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Finance Magazine - April 2003 Issue

Madison Dearborn wins award with its acquisition of the Jefferson Smurfit Group
The €3.7 billion leveraged buy-out of Jefferson Smurfit has pipped AIB’s $3.1 billion divestiture of AllFirst to M&T Bank to the post in the second annual FINANCE ‘Deal of the Year’ award.
Property ‘bubble’ is not going to burst say economists
A panel of Ireland’s leading economists, including stockbrokers, predict that Ireland’s residential property sector is not going to burst over the next five years.
Directive will lead to ‘wall of money’
A ‘wall of money’ should enter the equity markets as a result of the EU’s Pension Funds Directive, the head of the Irish Association of Pension Funds, John Feely, told delegates at the eighth annual International Fund Management Conference held on April 7th and 8th in Amsterdam, Netherlands.
No IPOs before 2005 - Irish venture capitalists
The vast majority of Irish venture capital companies do not foresee any significant IPO activity among their client companies before 2005 according to a new survey published by the Irish Venture Capital Association (IVCA).
Third PPP project signed for €300 million
The first Irish PPP roads deal and the third Irish PPP project has been completed.
Bord Gais seeks loan facility
Bord Gais has approached the market for a €500 million five-year dual-tranche facility. The syndication was launched by mandated arrangers AIB, Bank of Ireland, BNP Paribas (joint bookrunner) and Citigroup/ SSSB (joint bookrunner.).
Regulation and corporate governance - the screw is tightening
In light of corporate scandals such as Enron, Worldcom and Tyco, a number of initiatives have been launched aimed at improving corporate governance. Kevin Allen examines one recent initiative, the Higgs Report, which was written by veteran board member Derek Higgs, and which reports on the role of non-executive directors.
Conference examines future of financial services in Ireland
More than 235 delegates heard from over 60 at the 4th Annual Finance Dublin Conference held in the Burlington Hotel, Dublin on March 25th and 26th, which conference provided an insight into the current state of the Irish financial services sector encompassing banking, insurance, funds, asset finance and treasury.
New consultancy
David Kingston, chairman of the Irish Stock Exchange and former Irish Life CEO, has joined forces with Pramit Ghose, one of Ireland’s leading money managers to form, Acuvest Investment Advisers, a new consultancy aimed at providing strategic investment advice to large corporates.
Telekurs opens new office
Telekurs Financial, the international provider of financial information, has opened a Dublin office, Telekurs Financial (Ireland).
Deal of the year 2003: Madison Dearborn’s €3.7 billion LBO of Jefferson Smurfit
The taking private of Jefferson Smurfit has been voted the corporate finance ‘Deal of the Year’ 2003 by Ireland’s top plcs.
Economists’ Property Poll 2003
Ireland’s leading financial services sector economists give their predictions for the outlook for Ireland’s residential property market over the next five years.
Economists' Property Poll 2003
The retail property sector is set to grow by 3.3 per cent per annum over the next five years, out-performing the residential sector, which is forecast to grow by 3 per cent in this, the seventh annual FINANCE property survey.
Uncertain outlook for commercial property market
Marie Hunt examines the commercial property market and predicts continued good health, but with caveats.
Why Telekurs is opening in Dublin
Brendan Murray talks to Beat Koch, CEO of Telekurs Financial, about the company’s move into the ‘exceptional’ Irish market and the future of the international financial services sector in Ireland.
Bread and butter treasury function serves Glanbia well
Debt reduction gives food for thought writes John Sherlock in this profile of Glanbia’s treasury department.
Best practice treasury delivers payback to DCC
DCC's strategy of investing in best practice initiatives such as implementing treasury management software and standardising banking documentation delivers a substantial payback in terms of leveraging treasury resources to support Group initiatives, organic growth and acquisition integration writes Niall Kelly, in this profile of DCC's treasury department.
The Exit Charge
Finance Act 2003 brought in a tax charge on individuals who escape the Irish capital gains tax net while holding certain shares. In the same week in which the President signed the Act into law the Advocate General of the European Court of Justice expressed the view that a remarkably similar French regime was contrary to EU law.
Name calling
As the economy moves into a downturn, the attitude in the media, and in some official circles to the business community has become rather hostile. The tone of public debate, if one can so characterise some references to the business community and taxation in newspapers and radio talk shows, has developed a shrill edge.
What are my options?
The rules in the Finance Act 2003 which altered the tax treatment of options are complex. Different regimes have application depending on when options are exercised, and when certain elections are made.
Taxation for international financial services - post IFSC
Deirdre Power outlines the taxation framework for international financial services in the post-IFSC era.
The A-Z of whole business securitisation
Initially, securitisation, as a financing technique, was developed as a means of funding the acquisition of residential properties in the United States in the 1970s. Today, companies of all types, revenue size, and debt rating routinely raise capital by using financial assets to back securities issued in the capital markets, writes Noman Ali.
Variety is the spice of insurance life
Responding to complaints, discussing new product developments and attending award ceremonies all form part of a typical day in the life of Aidan Cassells, executive director, business operations at AXA Insurance.
Managing organisational superstars
Delivering exceptional care, support and development to an organisation’s top performers is critical to the long-term success of companies who have by now weathered the excesses of the infamous ‘war for talent’, writes Ursula Hanon.
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