Yesterday, 31st January executives from leading financial services, regulatory bodies and government officials gathered in Dublin Castle for the European Financial Forum 2018 (#EFF2018).
Key topics discussed were the Irish economy, Brexit, the future of financial services in Europe and technological & regulatory developments.
“The Panel” was delighted to attend and we would like to compliment and thank the IDA and the Financial Times for organising a great event.
In his opening address Taoiseach Leo Varadkar shared 5 of his key goals for the future;
1) Public finances
2) 10 year capital investment plan – with a focus on high spend on infrastructure
3) Improved living standards (pay growth)
4) Achieving full employment
5) Committed to the EU / doubling global footprint
Bank Evolution: Ten Years On
Colm Kelleher, President of Morgan Stanley discussed bank evolution over the last 10 years, noting a positive momentum on regulation in the U.S and citing cyber security as a major challenge for the Banking sector.
Insurance Keynote Speech
Mike McGavick, CEO of XL Catlin group discussed storms and natural disasters saying that there is an abundance of capital in the Insurance sector with enough to cover payments from storms.
He said that in the case of a storm usually 30% of economic loss is covered by Insurance.
McGavick also stated that Cyber Insurance is a work in progress. He noted that setting liability theory, creating safe havens and developing a back stop resolution is essential.
Special Address and Interview – Real Assets: Investing in a Changing World
Jim Barry, MD, BlackRock Real Assets discussed the increased investment in real assets, the future of sustainable infrastructure, energy and real estate within Europe.
Panel Discussion – The Future of Europe’s Capital Markets Ecosystem
Marc Chowrimootoo, MD, GoldmanSachs spoke of the huge amount of progress surrounding Liquidity in capital markets.
He also spoke on risk in credit markets and MiFiD II.
Craig Coben, Head of Equity Capital Markets, Bank of America Merrill Lynch discussed the impact of the financial crisis and how European banks were uninvestable for the last decade. Stating that there is lots of catching up to be done.
Panel Discussion – Diversity in Financial Services
Attendees were treated to an engaging discussion surrounding diversity where speakers such as Ciaran Kelleher, MD, Citibank Europe spoke of the need to nurture the millennial workforce, and how sustainable work relationships starts with human decency.
Jess McNicholas, MD, StateStreet spoke of the importance of enforcing diversity and inclusion as a part of the business strategy – “if the company are not doing it, it is time to challenge this decision”. The panel also spoke of competitive advantages and the need to move past box-ticking and the war for talent.
Representing “The Panel” was Alan Bluett (Partner, Banking & Treasury), Richie Goggin (Senior Recruitment Manager, Financial Services) and Conor O’Reilly (Senior Consultant, Funds & Investment Management).