Ireland's deputy Prime Minister Backs Software Companies Targeting UK Financial Institutions "Irish exporters can thrive and prosper in this marketplace" - Harney

Tánaiste (Deputy Prime Minister) and Minister for Enterprise, Trade and Employment, Mary Harney, has launched a major initiative on behalf of Enterprise Ireland aimed at boosting sales of IT systems and services to the UK Financial Services sector. Enterprise Ireland is the Irish Government Agency charged with assisting Irish based companies to increase exports, sales and employment. Ms Harney was speaking at a reception held at the Irish Embassy on 12th October, 1999 attended by senior executives from UK and international Financial Services organisations and leading Irish IT industrialists.

Enterprise Ireland has launched this new programme following research which indicated that the UK is increasing its importance and influence within the European Financial Services sector.

The Tánaiste (Deputy Prime Minister) said: "Ireland is the second largest exporter of software in the world after the US. The UK is the principal overseas market for the vast majority of Irish-owned software companies and accounted for 25% of software exports last year. There are currently more than 280 high calibre companies exporting about £200m annually to the UK market. These companies now have the support of the Irish Government and of Enterprise Ireland in order to help them succeed in this highly influential market."

The Tánaiste (Deputy Prime Minister) added that, "The UK retail financial services sector is changing rapidly. Mergers and acquisitions, and the influx of new entrants had caused the larger financial services institutions to diversify and develop new products. This allows the Irish software industry to build on its proven capability to meet the needs of fast changing markets. I am confident that Irish exporters can thrive and prosper in this competitive marketplace."

"The Irish software industry is in the forefront of developing innovative products and services to meet these new market requirements," said the Tanaiste (Deputy Prime Minister).

An Enterprise Ireland spokesperson said "the UK information technology market was worth £27.5B in 1998 and it is already the second largest IT market in Europe".

"Once Y2K issues have been met, there will be a massive increase in strategic IT projects that will create significant opportunities for Irish companies. In anticipation of this, Enterprise Ireland is working with both existing Irish software companies and with new market entrants, to identify growth opportunities and increase sales to the UK financial services sector."

The UK financial services sector is believed poised for even greater revolution. Experts predict that financial marketing is set to be revolutionised by the onset of interactive television, which will enable customers to purchase credit cards, personal loans, mortgage, life assurance and unit trusts and trade shares while sitting in front of their TV set.

The UK is also expected to lead trends in technology usage by the European retail bank sector over the next number of years. The UK experience will become the yardstick for systems installations elsewhere in Europe. Consequently, the UK is not only a major consumer in its own right, but also an important point of entry for business in other markets.

Specific initiatives in Enterprise Ireland's campaign include: The UK software mentor programme helps companies to develop a relationship with a senior UK-based executive with knowledge and experience of specific sectors. To date, eight Irish software companies have appointed mentors under the scheme. A UK financial PR Campaign emphasising the ability of Irish companies to service substantial, £1 million plus, business. The UK network forum for Irish suppliers to the UK, in which more than sixty Irish software companies can exchange knowledge, experience and contacts.