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Finance Magazine - January 2003 Issue

 
Irish banks outperform European peers
The outlook for Irish banks is to remain stable due to strong financial fundamentals, despite environment of slower economic growth.
Goodbody removes ‘hold’ recommendation
Research analysts at Goodbody Stockbrokers will no longer issue a ‘hold’ recommendation on stocks they are covering.
€1.5 bn programme for IIB
First medium-term note programme for IIB Bank.
New year, new outlook
As we begin the new year, it is an appropriate time to look forward and examine what 2003 may bring.
Employers need to take stock of pension provision now
It will shortly become mandatory for all employers to provide a pension scheme for their employees in order to increase pension coverage in Ireland. If this aim is not achieved, compulsory contribution by employers might be on the Government’s agenda for the future writes Paul Kenny.
New financial services institute for IFSC
A new institute designed to deliver educational and training services to the IFSC is to be established by the National College of Ireland (NCI) in March 2003.
Employment grows by over 13 per cent in 2002
Employment in international financial services in Ireland grows by over 13 per cent.
Irish president for the Federation des Experts
David Devlin, a partner at PricewaterhouseCoopers Ireland has been elected president of the European federation of accountants for a two-year mandate.
New mortgage body established
A new representative body for mortgage lenders in Ireland has been established.
Large to speak at FD conference
Jack Large, the renowned treasury consultant, is to speak at the treasury stream at the forthcoming 4th annual Finance Dublin conference.
All companies should apply international standards
An EU regulation requiring listed companies to prepare financial statements in accordance with International Financial Reporting Standards (IFRS) should be extended to all companies according to the Institute of Chartered Accountants in Ireland (ICAI).
Inflation greater than returns on pension funds
Over the five years to the end of 2002, Irish managed pension funds returned just 2.4 per cent p.a. on average, whilst inflation over the same period was 3.9 per cent per annum according to statistics compiled by Watson Wyatt.
Dealer of the Year 2002
Finance asked the winner and runners-up in the annual Irish Association of Corporate Treasurers awards to give their insights on the events of the past year and to look into their crystal balls and predict what lies ahead in 2003.
Venture capital market in 2002 marked a return to the old fundamentals
In reviewing the venture capital sector Jimmy Maher writes that we have moved on from the halcyon days back to the ‘old paradigm’ of business fundamentals and he says that the old adage of the three keys to venture capital of ‘management’, ‘management’, and ‘management’ has made a comeback.
Non life insurance - securing a platform for the future
Paul Donaldson reflects on developments within the general insurance sector during 2002 and looks forward to the year ahead.
Year 2002 - A private banker’s perspective
In looking back over 2002 John Rockett writes that while returns in the commercial property market began to slow, Irish investors continued to invest strongly in property and from a private banking perspective the sourcing, arranging and financing of property transactions for individuals and syndicates was a major activity during 2002.
New obligations for all employers
Pat Surlis examines the impact the introduction of PRSAs will have on employers and advises on how to prepare for them.
Budget Sore Spots
A number of budgetary measures have detailed aspects which seem either unwise or unreasonable. Hopefully these will have been corrected before the Minister publishes the first draft of his Finance Bill, probably on February 6.
Sanity in leasing
In the UK the Court of Appeal has reversed previous decisions regarding the Bord Gáis Éireann pipeline sale and lease back. In doing so it has restored some sanity and clarity to the tax treatment of leasing.
Have you volunteered to overpay tax?
Irish people in general are not keen taxpayers. But it can be fairly confidently stated that many taxpayers who own buildings used in a trade, or rented out for residential purposes, fail to fully claim capital allowances to which they are entitled. In consequence they overpay tax. This can arise from failure to identify the components of a building that constitute plant and machinery for capital allowance purposes.
Back door tax harmonisation
The European Court of Justice has ruled that German thin capitalisation rules are contrary to EU law. In doing so it has called in question a wide range of fundamental tax rules in most European countries.
No green shoots of growth in sight yet for Irish corporates
A deterioration in the quality of loan books has led to the business reconstruction units of banks getting busier writes Jim Ruane.
Promising outlook for jobs
Overall the outlook for recruitment in the financial services sector is promising writes Aileen Reede and she predicts healthy recruiting activity for 2003.
Daily adventures in venture capital
Conor O’Connor, chairman of the Irish Venture Capital Association and chief executive of Enterprise Equity (Irl.) Ltd spends his day checking out new investment projects and catching up with old ones.
Bank stocks now less risky than Irish property
Stuart Draper examines how bank stocks can be used to grow the wealth of the private client in 2003.
Securitisation sector to grow further in 2003
2003 should see the use of Irish special purpose vehicles continue to increase writes Patrick Molloy.
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