| Finance Bill 2004 Update: Ireland's holding regime is good, but not as good as regimes in other EU countries |
Issue: 02 / 2004 |
| The Finance Bill contained two major proposals designed to make Ireland’s tax offering to international groups attractive, and competitive with regimes elsewhere in the EU. One is the research and development relief discussed and the second is the holding company regime which allows groups to dispose of major holdings without a CGT liability, and to repatriate certain foreign earnings from such holdings in a tax efficient manner Seamus Hand writes. |
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| Floating rate notes (FRNs) |
Issue: 02 / 2004 |
| A floating rate note is a medium-term debt instrument that pays a variable rate of interest. |
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| Growth to continue in PPPs |
Issue: 02 / 2004 |
| Christine Moran and Des McCarthy on developments in PPP financing in 2003. |
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| Hedge fund management takes off as significant new players are attracted |
Issue: 02 / 2004 |
| Hedge fund managers are moving to Dublin to avail of the fiscal attractiveness, as well as the synergistic environment created by Ireland’s position as Europe’s hedge fund administration centre, Fiona Reddan writes. Burdon Capital, Vega Asset Management and Broadstone Fund Management, are just three international hedge fund managers that have established Dublin operations over the past number of months, following in the footsteps of Pioneer Alternative Investments in choosing Dublin over more renowned hedge fund centres such as London and Geneva. And, combined with this growth from international managers, several domestic institutions, including NCB Stockbrokers have also started offering hedge fund produces to their customers. |
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| International clearing company Pershing Securities sets up Irish base |
Issue: 02 / 2004 |
| Pershing Securities International Ltd, a subsidiary of The Bank of New York, has set up a Dublin office to provide financial services outsourcing, including clearing, settlement, custody and other administrative services on a Model A and Model B basis to Irish stockbroking firms and other firms located outside the UK. |
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| Ireland’s growing capital markets |
Issue: 02 / 2004 |
| Having reported on most of Ireland’s most significant capital markets deals for the best part of 17 years, this month sees the first annual compilation by us in FINANCE of the top deals in directory format. It provides a showcase of the industry in 2003, and the fruits of this labour can be seen on pages 6-10. |
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| Irish Association of Corporate Treasurers decides not to dissolve |
Issue: 02 / 2004 |
| Despite recent concerns that the Irish Association of Corporate Treasurers (IACT) may be dissolved, the industry body has, in recent weeks, received renewed support from its members and will continue to operate. The Association has elected a new committee, with James Ryan of DCU the new chairman. |
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| Irish capital market deals top €100 billion in 2003 according to first Irish Capital Markets Directory |
Issue: 02 / 2004 |
| Capital market deals by Irish-based issuers exceeded €100 billion in 2003 as a wide variety of funding vehicles were used by both corporate and bank issuers, with the US private placement market and corporate bonds featuring amongst the thirteen sectors surveyed in the first Irish Capital Markets Directory. Corporate bonds came back into favour in 2003, with six issues totalling approximately €2.8 billion from a number of the country’s largest companies. On the banking side two new markets emerged - the Irish covered bond, which saw issuance top €10 billion during last year, - and certificates of deposit, which for the first time Irish banks were able to issue to Irish investors. Click here for more. |
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| Jobs in finance: corporate banking and treasury to out-perform in 2004 |
Issue: 02 / 2004 |
| Recruitment in financial services remained steady over 2003, writes Ronan Colleran, who expects a greater volume of activity in the market in 2004, boosted by companies such as Merrill Lynch, who will significantly expanded their operations this year. |
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| Major restructuring in financial services predicted |
Issue: 02 / 2004 |
| A new wave of restructuring is expected in the financial services sector worldwide over the next five years, with India touted as being the location to benefit most from this. However, Irish companies can become more integrated into the value chain of their institutions and play a greater role than heretofore Paul Halpin says. |
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| Medium-term note (MTNs) programmes |
Issue: 02 / 2004 |
| Borrowings out to about five years typically issued under a similar facility as for commercial paper. |
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| Morrogh ruling risks Ireland's pro-business reputation being damaged |
Issue: 02 / 2004 |
| Last year’s ruling on the Morrogh Stockbrokers case may damage Ireland’s investment management, custody and funds administration businesses, and as such Sean Hawkshaw writes that there is a strong view within the industry that something needs to be done to clarify the situation and preferably reinstate the ringfence around assets held by custodians. |
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| New finance director at ESB |
Issue: 02 / 2004 |
| Bernard Byrne has been appointed group finance director of ESB, and will succeed Tony Donnelly, who was recently appointed deputy chief executive.
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| Private placements |
Issue: 02 / 2004 |
| Usually refers to a bond issue that is placed directly with investors. |
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| Research and development tax breaks |
Issue: 02 / 2004 |
| The vision shown by the Minister for Finance in proposing the introduction of significant tax breaks for research development has been let down by the draft legislation in the Finance Bill. There are fears that the manner in which the Minister’s proposals are being implemented may result in the expected benefits not being achieved. |
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