| Cadbury Schweppes case |
Issue: 10 / 2006 |
| The European Court of Justice (ECJ) have given their decision on the legality of the UK’s Controlled Foreign Company (CFC) rules. Will the UK replace explicit tax charges with administrative harassment of firms setting up in Ireland? What are the implications for firms who set up in Ireland on the basis of outsourcing and agency arrangements? All is not yet clear. |
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| Citigroup launches new education programme for its staff |
Issue: 10 / 2006 |
| Citigroup Dublin and the Institute of Bankers in Ireland have joined forces to launch the Citigroup Certificate in Applied Financial Services. |
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| Credit derivatives market continues to grow apace despite concerns |
Issue: 10 / 2006 |
| Despite concern that the use of credit derivatives is leading to financial markets instability, the notional amount of outstanding credit derivatives more than doubled in the past year, growing by 109 per cent to $26 trillion. Products increasing in use include loan-only CDS, CDS of Asset-Backed Securities (ABCDS), and CDS on CDOs, and the potential for credit derivatives to find new and better ways for investors to add, reduce or otherwise manage credit exposure appears limitless, writes Chris Case. |
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| Current low default rate is not sustainable – IXIS CIB |
Issue: 10 / 2006 |
| The current low default rate is not sustainable, an economist with investment bank IXIS Corporate & Investment Bank, told delegates at a recent hedge fund seminar in Dublin. He expects a small rise in these default rates, in the near future, and says that as a result, there will be more opportunities for risk arbitrage and relative value hedge funds. He added that the current environment is not attractive for fixed income arbitrage managers, with little volatility leading to difficult times. |
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| Davy opens Galway office |
Issue: 10 / 2006 |
| Davy Stockbrokers has opened a Galway office to support its clients in the region |
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| Dual listings on smaller markets grow in popularity |
Issue: 10 / 2006 |
| With Ireland’s stock market for smaller companies, the Irish Enterprise Exchange (IEX), up and running for over a year now, Ian McDonald takes a look at other smaller markets around the world, and finds that, like companies listing on the IEX who also choose to list on London’s Alternative Investments Market (AIM), dual listings are becoming more widespread as companies seek safer ways to explore a listing on an international market. |
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| EBS links up with Irish Life |
Issue: 10 / 2006 |
| EBS Building Society has entered into a tied agency relationship with Irish Life Assurance plc, to act as bancassurance product provider going forward. |
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| Europe as one market - update on transfer pricing |
Issue: 10 / 2006 |
| In November 2005, the European Commission adopted a proposal for a pan-European common approach to EU Transfer Pricing Documentation (EUTPD) requirements, which offers a significant boost for multi-national companies seeking to minimise the complexity and costs associated with transfer pricing in Europe while mitigating associated risks. The development will also assist Irish indigenous companies, writes Joan O’Connor in the pricing of cross-border intra-group transactions. |
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| Gearing up for growth |
Issue: 10 / 2006 |
| This year’s Finance accountancy survey finds the industry in extremely good health, with annual growth rates of over 17 per cent amongst the top twenty-one firms in Ireland. |
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| Growth in audit and tax fuels 17 per cent increase in fee income |
Issue: 10 / 2006 |
| Fee income amongst the top Irish accountancy firms has increased by 17.2 per cent, according to this year’s annual FINANCE accountancy survey. Overall, amongst the 20 companies polled, fee income in the sector jumped from €765.9 million last year to stand at €902.9 million this year, with mid-tier firms posting exceptional rates. Continued economic buoyancy, combined with growth in regulatory services, financial services and wealth management is driving the growth, and over 1,700 graduates and professionals will be recruited over the coming year to meet the demand. |
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| In it for the long haul |
Issue: 10 / 2006 |
| Early advice given to Jonny Quigley back in 1991, to ‘find a good firm to work for, put your head down, work hard, be patient, and if you are talented enough you will get noticed and opportunities will come along’ has seen him rise through the ranks to his present role as senior vice president, sales & business development at Northern Trust, Dublin. |
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| Industry chiefs are split on issue of joint audits and say staffing is still the biggest problem |
Issue: 10 / 2006 |
| The managing partners of Ireland’s leading accountancy firms are split as to whether the introduction of a joint audit regime in Ireland would be beneficial for the industry, with all the heads of the Big 4 against the concept. As in last year’s survey, staff shortages remain the ‘achilles heel’ of the industry, with firms increasingly looking outside Ireland to address the issue. On the positive side, Ireland’s continuing prominence as a global financial services centre is increasing opportunities for the sector, as is growth in wealth management services and general economic buoyancy. |
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| Introduction of transfer-pricing for VAT |
Issue: 10 / 2006 |
| Amendments to the Sixth VAT Directive may lead to increased costs for financial services companies that receive VAT taxable services from connected parties in Ireland or abroad. Businesses should review transfer pricing arrangements on transactions with related entities that are not in the same VAT group. |
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| Learning how to make staff stay |
Issue: 10 / 2006 |
| Retention strategies were top of the agenda at the Dublin Funds Industry Association Human Resources and Training Conference 2006, with latest statistics revealing that staff turnover in the industry is at 24 per cent. Fiona Reddan reports from the event. |
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| McCreevy addresses treasurers |
Issue: 10 / 2006 |
| ‘We have a lot in common in terms of what we do,’ Internal Markets Commissioner Charlie McCreevy told attendees at the Irish Association of Corporate Treasurers’ (IACT) annual dinner on September 29th, adding, ‘I gamble on horses. You gamble on markets. As Europe’s Internal Markets Commissioner I have responsibility for regulating both gambling and markets. But in much of Europe there are no black tie dinners for gamblers!!’ |
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