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Finance Magazine - September 2003 Issue

Interest rates set to rise but no consensus on fixing rates
Economists responding to FINANCE’s autumn forecasting survey have reduced their predictions for Eurozone and UK interest rates from the last survey, which was conducted in May, but the majority still maintain that interest rates are set to rise sharply over the next 15 months
AIB closes 3rd CDO
AIB Acquisition Finance, a division of AIB Capital Markets has closed a €407 million collateralised debt obligation (CDO) Galway Bay BV.
IBF work with Revenue on Directive
Tight deadline will be a challenge for industry.
Newly independent NCB will strive to do better
Post-MBO, it is business as usual at NCB, but going forward the strategy will be to improve performance.
Anglo raises €850mn
Anglo Irish Bank has kept busy this summer, issuing a €400 million two-year floating rate note, as well as completing a €450 million revolving credit facility.
Outlook, Stockbroking and Accountancy.
Regulatory regime needs to change before the VHI can be privatised
The possible privatisation of the VHI has surfaced and resurfaced on a number of occasions, writes Professor Ray Kinsella, but unless Ireland’s regulatory regime changes, privatisation will not be the answer to VHI’s woes.
Ardagh raises €175 mn
Ardagh Glass, the glass container supplier, has raised E175 million in a ten-year bond issue. The issue, which was launched on July 7th, has a rating of B1/B+, and a maturity date of July 1st, 2013.
Landy goes it alone
Pat Landy has left his position as managing director of corporate finance at Merrion Capital, the Dublin-based stockbroking firm, to set up his own specialist corporate finance boutique, A-Plan Corporate Advisors.
Irish RMBS are steady performers
Low interest rates and affordability have ensured steady performance of Irish residential mortgage backed securities (RMBS) a report published by Fitch Ratings has revealed. And Ireland’s strong and steady mortgage market is because of good economic growth, net immigration, and preference for home ownership and low interest rate say the credit ratings agency.
Results of risk review process revealed
Following on from the internal risk management review requested by the Governor of the Central Bank , John Hurley, last year, in the wake of losses at AIB’s then US subsidiary, AllFirst, the Central Bank has revealed the results of the exercise in its Summer Bulletin 2003.
Issuance to feature strongly in 2nd conference
Ireland as a location for securitisation issuance will be a key topic at the forthcoming second Finance Dublin International Securitisation Conference 2003 to be held in Dublin’s Four Seasons Hotel on November 3rd, 2003.
Interest rates to remain low until mid-2004
Four months ago, a survey of Irish financial services economists by Finance produced the clear conclusion that interest rates in the Eurozone, the US and the UK were on their way up, but, current data suggests that the increase may not happen just yet.
Improving economies will push rates higher
Interest rates in the Eurozone, UK and US are set for an upward trajectory say economists.
Upturn to continue
Economists predict equity markets will rise into 2004.
Euro may weaken further before strengthening
The euro is likely to weaken in short-term, particularly against the dollar.
Further rise in bond yields expected
Bond yields look set to rise into 2004, but will fall soon after.
Funding - a key facet of Bord Gais’ treasury strategy
After planning a corporate bond issue for 2003, Bord Gais decided to postpone the issue due to market conditions, and instead raised e500 million in a syndicated loan in which 22 banks participated.
Dublin starts to see growth in hedge fund management
While European hedge fund mangers are predominantly located in London, centres such as Dublin, Paris and Milan are starting to see an increase in managers moving in write Jacinta Byrne and Aidan Conlon. One example is Vega Asset Management, a US hedge fund manager which opened its doors in Dublin in recent months.
Electronic options key in retail banking
Methods of transacting banking business which allow customers the greatest freedom continues to play a huge part in retail banking product development writes John Hickey.
What IFSRA needs to do to promote financial services
There are golden opportunities for IFSRA to establish itself as the principal theatre of debate on the future regulation of the Irish financial services industry, writes Liam Flynn in this analysis of what IFSRA should do it ensure it is a business friendly regulator to the financial services industry.
Risk management needs proper attention in Irish firms
New technology and regulation means more opportunities to implement effective risk management. Charlie Barry outlines the benefits of risk management and suggests an implementation plan for CFOs.
Level of EU regulation continues to increase
Financial services regulation in Ireland has recently been going through a period of significant change recently, both at a national and at EU level, and further changes are anticipated in the near future write Daragh Bohan and Deirdre Kelly.
UK Tax Reform
The UK Treasury has published a consultation document on the reform of UK corporation tax. It has implications for Ireland in so far as the ideas may influence thinking on Irish corporation tax. It may also have implications for Irish businesses with investments, whether in trading companies or property, in the UK. It will be of particular interest to Irish financial service companies since it may ultimately impact on their competitive advantage vis a vis UK financial service companies.
12.5p.c. - Is it working?
Our 10p.c. corporation tax rate is an acknowledged success in developing our economy. Our 12.5p.c. corporation tax rate is now in place several months and had been anticipated long before it was introduced. Why are we not trampled down by inward investors? Are we complacent?
Growing the EU – Are you ready for EU Accession ?
The expansion of the EU to include ten additional Member States on 1 May 2004 has a wide range of implications for Irish businesses. In addition to businesses with branches or investments in those states, businesses trading in goods with those states, or supplying services to them (including financial services) will also be impacted.
Syndicated lending
In the second of a two part series on syndicated lending, Alan Doyle explains the main roles of those involved in a syndicate deal, as well as detailing the typical process and timetable of such a deal.
Running treasury
As chief executive officer of Bank of Ireland Treasury & International, Mick Sweeney’s hectic day involves running from meeting to meeting while keeping track of the markets.
Who’s who in Finance: Ian Clancy, Marsh Management Services
Who’s who in Finance: Paul Finnerty, Partner, KPMG Corporate Finance
Who's who in Finance: Darina Heavey, Senior Investment Manager, Anglo Irish Bank Private Banking
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