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Finance Magazine - February 2001 Issue

Recruitment for IFSRA ceo to start within month
The Government has made the long awaited decision on Financial Services regulation which will see the Central Bank transformed to be the Central Bank of Ireland and Financial Services Authority.
SSIAs to account for ?800 million per annum
Credit institutions are expected to benefit from the extra revenue generated by the Government’s Special Savings Incentive Accounts introduced in the Finance Bill 2001.
ML opens private banking operation
Merrill Lynch’s Capital Markets Bank operation in the Treasury Buildings in Dublin’s Grand Canal Street will soon be operating side by side with a new Merrill business, this time targeting high net worth private individuals in Ireland.
No property tax
Finance Minister Charlie McCreevy has back-tracked on the introduction of an anti-specualtive property tax and will not now introduce it.
IFSRA operation pegged to start in New Year
It is expected to take about a year to enact the necessary legislation to give the new Central Bank of Ireland and Financial Services Authority its powers. Although there will be intense activity in getting the structure off the ground it will not be fully active until 2002.
Pfandbrief legislation gets go ahead
The Government has approved proposals for draft Pfandbrief legislation.
Thumbs down for statutory Ombudsman scheme
The Irish Insurance Federation and the Irish Bankers Federation are opposed to the Statutory Ombudsman Scheme proposed under the Government’s new financial regulation structure.
Irish acquisitions doubled in 2000
Irish companies spent IEP8.2 billion on domestic and foreign acquisitions in the year 2000, almost double the amount spent in 1999.
IBF highlights bank card growth
The Irish Bankers Federation has highlighted the major growth trend in ATM bank cards in its annual review of activities.
AIB launches E350m Tara Hill CLO
Allied Irish banks has launched Tara Hill BV, a o350 million Collateralised Loan Obligation (CLO). This fund will invest in a range of senior secured loans, mezzanine loans and high yield bonds in the buoyant European buy-out market.
A ‘second to none’ mission of quality for Irish regulation
The new regulatory framework for financial services should be seen as an opportunity to begin the building of an outward looking financial services industry in Ireland that is blessed by being backed up by a regulatory system of excellence. The aim of IFSRA should be to provide Ireland, and financial services companies operating within and from the Irish jurisdiction, with a quality of regulation second to none internationally.
The Irish Stock Exchange is still not an attractive option for small firms
The Irish Stock Exchange is not meeting the needs of small cap Irish firms and is in danger of damaging these companies’ ability to raise venture capital, according to recent research by the University of Limerick. Sheila Killian and Martin Breen find that ISE listing is becoming a less viable option for small firms.
Money market funds - an alternative home for surplus cash
Security, liquidity, performance and convenience are the tenors of Money Market Funds, which have seen major growth in Europe over the past couple of years. Rachel Killeen, Ulster Bank Financial Markets looks at the benefits of these AAA pooled investment companies, which have attracted enlightened corporate and institutional investors.
Treasury outsourcing predicted to gather pace
While outscourcing has been suggested as the future for corporate treasury management. Is it a realistic option for Irish companies? Aengus Murphy investigates.
The key success factors - what the research says
Nowhere is the war for talent more intense than in the Financial Services Industry. Companies require human capital practices that will result in a more productive and engaged workforce and which in turn will lead to a more loyal customer base and better business performance. Organisations invest large sums of money on HR initiatives in the hope of attracting, retaining and motivating key employees. But what kind of return do they get on this investment? More specifically, which of the wide range of available initiatives will deliver the best return for money?
How it went wrong
The publication of the Tax Strategy Documents is an insight into the origins of the Minister’s budget announcement that he was abolishing the ceiling on employers PRSI contributions.
Transfer pricing
The Government is considering the introduction of new transfer pricing rules. This is something which should not be done hastily. It could damage economic development.
Ever changing savings market
The Minister’s for Finance’s latest incentivised savings product has met with popular approval. The range of incentives and penalties in the area of savings regimes can now be quite confusing.
Balance of payments, country indebtedness and country risk ratings
The Balance of Payments - what it is and why it matters. By Dermot McAleese, Whatley Professor of Political Economy at Trinity College Dublin, and taken from his book 'Economics for Business', second edition to be published by Prentice Hall in April 2001.
New Basel Capital Accord - start planning now!
The implications of the new Basel Capital Accord are so great that banks and investment firms need to take virtually immediate action to be prepared says Alan Merriman.
Allied Irish Bank launches first Irish CLO
Collateralised Loan Obligations are set to become a popular alternative investment strategy for pension funds and insurance companies in Europe. AIBCM have just launched the E350 million Tara Hill Fund, one of the first CLOs in Europe, and the first by an Irish company.
CBIFSA: Confused compromise or workable structure?
The introduction of the Central Bank of Ireland and Financial Services Regulation will be the most radical shake-up to hit financial services ever in Ireland.
Solbes gives the Irish an accolade
While financial services are generally perceived to be preparing well for the euro changeover there are has been an overall delay in starting euro changeover plans, and there are still hurdles in data conversion to overcome. Roisin Hogge reports.
An up day - for a change!
Pramit Ghose, Chief Investment Officer of Hibernian Investment Managers, finds that fund managers remain cautious on stockmarkets for 2001.
Barclays focussed approach targets Irish corporates
Barclays wants to grow its share of the Irish corporate banking market, and sees itself as a niche provider of cross-border banking services. Paul Shovlin, managing director of Barclays Ireland talks to Roisin Hogge.
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