An "organised and structured" approach to labour relations in the financial services industry is vital if the sector is to continue to prosper, the Taoiseach has warned.
Good labour relations are essential as financial services strive to maintain a competitive edge over its counterparts in other countries, Mr Ahern said at the opening of the International Financial Services Institute (IFSI) at the National College of Ireland yesterday.
He said: "It is vital that the international financial services industry in Ireland maintains its competitive edge against competing financial centres. This will require a more organised and structured approach to the labour issues facing the industry."
So pivotal has the IFSC proved to the Republic's emergence as a first-rank world economy, other countries have moved to establish similar institutions, the Taoiseach noted.
In view of the growing competition, it was important that the centre continued to evolve he said.
Education - and in particular, continuing education - is essential as the IFSC plans for the future, according to the Taoiseach.
He said: "As with any business, nobody can take the continued growth and success of a project like this for granted. Indeed, the very success of the IFSC has itself inspired other countries such as Luxembourg and Scotland to follow our lead and to create similar centres.
"Such centres stimulate competition, not just for the world's leading financial services companies but for the highly skilled and highly valued graduates needed to work within them."
The IFSI has been established to drive the development of the financial services industry and to improve the Republic's attractiveness to global investors.
The Republic must remain able to offer multinational investors a world-class skills base, said Mr Maurice O'Connell, chairman of the IFSI.
He said: "Ultimately, as financial services become ever more complex, there is a real danger that skills shortages could put Ireland at a significant disadvantaged compared to competing centres in Europe and further afield."
