event im thinking about. The deal is that only "back office" activities would open in Belfast.
Have these developments not started yet? I was under the impression that they would be up in running by the end of 2010 - Now with the Gateway office cranes removed, we should be seeing more movement on the other sites - dont want construction works to stop after ARC finished, need to keep up the momentum.Found the two additional renders
The new Public Record Office of Northern Ireland
The new Belfast Metropolitan College campus
I believe they have started or at least have been approved and site works started. I haven't been at the site in a very long time, so maybe someone with more info could update us?Have these developments not started yet? I was under the impression that they would be up in running by the end of 2010 - Now with the Gateway office cranes removed, we should be seeing more movement on the other sites - dont want construction works to stop after ARC finished, need to keep up the momentum.
The UK's national debt is much higher then ours atm and is ballooning. Do I really have to bring up the relevant figures? You know yourself. It would be very non senseical to get into a debate over who's economy is worse. Also the IFSC is a big place. It has, and will always have, it's up's and down's. But then again at least we have it on this Island and the benefits rub off on you. Perhaps a "thank you" might not go a miss because the IFSC is what will make TQ successful, if it is to be, in financial services. I think it was nice of the government to do what it did in allowing expansion in Belfast. Would London ever do that for Dublin do you think!?Hardly..
The Belfast base is the European Software and technology development HQ.....so hardly back office. I also think the IFSC is about to be hit hard, I wouldn't be so smug about its position for the next few years. Nor for Ireland in general, you are one of the country's that suffer greatly from a recession, you already have spiralling public debt that unlike places like the UK does not have sufficient or advantageous interest rate agreements to bring it under control.
Y'know I've never pretended to be a person who fully knows about economics. And I have no idea why the IFSC located in Belfast.Perhaps a "thank you" might not go a miss because the IFSC is what will make TQ successful, if it is to be, in financial services.