Re: Re: Look at de state of Cork, like!
Dublin competes against Frankfurt and London because of the tax free status enjoyed by the IFSC. Luxemburg is also a tax free destination. Do you see a pattern?
If this tax free status was extended to other cities such as Cork and Galway I am quite certain that Dublin would have serious competition internally are several investment companies looking to move to Ireland but would prefer a location outside of Dublin.
The location based tax breaks went from the IFSC in 2000, all tax free deals went in 2000 also so any company locating in Dublin pays the same rate of Corporation tax as any where else (except special tax areas such as Udaras areas)
This has had two effects, firstly many IFSC companies downsized their operations and many others relocated, such as Deutsche Bank to Kilkenny and PPFC to Wexford. Those that stayed in Dublin were either lease bound to the IFSC or migrated to Dublin 2/4 or Central Park etc. The reason they stayed was because they couldn’t get very specialised acturial, regulatory services in Manchester or Lyon let alone another Irish City such as Cork or Belfast.