| The home grown roots of Ireland’s credit crisis |
Issue: 10 / 2008 |
| Ireland’s over exuberance with housing credit was signalled in this publication and elsewhere as long ago as the mid 1990s – yet the boom continued, with the worst excesses (and what will be the source of the real long term problems) occurring only in the past four years to end 2006. Back in February 2000, William Slattery, a former deputy head of Banking Supervision in the Central Bank of Ireland published an article which was headlined: ‘Property price fall of 30-50 p.c. possible if credit growth not curbed’. The article caused a considerable stir at the time, and Slattery (subsequently head of Financial Services Ireland, and today chief executive of State Street, which employs some 2,000 people in financial services in the IFSC) spoke about it in various radio and television interviews.
We re-publish that article again in this month’s issue (page 8). It speaks for itself. |
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| Treasury landscape post-2008 |
Issue: 10 / 2008 |
| In the first of a three part series on the current hottest topics in corporate treasury, this month focusing on Forex, we look at the importance the treasury function plays in credit crisis management. The treasury function is experiencing the impact of a volatile and fast-moving market - and the repercussions could prompt fundamental changes going forward. |
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| Uncertain market for exporters and investors |
Issue: 10 / 2008 |
| Taking an active approach to the management of all foreign exchange market exposures is critical in limiting adverse impact on Irish exporters and investors, according to Simon Barry. |
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| Valuation of commercial property in turbulent times |
Issue: 10 / 2008 |
| Valuations in Ireland’s currently frozen commercial property market are problematic, and much clearly depends on them. Frank O’Neill describes the current situation regarding valuations in both investment property and in development land - the two areas of greatest importance to the banking system currently. |
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| Accountancy still sees growth, but pace slackens to an 11 p.c. gain |
Issue: 09 / 2008 |
| The golden era of uninterrupted double digit fee income growth by Ireland’s largest accountancy firms is showing signs of flagging, according to the results of the FINANCE Magazine Accountancy Survey 2008, which shows fee income of the twenty largest practices up by 11.0 per cent in the past year, a reduced rate of increase compared with the 19.6 per cent recorded in 2006/7.
Subscriber access to the full survey here. |
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| After the storm - corporate risk reporting under IFRS 7 (FRS 29) |
Issue: 09 / 2008 |
| As of 1st January 2007, IFRS 7 (or its UK GAAP equivalent, FRS 29) became a reality for all entities applying IFRS (or FRS 26). John Healy looks at how companies weathered the storm of first year reporting under the standard, how some Irish corporates addressed these requirements and some areas of improvement that they may look to make. |
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| Career Profile: Founding Partner, Commercial Law Firm |
Issue: 09 / 2008 |
| Putting experience into practice: Colm McGuire is a founding partner of McGuireDesmond, the Cork based law firm. Having worked as an associate at the Dublin and London offices of Matheson Ormsby Prentice McGuire established McGuireDesmond with Ciaran Desmond in 2000 with the experience of working during the early days of Matheson Ormsby Prentice’s London office giving him the confidence to start a new practice. |
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| Competitiveness should come first |
Issue: 09 / 2008 |
| The biggest economic crisis facing the Republic of Ireland since 1985-87 now exists. The last crisis, and its resolution gave us the Celtic Tiger. This crisis can do something similar, and perhaps even more. The easy part is working out what should be done. |
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| Cost management in context |
Issue: 09 / 2008 |
| Cost management now appears to be on most companies’ agendas as the economic downturn continues to bite. However any initiatives implemented must be undertaken with the long term future of the organisation in mind. Carolyn Mackey outlines how companies should implement an Enterprise Cost Management strategy. |
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| Credit crisis fallout: can litigation be far behind? |
Issue: 09 / 2008 |
| Institutional and other investors have undoubtedly suffered substantial losses directly linked with the credit crisis, and they are carefully assessing all possible targets for recovery whilst considering options besides conventional claims for negligence and misrepresentation, say Michael Murphy and Grahame Walsh. |
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| Developments |
Issue: 09 / 2008 |
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| Don’t damage drivers of long term economic success |
Issue: 09 / 2008 |
| The Government’s unprecedented decision to bring forward the Budget by nearly 2 months took most people by surprise. Brian Daly welcomes this move and sets out some views on what needs to be on the Budget and Finance Act agenda this year. |
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| FINANCE Accountancy Survey 2008: Top 20 recruitment for 2008/2009 will be down by 19 p.c. |
Issue: 09 / 2008 |
| For the year in prospect, projected recruitment is put at 1,878, down from 1082 in 2007/2008, a fall of 18.8 p.c.. The brunt of the decline will be in professional recruitment, down from 527 last year to to 317 this year and non professional graduate recruitment, down from 226 last year to 127 this year. |
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| Managing partners look to positives as storm clouds gather |
Issue: 09 / 2008 |
| The ability to adapt to the changed economic climate by offering clients new or revised services will be key for accountants going forward, say managing partners in Ireland’s top 20 accountancy firms, and the 2008 Accountancy Survey results indicating a decrease in corporate finance, tax and consulting and increase in audit/accounting and corporate recovery comes as no surprise to them. |
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| Recent capital markets activity focuses on restructurings, with strategic acquisitions and financings to the fore |
Issue: 09 / 2008 |
| Data and deal profiles for capital markets activity over the summer currently being compiled for the FINANCE Capital markets deal Directory which will go live in October reflects the effects of the credit markets crisis, with restructurings, re-financings, bond issues, and even securitisations being completed. |
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