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UPDATE DECEMBER 2012

Green International Financial Services Centre

Green International Financial Services Centre Launches Global Roadshow in Irish Consulate, New York City, November 2012 OBJECTIVE To engage with international asset managers who are already managing 'green’ funds or have the capability to do so, Encourage them to consider Ireland as a location for the domiciliation of funds and, in particular, a location to establish front office capabilities. Highlight that Ireland has a cluster of emerging front office asset managers in the ‘green’ space, for example Kleinwort Benson Investors, Greencoat Capital and Blackrock Renewable Power. In total Ireland already has $16 billion in green funds serviced or managed – more than half in front office activity. GIFSC has set a target to increase 'green' assets to $200 billion by 2017 and attract at least five large projects in 2013/14. The launch of GIFSC’s Global Roadshow in New York marks the first phase of engagement with international asset managers towards meeting this target.

Former Taoiseach John Bruton, President IFSC Ireland and Duncan Niederauer, CEO, NYSE Euronext at a briefing to promote GIFSC and the opportunities afforded by Ireland to US asset managers.

ALSO INSIDE…THE ROAD TO NEW YORK

WHY THIS IS FEASIBLE As a result of Ireland’s world-class international financial services centre and a global renewables/cleantech enterprise sector, Ireland offers an unparalleled talent pool of people, professional services and services providers with the requisite expertise to support the international and domestic development of green asset management. The combination of these two sectors is what sets Ireland apart. A new breed of asset manager is being born and Ireland is the incubator.

NY GLOBAL ROADSHOW SPONSORS:

Over the past 18 months Green International Financial Services Centre (GIFSC) has been laying the foundations to ensure Ireland has the optimum business environment for green finance to flourish. Pictured here are some of the hundreds of people who jumped aboard the GIFSC Iarnróid Éireann Sustainability train to attend the International Sustainability Summit at the Volvo Ocean Race finale, July 2012.


Green International Financial Services Centre

Wednesday November 28, 2012

Activities

GIFSC Tour of NYSE

Stephen Nolan, GIFSC Executive Co-ordinator and John Bruton, President IFSC Ireland have a briefing meeting with Duncan Niederauer, CEO NYSE Euronext to promote GIFSC and the opportunities afforded by Ireland to US asset managers. During this meeting parties discussed how NYSE Euronext could support GIFSC with a follow up discussion scheduled for early 2013. Tour of the NYSE for GIFSC supporters with picture opportunity on the trading room floor. Informal Evening Briefing event at Irish Consulate Residence hosted by Mr Noel Kilkenny, Consul General of Ireland. Attendees included supporters and those interested to learn more about Ireland’s opportunity in green asset management. As part of the Global Roadshow launch, a special briefing on the GIFSC initiative was provided by John Bruton, IFSC Ireland President, former Taoiseach (Prime Minister of Ireland) and former EU Ambassador to the United States and Padraig Rushe, Bank of Ireland and GIFSC Steering Group member. A capacity crowd of circa 70 were in attendance.

Consulate General of Ireland, New York

Donal Thomas (KPMG), Daniel Forbes (Dillon Eustace), Stephen Nolan (GIFSC), John Bruton (IFSC Ireland), Peter Ryan (Irish Consulate NY), Angela Madden (GIFSC), Padraig Rushe (Bank of Ireland), Elliott Griffin (BVP), Steven Falci (Kleinwort Benson Investors), Garrett Monaghan (Arthur Cox).

GIFSC Evening Briefing, Irish Consulate Residence, NY


Thursday November 29, 2012 Technical Breakfast Briefing held at the Irish Consulate NYC specifically targeted at managers and wealth managers already running ‘green’ funds or large institutions investing in this space. The core aim of this activity was simply to highlight the fact that Ireland had an unrivalled proposition in the area of green asset management due to: A world class international financial services centre. Ireland’s funds industry currently services in excess of €2 trillion in assets and within the emerging green and climate change finance sectors Ireland offers a unique blend of expertise and proven experience in inter-related financial and industrial sectors including fund administration, asset management, project finance, renewable energy origination, turbine manufacture, equipment leasing, insurance and securitisation.

A world class renewables and cleantech enterprise sector. This sector encompasses Irish companies which have been pioneers in the field, such as Mainstream and Glen Dimplex and active around the globe for decades. As a result, Ireland offers an unparalleled talent pool of people, professional services and services providers with the requisite expertise to support the international and domestic development of green asset management. The breakfast briefing was designed to demonstrate how these two sectors combined is what sets Ireland apart and how a new breed of asset manager is being born and Ireland is the incubator (eg Blackrock Renewable Power – the result of combining the financial services expertise with the enterprise knowledge of NTR). These assets are not like traditional equities but rather are large infrastructure projects such as wind farms in Chile or solar projects in Saudi Arabia and so the fund manager needs to understand the technologies involved.

Target was to see 50-60 of those managers active in the sector attend. More than 100 actually attended.

"I believe Ireland can become a global leader in the green asset management space. We have an incredible pool of talent who has worked in the industry all over the globe. This was one of the key reasons why Blackrock came to Ireland to source a large part of its investment team for its renewable energy platform." Dublin-based Jim Barry, Chief Investment Officer, Blackrock Renewable Power Group.

Event speakers/panel members:

John Bruton President of IFSC Ireland, former Taoiseach (Irish Prime Minister), former Ambassador, Delegation of the European Commission to the US

Joseph Salvatore

GIFSC Breakfast Briefing, Irish Consulate, New York

Bloomberg Clean Energy Economics & Capital Markets

Garrett Monaghan Partner, Arthur Cox Projects and Energy Group

Samir Pandiri Head of Americas Asset Servicing and CEO of BNY Mellon’s Alternative Investment Services (AIS) and AIS Prime Custody businesses

Alex Ó Cinnéide Consultant

David O’Brien Director, Blackrock Alternative Investors Renewable Power Group

Steven A. Falci, CFA Head of Strategy Development Sustainable Investment Kleinwort Benson Investors


GIFSC Breakfast Briefing, Irish Consulate, New York

Press activity over the two days Interviews conducted with John Bruton with attendance of Angela Madden, Director of Communications. Reuters TV* tinyurl.com/d44wbsy Irish Radio Network* www.irishradio.com/ Archive-Shows.html Articles in: Bloomberg Dow Jones Irish Echo Institutional Investor

Adrian Flannelly of Irish Radio Network with President of IFSC Ireland John Bruton prior to his interview on air.

*Both Reuters TV and Irish Radio Network’s shows have aired and promote Ireland as a leader in green finance highlighting its unique proposition and the strength of its world class funds and renewables/ enterprise sector combined.

“At Ernst and Young, we are assisting an ever increasing number of our mainstream asset management clients make commitments to create green and sustainable investment vehicles. GIFSC has created a compelling rationale for Ireland to be a hub for the management of these Green financial instruments.” Chris Walker, Climate Change & Sustainability Services, E&Y US who attended the Breakfast briefing.


The Road to New York In positioning and promoting Ireland as a global leader in green finance, GIFSC as a public/private partnership has focused on the following key pillars of activity:

1. Tax & Regulatory Environment: Support the development of an enabling tax and regulatory environment facilitating the continued growth of green finance in Ireland (six tax changes already made).

2. Talent & Skills:

GIFSC Inaugural Tax Briefing, 2nd May PwC - Stephen Nolan (GIFSC), Enda Faughnan (PwC & Chairman GIFSC Tax & Finance Working Group), Brian Motherway (CEO, SEAI).

GIFSC supported launch of UCD Smurfit MSC in Energy & Environmental Finance, 27th January Accenture - Padraig Rushe (Bank of Ireland & GIFSC Steering Group member), Marian Corcoran (Accenture), Professor Ciarán Ó'hÓgartaigh (Dean of UCD School of Business).

In partnership with the Summit Finuas Network, develop the talent and skills of finance professionals to leverage the business opportunities in sustainable energy finance and upskill those currently employed in the IFSC. (€450,000 invested to date: new DCU MSc and Grad Cert in Sustainable Energy Finance launched with 47 individuals representing 38 companies already engaged)

Summit Finuas Network/GIFSC launch of DCU MSC in Sustainable Energy Finance, 3rd July - Tracey Donnery (Skillnets), Paul Harris (Bank of Ireland GM, GIFSC Steering Group member & MSC Co-course Director), Barry O'Flynn (E&Y), John Bruton (IFSC Ireland President), Brendan Bruen (Financial Services Ireland & GIFSC Steering Group member).

3. Resource Efficiency: In partnership with SEAI and Dublin City Council, GIFSC launched the ‘Greening the IFSC’ Initiative to ensure the IFSC is an exemplar of resource efficiency among international financial service centres (first phase launched with eight companies on board representing 7,620 employees with a combined 2011 energy bill of €5.32m). 'Greening the IFSC' launch, Citi IFSC, 27th September - Paul Boylan (Citi), Minister Pat Rabbitte (Department of Communications, Energy & Natural Resources), David Guest (GIFSC Steering Group Chairman), Aidan Brady (CEO Citi Ireland) and Citi Ireland Green Team Members.


The Road to New York 4. Marketing & Communications: Develop a clear brand presence for GIFSC nationally and internationally, identify and articulate Ireland’s unique proposition and expand awareness of the initiative. To date there has been over 100 positive domestic/international media pieces and the hosting and sponsorship of eight high-profile events eg the International Sustainability Summit, Volvo Ocean Race. The interaction of each pillar, establishes an unique framework to facilitate Ireland’s overall development as a leader in green finanance in a coordinated and accelerated fashion – and has created the first framework of this kind worlwide.

Once the foundations were laid GIFSC launched its Global Roadshow to highlight Ireland’s unique proposition.

Pat Rabbitte (centre) Minister for Communications, Energy and Natural Resources with David Guest, Chairman GIFSC and Michael Hayes KPMG & GIFSC Steering Group member attending the Sustainability Summit at the Volvo Ocean Race.

GIFSC launches Global Green Asset Management Network, NYSE Ireland Day, March 2012 Ireland has set out its stall to be the global leader in the fast growing $260 billion global green asset management sector with the country’s Prime Minister and US managers welcoming the launch of the Global Green Asset Management Network at the New York Stock Exchange.

Padraig Rushe, Bank of Ireland and member of the GIFSC Steering Group; Andy O'Callaghan, Partner, PwC; Taoiseach Enda Kenny; Adrian Crawford, Tax Partner, KPMG; and Gary McSharry, Partner, Arthur Cox.

Date for the diary...up next... Silicon Republic & GIFSC present

Green Growth Forum 2013 Fostering and Financing Green Innovation January 25th 2013 at 8am • The Convention Centre, Dublin 1 www.siliconrepublic.com/special-events/green-growth-forum/ Above: Mark Bennett (DCC), An Taoiseach Enda Kenny T.D. and Ronan King (Chairman Green Way) at the International Sustainability Summit.

Green International Financial Services Centre Contact: Angela Madden angela.madden@greenifsc.org


Green IFSC News Dec 2012