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NI finance jobs boost promise NI finance jobs boost promise
(about 5 hours later)
Thousands of new jobs could be created in Northern Ireland's financial services industry.Thousands of new jobs could be created in Northern Ireland's financial services industry.
The Republic's finance minister Brian Cowen is to announce that big companies based in the Republic can set up subsidiaries in Northern Ireland.The Republic's finance minister Brian Cowen is to announce that big companies based in the Republic can set up subsidiaries in Northern Ireland.
He will make the announcement following a meeting with Finance Minister Peter Robinson in Belfast.He will make the announcement following a meeting with Finance Minister Peter Robinson in Belfast.
BBC NI's business editor James Kerr said this was "hugely significant" in terms of new, graduate jobs.BBC NI's business editor James Kerr said this was "hugely significant" in terms of new, graduate jobs.
"The International Financial Services Centre was created in Dublin more than 20 years ago," he said."The International Financial Services Centre was created in Dublin more than 20 years ago," he said.
"Companies that located there were entitled to attractive tax breaks and this brought in many big names in the financial services industry, who create tens of thousands of jobs - but there were strict rules about the way in which the firms could operate."Companies that located there were entitled to attractive tax breaks and this brought in many big names in the financial services industry, who create tens of thousands of jobs - but there were strict rules about the way in which the firms could operate.
"Now the improving economy down south has made the centre a victim of its own success - and many of the companies located there can't fill their vacancies.""Now the improving economy down south has made the centre a victim of its own success - and many of the companies located there can't fill their vacancies."
Tax breaks
Mr Cowen is to announce that the law is being relaxed, meaning that firms based in the centre can open offshoots north of the border and yet retain their tax breaks.
It is understood the Department of Finance in Dublin has taken legal advice and believes its proposals do not contravene EU law.
Several big firms are already known to have an interest in taking advantage of the measure.
The importance of this step is not just in terms of the number of jobs it could create in Northern Ireland - but also the quality of the jobs - most will be for graduates and will be well paid.The importance of this step is not just in terms of the number of jobs it could create in Northern Ireland - but also the quality of the jobs - most will be for graduates and will be well paid.