| In appreciation Denis O'Connor |
Issue: 02 / 2007 |
| Brian Daly pays tribute to Denis O'Connor's contribution to KPMG. |
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| International firms move in to capture Irish HNWI market |
Issue: 02 / 2007 |
| The growing number of high net worth individuals (HNWIs) is leading to increased interest in this market from international private banking firms. HSBC has become the latest international private banking firm to establish an operation in Ireland, following Citigroup's move into the market through its acquisition of Morgan Stanley Quilter in late 2006. |
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| Irish covered bond issuance to top €10 billion in 2007 |
Issue: 02 / 2007 |
| The Irish market is set to continue to grow over the coming year, with the possibility of a new issuer, Anglo Irish Bank. Issuance in the Irish asset covered securities (ACS) is expected to total €10 billion in 2007, up from €9.5 billion in 2006, according to a research report from Barclays Capital. |
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| Largest securitisation deal issued in busy year as new issuer enters market |
Issue: 02 / 2007 |
| Ulster Bank has launched the largest Irish securitisation to date raising funds of €3.9 billion, which is one of the largest funding transactions ever undertaken by an Irish institution. The deal, which is the first mortgage-backed securitisation of Ulster Bank mortgages, is one of the largest securitisation transactions in Europe in 2006, and is the first ever multi-currency Irish deal, with bonds issued in euro, sterling and dollars. It is also the first ever Irish bank securitisation transaction to use all three international credit rating agencies (Moody's, Standard & Poor's and Fitch). |
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| Leading lights line up for conference |
Issue: 02 / 2007 |
| The line up of speakers for the forthcoming Eighth Annual Finance Dublin Conference, to be held in Dublin Castle on March 26th and 27th, includes some of Europe and the US' most prominent financial markets luminaries. |
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| Looking for value in the equity market |
Issue: 02 / 2007 |
| In the light of recent market wobbles, value shares are all the more needed. Finance magazine asked the award winners of the recent Finance Magazine stockbroking survey what shares are likely the perform over the coming year. |
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| Looking inside IR |
Issue: 02 / 2007 |
| In the inaugural FINANCE Investor Relations Survey 2006 published in December, CRH and Paddy Power emerged as winners. Eimear O'Flynn and Jack Massey explain what makes their respective investor relations functions tick. |
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| New HQ incentives in Bill |
Issue: 02 / 2007 |
| Irish companies will now be able to pool the tax paid by its branches around Europe before they have to pay any Irish tax, which should make Ireland more attractive as a headquartering jurisdiction, following a provision introduced in this year's Finance Bill published on February 1st. |
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| New regime for VAT on property |
Issue: 02 / 2007 |
| The Revenue have published a white paper setting out proposals for a new VAT regime on property. The proposals are designed to simplify the current regime and draft legislation is to be published shortly. It remains to be seen whether simplification will be achieved. Some financial services businesses could be adversely impacted and it is important to plan now for deals maturing after the proposed implementation date (July 2008). The report is open to discussion with the Revenue, an opportunity not to be missed. |
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| NTMA issues tender for shareholder services |
Issue: 02 / 2007 |
| The National Treasury Management Agency (NTMA) has issued a mandate for shareholder engagement and proxy voting services for the National Pensions Reserve Fund (NPRF), which the authority manages. |
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| Outlook - Irish mortgage backed issuance to grow |
Issue: 02 / 2007 |
| The past year was a very busy one for the Irish securitisation market, with a number of notable issuers entering the market, including Ulster Bank, Start Mortgages and Treasury Holdings. Looking forward to the year ahead, Fergus Gillen, John Cronin & Adrian Farrell write that the Capital Requirements Directive will significantly influence the market, and along with the continued growth of mortgage lending and the appearance of more niche lenders in the market for whom securitisation is a key funding tool, should keep the domestic mortgage backed pipeline full for the next while. |
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| People on the move. |
Issue: 02 / 2007 |
| Some significant changes in finance |
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| Private equity to boost Irish M&A market in 2007 |
Issue: 02 / 2007 |
| Private equity will be a major driver of growth in the mergers & acquisitions (M&A) market in 2007. Private equity accounted for 18 per cent of all M&A activity in 2006. The increased buying power of private-equity groups, the availability of cheap debt and increasingly aggressive leverage structures' are factors behind the growth. |
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| Recent ECJ judgements have implications for Irish corporation tax rate |
Issue: 02 / 2007 |
| The two most recent ECJ judgements on the topic of cross border dividends have implications for Ireland's 25 per cent corporation tax rate. They also extend tax credit entitlement to all foreign dividends and appear to extend an exemption from tax on Irish dividends to non resident corporates, writes Brian Daly. |
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| Securitisation programme gets off to a good 'start' |
Issue: 02 / 2007 |
| Last year Start Mortgages, the specialist provider of non-conforming mortgages in Ireland, transacted two landmark securitisation deals in the Irish market. Deirdre Barry examines how the deals were structured, and the benefits to Start of securitisation as a funding mechanism. |
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