Canadian Finance Minister Jim Flaherty visits ByrneWallace for Ireland Canada Business Association lunch

Thursday, 26 August 2010

ByrneWallace was honoured to host a special board meeting of the Ireland Canada Business Association (www.irelandcanada.com) followed by a lunch for business leaders and public dignitaries from Ireland and Canada. The event was Minister Jim Flaherty’s only public appearance during a three-day visit to Ireland which included meetings with Irish officials to discuss progress towards global financial recovery.

In his address, Minister Flaherty recognised Ireland’s leadership role “in taking the necessary, courageous decisions towards fiscal consolidation” since the early days of the global downturn. He cautioned market commentators, including credit rating agencies, to “realise that it takes time for government policies to take hold and to have positive effects”. As one of the leading figures in global efforts to restore financial stability, Mr Flaherty gave the audience a unique insight into the ongoing series of G8 and G20 meetings convened since 2007. He is hopeful that the G20 countries will agree on new bank capital rules when they meet in Seoul in November of this year.

Welcoming guests to the event, ByrneWallace managing partner Paul McGennis acknowledged that Canada’s longstanding history of fiscal prudence “provides us with a beacon when it comes to paving our own road to financial recovery”. He also noted that Minister Flaherty's national roles include Minister Responsible for the Greater Toronto Area, which made his visit to Dublin’s docklands especially appropriate. “Toronto has an enviable international reputation, and the Minister and his colleagues deserve every credit for their role in its continuing success. While we are making progress here in Dublin, I’m sure we have much to learn from the Canadian experience.”

The event also marked one of the last official engagements of the outgoing Canadian Ambassador to Ireland, Patrick Binns, who leaves Ireland at the end of August to take up his new role as Canadian Consular General in Boston. During his three years in Ireland, Ambassador Binns has been an influential and energetic supporter of the Ireland Canada Business Association in its efforts to promote closer business and cultural ties between the two countries. In his remarks to the lunchtime audience, Ambassador Binns again commended the ICBA for reviving business interest in the Ireland-Canada connection, and for increasing its membership despite the recession. Minister Flaherty also highlighted the historic and continuing strength of trade relations between the two countries and recognised the real potential for further development.

Malachy Smith, ICBA Chairman, concluded the event by presenting Minister Flaherty and Ambassador Binns with mementoes of the occasion.

Distinguished guests at the event included Canadian Deputy Finance Minister Michael Horgan, Lord Mayor of Dublin Councillor Gerry Breen and IBEC Director General Danny McCoy.

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