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Finance Magazine - March 2003 Issue

Second PPP project closed
Ireland’s second Public Private Partnership (PPP) deal has been finalised. The project, completed on behalf of the Minister for Education and Science, Noel Dempsey, TD, and the Cork Institute of Technology will result in a •51.3 million, state of the art National Maritime training facility in Ringaskiddy, Co Cork.
ICB launch gives birth to new market
The successful €4 billion launch of the first Irish Covered Bond or Asset Covered Security (ACS) by DEPFA Bank, looks set to be followed by another issue in the second half of this year.
Securitisation framework modernised
Changes announced in the Finance Bill 2003 should see Ireland become a major player in the location of special purpose vehicles (SPVs) for securitisation transactions. Section 110, which sets out the taxation framework for securitisation in Ireland, has been modernised to enable Ireland to remain at the forefront of the industry.
Irish retail banks among most competitive in Europe
An Irish Bankers’ Federation (IBF) survey has revealed that Irish retail bank customers are offered some of the most competitive banking services in Europe.
Financial services regulator sets out strategy
The Irish Financial Services Regulatory Authority (IFSRA) has outlined its plans for the insurance industry upon its formal establishment in mid-2003.
Nominees for ‘Deal of the Year’ 2003 announced
Ireland’s leading corporate financiers have nominated 25 deals for the Finance ‘Deal of the Year’ which will be announced in next month’s issue.
Unaccustomed to financial insecurity: the plight of the wealthy
Mark Cunningham examines the Irish wealth management sector and predicts the winners and losers in the current bear market.
Developing the industry
In a time of global uncertainty, financial services innovation continues to push forward. It will be the key to success in the recovery when it comes.
Dear Editor
A letter to the Editor from Sean Murray, Director of Marketing - BUPA Ireland.
Role of ECB analysed
A CD-Rom aimed at to providing a reference point for better understanding of the genesis - the intellectual roots - of contemporary economic analysis on the workings, development, and impacts of the ECB has just been launched.
Desmond on management techniques
A new book on management skills written by Ivor Kenny aims to distil into one book the lessons he learned working with managers for 40 years.
Accountancy graduates set for career lift-off
The expansion and diversification of the accountancy market will bring a wide range of new career opportunities to the next generation of CIMA and ACCA graduates according to Executive Connections director, Karin Lanigan.
Accolade for Davy
Davy Stockbrokers has been voted the No.1 research team in Europe for the fourth consecutive year by Institutional Investor magazine.
BIAM/SSgA wins €800 million mandate
The Irish Courts Service has appointed Bank of Ireland Asset Management (BIAM) and State Street Global Advisors (SSgA) to manage €800 million. The Courts Service is responsible for funds on behalf of some 22,000 beneficiaries who may be wards of courts or minors. It is aiming to boost returns on the money it controls of behalf of such people.
Employers need to prepare for PRSAs
Bank of Ireland Life has warned employers that Personal Retirement Savings Accounts (PRSAs) could affect the competitiveness of their businesses if not managed effectively.
Value-added treasury services vital to future of sector
Dublin needs to move up the value chain in order to maintain Ireland’s attractiveness as a treasury centre in the face of spiralling costs, leading treasury providers will tell delegates at the Fourth Annual Finance Dublin Conference.
Primary dealer status for Barclays Capital
London-based Barclays Capital, has been recognised by the National Treasury Management Agency (NTMA) as a primary dealer in Irish Government bonds.
M&A Deal Directory 2003
Deals in excess of €1000m
Key contenders in Finance ‘Deal of the Year 2003’ include the taking private of Jefferson Smurfit and Green Property
In this month’s Finance we announce the nominations for the annual ‘Deal of the Year’ 2003, as nominated and profiled below by Ireland’s leading corporate financiers.
M&A Deal Directory 2003
Deals in excess of €100m
M&A Deal Directory 2003
Deals in excess of €50m
M&A Deal Directory 2003
Deals in excess of €10m
M&A Deal Directory 2003
Deals less than €10m
M&A Deal Directory 2003
Deal Value Undisclosed
Competition Authority powers bolstered by 2002 Competition Act
Alan McCarthy reviews the Competition Act, 2002 which came into force in July 2002, repealing earlier Irish competition legislation.
Outlook is promising, as Ireland looks set to buck global trend
The Irish corporate finance sector is set to have a busy year writes Peter Crowley, as privatisations of Government owned assets looks increasingly likely, and more international equity houses sizing up potential Irish buy-outs.
Changing times for Ireland’s corporate finance sector
David O’Donnell examines recent trends in mergers and acquisitions in Ireland and looks to the future, which may see Ireland’s 80 per cent squeeze-out threshold increased to 90 per cent under the proposed EU Takeover Directive
Financial services provisions of Finance Bill
The Finance Bill 2003 has seen substantial progress in the transition from a financial services sector tax code which was largely IFSC focused, to one appropriate to a nationwide financial services sector. The securitisation code has been revamped, capital gains tax relief for foreign currency matching has been introduced for conduit companies, and the problems of Irish financial service companies acting as agents for non resident dealers has been resolved.
How to simplify CAT
CAT legislation has been consolidated. At the same time the Revenue have invited suggestions as to how the tax might be simplified. The present tax is complex, uneven in its application as between different taxpayers of equal means, and absorbs large amounts of Revenue resources to yield small amounts of tax. It could be better.
Share options - yet again!
Each year the Finance Minister labours over tax proposals on share options. Each year he gets no closer to a satisfactory tax system. This year’s measures in the area of share options represent a low point to date in terms of complexity and meanness.
Establishing captive insurance operations in Ireland
John Larkin and Paul Murray outline some of the attractions of establishing captive insurance operations, some of the main advantages of Ireland as a location for establishing such operations as well as the application process and ongoing supervisory requirements in respect of such operations.
A Day in the Life: Alan Malone, manager, euro derivatives, with AIB Treasury and International Wholesale Treasury
Alan Malone, manager, euro derivatives, with AIB Treasury and International Wholesale Treasury, and Hon. President of ACI Ireland, fights the traffic to juggle deals, meetings and a little volunteer work.
Alternative investment for golfers
Move over private members clubs! Move over debenture holders! A new breed of golf club membership has arrived, writes Ronan McMahon.
Section 110 of the new Finance Bill will help the Irish securitisation industry play catch-up
The long awaited changes to the taxation regime applicable to Irish securitisation companies are contained in the recently published Finance Bill. These changes should greatly simplify the structuring of securitisations using Irish vehicles and expand the types of products (notably CDOs) that can be issued, writes James Somerville.
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