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Finance Magazine - February 2003 Issue

First ICB issuance set to be launched in first quarter of 2003
The long-awaited first issuance of an Irish covered bond, or Asset Covered Security (ACS), is set to take place at the end of February, when Depfa Bank launches a E2 to 3 billion bond.
Pension fund managers predict year of low returns
Fund managers contributing to the annual Finance pensions review predict that equities will outperform bonds in 2003, but that returns will nonetheless be modest.
Company deals rebound in 2002
The acquisition and disposal of companies in Ireland returned to favour last year as management teams and non-Irish buyers sought value in the Irish economy.
The European Union’s Financial Services Action Plan - current status, issues and prospects
While considerable progress has been made to date on the implementation of the FSAP, the ultimate success of the plan is dependent on the political will of the EU to achieve a genuine Single Market in financial services writes Philip Woolfson and Ailsa Sinclair.
UK actuarial consultancy sets up shop in Ireland
Tillinghast Towers Perrin, the UK actuarial and management consultancy, is to expand its presence into the Irish market.
Financial institutions form compliance group
Over 200 compliance officers from Ireland’s leading financial institutions have formed the Association of Compliance Officers in Ireland
Conference to assess changing structure of regulator
Over 250 people are expected to attend the Fourth Annual Finance Dublin Conference, which will take place in the Burlington Hotel in Dublin on March 25th and 26th 2003.
Consumer director of IFSRA appointed
Mary O’Dea has been appointed as consumer director for the new single regulator, the Irish Financial Services Regulatory Authority.
Accolades for leading Irish law firms
Arthur Cox has been voted the top Irish law firm for the fourth consecutive year in the Global Counsel 3000 survey.
Davy conference sounds upbeat equity note despite prevailing gloom
Delegates at Davy Stockbrokers 2003 Equity Market Conference in New York on January 10th, 2003 heard that despite the considerably slower growth in the Irish economy compared to the late 1990s, trading conditions generally remain firm in the domestic market, while asset quality shows no sign of any real deterioration.
Ship finance move by Bank of Ireland
Bank of Ireland has set up a ‘maritime industries’ unit to conduct business in the international ship finance market.
Pfizer brings new business to Dublin
Ireland beat off competition from more than 17 other countries to be chosen as the location for Pfizer’s European financial shared services centre (FSSC).
Vhi - developing a healthy investment strategy
Willie Shannon explains how Vhi Healthcare arrived at an appropriate investment strategy.
Aer Lingus' treasury function: in it for the long haul
As a pioneer of corporate treasury in Ireland it is hardly surprising that Aer Lingus is flying high in funding and risk management. Brian Dunne writes.
2003 will be a year of modest returns say pension fund managers
Equities are expected to outperform fixed interest over the coming year as bonds are priced for a period of sluggish growth. Returns however, will be modest say Ireland’s leading pension fund managers as give their forecasts for 2003 and look back on one of the worst years for the Irish pension fund industry, which saw the average pension fund falling by 19 per cent.
Management buy-outs make bold offerings
Dave Savage asks what motivates a management team to launch a buy-out of the business for which they work.
Online disclosure - how plcs can realise their full potential
A set of best practices should be established by Irish plcs to better communicate to investors and the external capital markets recommends Brendan Bracken, as he suggests that this could develop into a competitive advantage for the market as an entity.
How IIB Bank accessed E1.5 billion on the capital markets
Adam Mesbur describes the process behind IIB Bank’s recently launched E1.5 billion euro medium-term note programme.
Five questions board members should ask their compliance function
Marion Kelly highlights the heightened compliance challenges and responsibilities financial institutions and in particular, board members face.
The ‘Alternatives Circular’ in Luxembourg
Luxembourg’s Alternatives Circular provides a regulated alternative product while allowing the Grand Duchy to retain its competitive edge writes Didier Prime.
Financial reporting - A time of change
Accountancy faces a challenge like never before, writes Brendan Sheridan.
2003 will bring some reduction in rate of insurance premium increases
Upon examining the 2001 edition of the Insurance ‘Blue Book’, which was released by the Department of Enterprise, Trade and Employment (DETE) last month, Des Hennelly writes that exceptionally poor results in 2000 led to escalating claims and reinsurance costs in 2001, which in turn led to insurers implementing large premium increases in 2002 in order to restore profitability. While 2003 should see a moderation in insurance premium increases, Henelly says that strong upward price pressure will be maintained for some classes of business such as household and liability insurance.
An A-Z of fund management
John Brennan, managing director of Fitzgerald Brennan Asset Management (FBAM) tries to drum up business while monitoring the markets
Trustees who insist on GIPS are likely to gain advantage
Gavin Caldwell explains the benefits to investment managers of complying with Global Investment Performance Standards (GIPS) and urges pension trustees to insist that firms are ‘stamped’ if they wish to be considered for a mandate. Comparing apples with oranges is no longer a viable option in transparent times.
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