| Barclays aims for annual growth of 40 per cent |
Issue: 11 / 2006 |
| Since establishing an Irish operation over 25 years ago, Barclays has continued to grow its presence and the range of services it offers. Last year their business bank moved away from its branch status to become a fully licensed bank, and announced ambitious growth targets of 40 per cent per annum. Ahead of the bank’s move to new offices in Park Place, Tom McAleese speaks to Fiona Reddan about the bank’s plans for growth, its expansion into new product areas, and dealing with the increasingly competitive Irish corporate banking market-place. |
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| Buying property in a pension plan - does it still work? |
Issue: 11 / 2006 |
| Over the past number of years, a significant number Small Self Administered Pension Schemes (SSAPS) have been established with the intention of buying property. However, changes in this year’s pension may well signal a ‘slow death’ for SSAPS going forward, writes Declan Lawlor. |
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| Christmas shopping lists |
Issue: 11 / 2006 |
| The pre-budget submissions to the Minister for Finance make sobering reading in the midst of an apparent economic and tax revenue boom. The business sector warn of the recession current in the manufacturing sector and risks to the domestic and world economy. Some trade union and poverty sector submissions suggest a lack of enthusiasm for private enterprise and wealth creation by private individuals. The professions submissions highlight detailed problems with the tax code. |
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| Credit card VAT puzzle |
Issue: 11 / 2006 |
| A number of recent cases in the UK have examined whether part of a customer’s payment being attributed to a ‘credit-card handling charge’ allows that amount to be considered exempt for VAT purposes. In a retail context, VAT exemption can increase a taxpayer’s bottom line. |
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| Credit unions- a changing environment |
Issue: 11 / 2006 |
| Credit unions are expanding their range of activities from the fundamental facilitation of savings and loans and into the mainstream financial services sector. Paula Kelleher and David Nolan examine this development and look at some of the consequences of the growth and increasing diversity of credit unions. |
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| Depfa issues final ACS for 2006 |
Issue: 11 / 2006 |
| Depfa ACS Bank, the covered bond subsidiary of Dublin based public sector bank, Depfa, has priced its final Euro denominated Irish Asset Covered Security (ACS) benchmark transaction for 2006. The E2 billion, 10 year issue carries a coupon of 3.875p.c. and was over-subscribed, with a final order book volume of E4.21 billion. The reo-ffer price of 99.244p.c. results in a spread of flat versus mid swaps or 21.7 bps over DBR 4p.c. 07/04 /2016.
In the final allocation, 9 p.c. went to the UK and Ireland; 28 p.c. of the issue went to Scandinavia; 21 p.c. to Germany/ Austria/Switzerland; 15 p.c. to France, 7 p.c. to BeNeLux; 12 p.c. into Asia, and finally 8 p.c. to Southern Europe and Middle East. |
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| Developments in hedge funds and global systemic stability: the case for regulation |
Issue: 11 / 2006 |
| Ray Kinsella examines the nature and dynamic of the alternative investment markets (AIM), and the kind of regulatory system which the industry believes is appropriate, particularly in respect of hedge funds. He argues in favor of a normative and rigorous principles based regulatory system, for two reasons. Firstly, on the grounds of the latent instability of hedge funds, arising from their enormous leverage as well as developments in hedge fund markets in recent years. The second reason has to do with a more philosophical, but nonetheless important point, which relates to an emerging fracture between increasingly complex markets and their relationship to the real macro-economy. |
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| Evaluating directors’ remuneration policies |
Issue: 11 / 2006 |
| A little known EU Commission recommendation addressing directors’ remuneration in public companies, is currently being assessed for implementation in Ireland. While most of the issues raised are broadly in line with existing practices in Ireland, one feature is a recommendation that the report of the remuneration committee should be submitted to the AGM for an ‘advisory’ vote by shareholders, provided 25 per cent of the votes held by shareholders attending the meeting request it. Frank O’Dwyer looks at this report, and at other ways of evaluating remuneration policies and equity based incentive schemes. |
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| IASB period of stability - use it well |
Issue: 11 / 2006 |
| The International Accounting Standards Board (IASB) has in recent months announced that it will not require the implementation of any new or substantially amended standards until periods beginning on or after 1 January 2009. IFRS adopters should avail of the opportunity to consider what is developing best practice, how it should be applied to their financial statements, and to prepare for the deluge of new and amended standards which will need to be dealt with by 2009, argues Brendan Sheridan. |
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| Irish law firms make international impact |
Issue: 11 / 2006 |
| Irish law firms were amongst the top legal advisers for global debt capital deals in the first three quarters of 2006, indicating the buoyancy of this market in Ireland. |
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| Irish mezzanine market looks set to follow European growth trends |
Issue: 11 / 2006 |
| Mezzanine financing continues to grow in popularity due to its relative cheapness and its ability to be tailored to the needs of the client. Antoinette Flynn and Catherine Davis give an overview on the European market, which is ripe for further growth. |
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| Later stage investments slow down |
Issue: 11 / 2006 |
| Investment in Irish sector is down. |
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| New start for RSM |
Issue: 11 / 2006 |
| RSM Robson Rhodes, the Irish and UK chartered accountancy partnership, has been acquired by one of the largest professional services and audit firms in the US, RSM McGladrey, in a deal aimed at positioning RSM McGladrey as the largest global provider of accounting, tax and business consulting services to mid-sized companies. Both firms are part of the RSM International network, the world’s sixth largest professional services, accounting and consulting organisation. |
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| New venture for Reilly |
Issue: 11 / 2006 |
| Chris Reilly, former chief investment officer in Bank of Ireland Asset Management (BIAM), is to set up a new hedge fund operation on behalf of Bank of Ireland. |
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| Oppenheim teams up with Rabobank |
Issue: 11 / 2006 |
| RaboDirect, the online Irish retail banking division of Dutch bank Rabobank, is to offer investors funds managed by Oppenheim Investment Managers. |
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