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PPPs to break new ground in 2002
The first PPP contract signed at the end of 2001 by the Minister for Education and Science Michael Woods is to lead the way for a number of new PPP developments. |
Transfer pricing remains top international tax priority
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NTMA returns to international debt markets
For the first time in 15 months, Ireland is to issue debt to meet its refinancing requirements. |
European firms are unprepared for business risk
Fifty per cent of Europe’s mid-sized firms are ill prepared to deal with high impact risks according to new research conducted by Marsh, the global risk and insurance services firm. |
Outdated corporate reporting poses threat
A dramatically different reporting framework has been called for in order for companies to gain competitive advantage in volatile markets. |
Ireland prepares for IAS
While global convergence in accounting standards is still a long way off, and many countries continue to show major differences between domestic and international standards, Ireland is responding to the challenge. |
Pension funds fell by 5.6 per cent in 2001
Despite a year-end rally Irish pension funds fell by 5.6 per cent in 2001. While the average Irish pension managed fund rose by 9.8 per cent in the last quarter of 2001, this was not sufficient to bring returns into positive territory for the full-year period. |
PRSI move welcome, but still not enough for international financial services sector
The Government made a concession to the top rate of employers PRSI from 12 percent to 10.75 percent in the Budget 2002. |
New competition reforms are crucial for Ireland
Peter Sutherland made the keynote address at the recently held seminar in Dublin entitled ‘The Future of Competition Policy in Ireland.’ He described the need for regulated competition to encourage Ireland’s economic growth and commended the latest reforms. The following is extracted from his speech. |
EDITORIAL
Taxation and its place in the coming election |
First pilot PPP project signed in Ireland
On November 16th 2001, sixteen months after commencement of the process, the Minster for Education and Science, Michael Woods, signed a Project Agreement with Jarvis Plc’s Irish subsidiary for the design, build, finance and operation of five new post primary schools. Even by UK standards, this represents one of the fastest procurements of a project by way of public private partnership (‘PPP’), Kevin Feeney explains. |
Creating the 2003 budget
Dominick Sutton looks into his crystal ball and gives us his economic review of the year 2002 - a year in advance. Here he outlines what issues may be facing the Minister for Finance in formulating the 2003 budget in a light hearted ‘review of the year.’ |
Dealer of the Year 2001
In early December the Irish Association of Corporate Treasurers held their annual awards ceremony in the offices of McCann FitzGerald Solicitors. As always the winners of the individual categories were hotly contested. Here the individual category winners and runners up give us an insight into the year in corporate treasury and look forward to what 2002 may bring. Newly appointed IACT president Derek Browne introduces the feature. |
Accountants must plan for economic slowdown
The future is always uncertain but at the beginning of 2001 there was a lot of confidence about and there was still a lot of belief in the Celtic Tiger economy. Jerome Kennedy looks back with the benefit of hindsight and finds 2001 really has been a roller coaster year. |
Regulatory environment continues to change for auditors
As the auditing profession looks forward to 2002 the only certainty is that the level of regulation will continue to grow. Peter Carroll says it is important that the Irish Government takes account of the international changes, both SEC and IFAC led, but hopes that the legislation for IAAS does not put Ireland out of line with international counterparts. |
2001 produced favourable tax developments
From a tax viewpoint Irish business will probably remember 2001 as a year in which there were quite a number of favourable developments which were unfortunately overshadowed by a single major tax increase on both business and employment, says John O’Leary. |
How the Irish markets fared in 2001
Over the past twelve months, the environment has changed utterly. A reprint of the previous edition of the guide to Irish financial markets simply won’t do. Some rewriting is required and John Keilthy does that. |
Opportunity abounds in structured finance
The Irish market saw lower deal volumes in the current year partly reflecting the slowing global economy but also the fact that 2000 represented the culmination of a period of exceptionally strong investment activity. However Christine Moran said notwithstanding this there was still considerable transaction and development activity ranging from buyouts in the SME sector to the national roads programme. |
Treasury risk policy is critical for all business
Gerry Brown says that in a post euro environment the corporate treasurer increasingly focused attention on three key issues during 2001. The first is that treasury risk policy is a critical aspect of corporate governance for all businesses and the second is the ultimate conviction that interest rate and currency hedging must be strongly considered by the majority of companies. Finally increased liquidity offers greater opportunity, sharper pricing and an improved risk management environment for all. |
Recruitment is still active for young entrants
Generation Y are our young Graduates of 2001, our young leaders of tomorrow and our young adults who are unemployed. Wendy Chin examines what lies ahead for them. |
Gamekeeper turned poacher? A career civil servant turns independent business consultant
Don Bergin was well known as the public face of the Department of Finance dealing with the IFSC during its important years between 1992 and 1997. Subsequently he went on to handle such matters as the state bodies area and the privatisation of Eircom, and was the head of the PPP unit in the department during its formative years. Having spent 25 years working in the civil service, he took early retirement from the Department of Finance at the end of last year, and is now an independent business consultant. |
Operational risk: ignore it at your peril
Chris Karow explains that while operational risk is not new, changes in the business, regulatory and operating environment are creating increased recognition of such risks. |
Pensions are at the crossroads
At the end of 2001 we reached a crossroads in the whole area of pensions and retirement, said John Feely. It looks like the same crossroads that we reached about 5 years ago, when we set out on the whole National Pensions Policy Initiative (NPPI). The only difference is that we now seem to be coming at it from an entirely different direction. |
How the non-life insurance landscape has changed
2001 will prove to be a watershed period for the insurance industry - both on a global and local basis. A combination of factors has conspired to bring the phrase ‘getting back to basics’ to the forefront of many discussions. It has, by any standards, been a dramatic year, says Paul Donaldson. |
A number of developments will impact on insurance premiums
Mike Kemp explains that market issues of interest to Irish Insurance Federation member companies, the insurance buying public, policymakers and the media in 2001 included: motor and liability insurance costs; pensions; Special Savings Investment Accounts; uninsured driving. |
Myriad corporate finance rules made simple
Paul Tansey reviews ‘With A Tap On the Knee - Memoirs of a Reluctant Banker’ by Bob Ryan - MIS Books. E25.39; IEP20.00 |
Houdini, Minister for Finance
And with a single leap, our hero is free! Well actually Mr McCreevy required three leaps - one over the PRSI fund, one over the Central Bank, and one over the business community. The critical election year budget has been delivered nonetheless. |
VAT and canteens - relief for Irish companies
The decision in a case taken by KPMG in Denmark suggests that many Irish companies have overpaid VAT on the operation of staff canteens. The case suggests that Irish rules on the VAT treatment of canteens are not in compliance with EU law and that Irish companies should therefore be entitled to a refund of VAT overpaid in the past. |
Still to come
The Minister’s budget speech was remarkably brief in relation to taxation. A large number of topics known to be under consideration in official circles were not touched on in the speech. These may yet surface in the Finance Bill. |
The key moments in a merger
David Hargaden discusses the recent merger of Hargaden Moor with BDO Simpson Xavier, and explores the rationale behind the alliance. |
Mergers and acquisitions holding up well
About twelve months ago it was already clear that a technology-led slowdown was getting under way. Mon O’Driscoll said that insofar as merger and acquisition (M&A) activity was concerned, one of the key questions was whether there would be a pattern of the strong surviving while the weak went to the wall, or a pattern of amalgamations and takeovers. Both outcomes have been in evidence and at the end of 2001 some of the companies in the sector are still running out of money and again one speculates as to whether they will fall by the wayside or be taken over. |
