Ireland’s International Financial Services Centre (IFSC) has named John Bruton, former Taoiseach and EU ambassador to the US, to the newly created position of chairman, effective September 1, 2010.

As the chairman of IFSC Ireland, Mr Bruton will work with the industry to promote Ireland as a location of choice for international financial services, to identify opportunities for the development of the IFSC, and will act as a point of contact and advice for potential investors.

IFSC Ireland has been developed and is being wholly funded by the Irish Funds Industry Association, Financial Services Ireland, the Federation of International Banks in Ireland, the Institute of Bankers, the Irish Stock Exchange, the Irish Association of Investment Managers, and the Dublin International Insurance and Management Association.

A joint statement issued by the organizations establishing IFSC Ireland said: “We are delighted that John Bruton has accepted our invitation to chair IFSC Ireland and believe that his outstanding national and international credentials will be key to our renewed drive to exploit the full potential of the IFSC to create new jobs and generate economic activity.

“The industry believes that the IFSC can, once again, play an important role in supporting our economic recovery. However, in light of the quickening pace of the global recovery in international finance the industry believes that it has a responsibility to take the lead in ensuring that Ireland is positioned to attract further investment in this important area.”

Mr Bruton said; “I’m delighted to accept this invitation to work with IFSC Ireland to promote Ireland’s international financial services industry, which already supports in excess of 25,000 well paid jobs. Bringing jobs to Ireland will be my overriding priority in this new role, on behalf of the organizations who have come together to establish IFSC Ireland.

“The international financial services industry in this country has remained resilient throughout the global downturn and is continuing to act as a source of well paid employment particularly for young qualified graduates. It is also the source of many further spin off jobs. This key group will be the mainstay of our economic recovery and I am particularly pleased to be asked to play a part in ensuring that we continue to generate new employment opportunities in the IFSC for our young people.”