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Finance Magazine - May 2003 Issue

EBS closes first Irish securitisation deal of the year
EBS Building Society has raised €750 million in funding following the completion of its latest mortgage-backed securitisation (MBS) issue - Emerald No.3.
IL&P raises €500 million through FRN issue
Irish Life & Permanent (IL&P), Ireland’s largest residential mortgage lender, has secured e500 million in the senior Floating Rate Note (FRN) market.
ABS issuance and Interest rate outlook
In what has been a quiet year so far for domestic securitisation issuance, EBS Building Society has kick-started the market with the first issue of the year, a €750 million mortgage backed security (MBS).
Internal audits - a risk management tool
Gerry Fitzpatrick examines the findings of a recent study analysing the value of internal audits.
Bankers appeal to Government
‘We need the Government and its agencies to play the constructive role that they in turn want us to play, and I take this opportunity to appeal to them to do just that,’ Donal Forde, president of the Irish Bankers’ Federation (IBF), and managing director of AIB, told attendees at the IBF’s annual general meeting held on April 30th.
Pension funds in positive territory
Irish pension funds show positive return for the first time in 2003.
Stg?350 million tier one deal for BOI
Bank of Ireland UK Holdings plc, a fully owned and controlled subsidiary of the Bank of Ireland, has launched and priced an issue of tier one fixed rate guaranteed callable perpetual preferred securities denominated in sterling.
New era of financial regulation ushered in
The Irish Financial Services Regulatory Authority (IFSRA) has been officially launched. The new body is the single regulator for all Irish financial institutions...
Interest rate hedging strategy recommendations
A panel of Ireland’s leading economists and analysts predict that after a further decline later this year, interest rates are set to rise in the Eurozone, US and UK over the next three years.
Diary of a deal: the N4/N6 Kilcock - Kinnegad Motorway
Eamonn O'Hanrahan and Colm Fanning detail the events that led up to the financial close on March 24th, 2003, of the first roads public private partnership project - the Kilcock-Kinnegad motorway.
New ISDA agreement will result in increased standardisation
Judith Lawless explains the new ISDA master agreement, which documents the transaction of derivatives, and which was agreed on January 9th, 2003.
New EU takeover Directive needs to address concerns before adoption
David Widger examines the implications of the recently revised Takeover Directive, which has been criticised over the issue of multiple voting rights, and is due to be adopted shortly.
Diary of a Deal: alphyra MBO breaks new ground
The MBO of alphyra was one of the most high profile and at times controversial MBOs of the recent genre of public to private transactions.
IFRS for banking and financial service companies
The new International Financial Reporting Standards (IFRS) regime will transform the way the banking and financial services organisations judge performance and value writes John McDonnell, in his analysis of the implications for Irish organisations.
Financial Reporting - an endangered discipline?
The role of accounting numbers has come under close scrutiny in the last decade. Antoinette Flynn investigates the changing role of financial reporting.
Further uncertainty for pension funds into 2003
Eamonn Liddy summarises the fortunes of Irish pension managed funds into 2003 and examines the outlook going forward.
Hedging your bets in an uncertain market
John Garvey takes a historical look at the hedge fund and discovers the appeal, despite Irish investors’ seeming reluctance to embrace this intricate instrument.
Finance function tools and techniques in context
Irish managers are faced with a near bewildering array of management tools and techniques. But to what extent are organisations using them in Ireland, how are they being used and are managers satisfied with the impact that they have made? John Cullen decided to find the answers.
The structure of company boards
The average Irish board comprises 13.6 directors, of which four are executive and 9.5 are non-executive, writes Dominic Sutton in this analysis of Irish board structure.
Recovering capital
Two recent developments have focused attention on tax relief for interest ‘as a charge’ and on the circumstances in which that relief can be lost. This tax relief is critical to the financing structure of many groups. Tax directors need to pay close attention to the rules relating to loss of relief.
Benefits in kind
Employers are facing increased cost in providing employees with benefits in kind. The cost arises both in terms of PRSI and in terms of administration. The area may be the subject of a greater focus by Revenue auditors in the future.
Managing the downturn
If you feel you may be facing a downturn in business, consider how you may use the tax system to help you through it.
The role of prime brokers in hedge funds
Paul Farrell explains the function of prime brokers.
Bringing enterprise to banking
Vincent Fennelly, head of enterprise finance within Bank of Ireland’s Specialist Business Bank, keeps an eye out for opportunities in the venture capital market.
Crunching the numbers - the value of outsourcing for banks
While outsourcing is now increasingly common for corporates, with companies such as Exel Logistics outsourcing its European shared financial services center to Accenture, Stuart McLaughlin writes that due to competitive pressures, banks are now looking to outsourcing to save money.
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