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Finance Magazine - June 2000 Issue

 
Irish ‚€ėPfandbrief‚€ô project passes drafting milestone
The proposed law would specify a new role of ‚€ėCover Asset Monitor‚€ô
Pension fund bill published
The bill to establish a reserve pension fund for the State was published by the Minister for Finance, Charlie McCreevy, on 14 June and was immediately welcomed by the Irish Association of Investment Managers for the commercial mandate it gives the fund.
Buoyant demand for banking and finance lawyers
Managing partners spending increasing time on recruitment
EU heave on five areas for single financial market
The European Commission has identified five key areas for priority action that will underpin the efforts of its Financial Services Action Plan in establishing a comprehensive internal EU market in financial services.
Call for simpler products, higher charges
The Society of Actuaries in Ireland (SA) held a half day financial seminar on May 31 in the Conrad Hotel entitled ‚€ėFinancial Services - The New Economic Paradigm.‚€ô
Macro view on technology pays off for Montgomery Oppenheim
A fundamental view taken on the role of technology in the global economy taken in 1994 enabled Montgomery Oppenheim to deliver leading returns over the period, the company claimed at its investment conference in June.
New software not always needed for CRM, KPMG says
 
Independent financial reporting standards for governments issued
The International Federation of Accountants has issued the first eight international public sector accounting standards (IPSASs) designed to enhance the accountability and financial management of governments worldwide.
62 p.c. under salary pressure to hold staff
Companies in the financial sector are being forced to offer higher then normal salary increases and introduce a host of other benefits in order to attract potential recruits and hold on to existing staff, according to a new survey of human resources managers.
Standard offers new UK fund
The latest UK property fund offered to Irish investors from Standard Life carries no upfront charge and uses currency hedging to minimise euro-sterling exchange risk.
EIB lending in Ireland to pick from modest 1999 level
 
Interest rate spread ‚€ėuncompetitive‚€ô
 
EDITORIAL
There is a sense of change in the air at this half-way point through the year. There are areas which promise development and significant change to the financial landscape, such as the development of a Pfandbrief market, the placing of the national reserve pension fund on a statutory footing and the ramping up of PPP projects.
Irish retail banking sector among the most competitive in Europe
Two studies on bank charges and competitiveness were released in May. One was funded by the European Commission‚€ôs Consumer Affairs on cross border transaction charges, with media attention focusing on areas where Irish charges were in the high zone. Another was carried out at the beginning of this year by the consultancy, Strategic Solutions, for Bank of Ireland to assess the prices and profit margins for a range of core branch based retail banking services across the EU. Simon Glancy of Strategic Solutions sets out the results.
ICC Venture Capital now investing in 15 per cent of ‚€ėserious proposals‚€ô received
ICC Venture capital recently launched a £100 million software fund and announced the completion of a £100 million private equity fund, of which £40 million has been committed to investments. David Fassbender, Managing Director, ICC Venture Capital, here engages in a Q&A with Finance.
Straight talking from bankers‚€ô bank
The annual report of the Bank for International Settlements released in early June contained fresh, plain, and even humorous statements about the international economy, rewarding traders, the euro and capital markets. The following are edited highlights.
Straight talking from bankers‚€ô bank
The annual report of the Bank for International Settlements released in early June contained fresh, plain, and even humorous statements about the international economy, rewarding traders, the euro and capital markets. The following are edited highlights.
Straight talking from bankers‚€ô bank
The annual report of the Bank for International Settlements released in early June contained fresh, plain, and even humorous statements about the international economy, rewarding traders, the euro and capital markets. The following are edited highlights.
Managing the euro
The issue is what should treasury managers do about diversifying risk given the greater than expected volatility - downside - of the euro. Finance asked Derek Keogh, a Corporate Treasury Manager in Anglo Irish Bank.
International treasury associations concerned over accounting regulation
Members of the IGTA say the accounting of financial instruments should be clear and simple
Bank credit assessment underpins business growth
Sound credit analysis will always focus on the quality of cashflow and of management writes John McGrane
Major PPP report sets guidance for private financing
A 600-page report on the process and procedures for PPPs was delivered to the Department of Environment and Local Government in May. This should be the last word in planning a full-scale PPP process in Ireland. PricewaterhouseCoopers were joined by legal alliance of McCann Fitzgerald and L‚€ôEstrange & Brett, and engineers MC O‚€ôSullivan and EC Harris. The report is made available on CD-ROM by the Department. The following are the report‚€ôs Guidance Notes in relation to private finance in PPPs.
Data protection issues to loom larger
Institutions which control or process personal data cannot afford to ignore the provisions of the published Data Protection Directive which gives further protection to personal customers, write Orla O‚€ôConnor and Bob Clark. Even though implementing legislation may only be published this summer, the Directive is likely to have had direct effect in Ireland since October 1998. The key features of the EU provisions, particularly those which go beyond the 1998 Data Protection Act, must be understood and taken on board now.
Privatisation: lessons need to be learned
David O‚€ôFlanagan highlights the areas to examine carefully in privatising State companies and suggests approaches to ensure success
The media and the messenger
James Morrissey, Corporate Affairs Director, Fleishman-Hillard Saunders Public Relations Consultants
O‚€ôBriain takes the baton of top performance and consensual style at Friends First
Ruth O‚€ôBriain recently took over the top position in investment management at Friends First when her mentor and colleague Pramit Ghose left to head Hibernian CGU. She intends to continue the consensus style among the team of eleven investment managers that Friends has grown to.
Who‚€ôs who in Finance: Conor Swan, Business Development Manager, IFG Mortgages, Business -to- Business Division (Part of IFG Group plc)
 
Who‚€ôs who in Finance: Barry O‚€ôSullivan, Financial Controller, Accuris ltd.
 
Wild geese
David Coffey Assistant Vice President, Corporate Planning, Strategic Sourcing, ABN AMRO North America
Wild geese
Aidan Mc Nulty Founding Partner, RiskMetrics Group, New York
Working at home
An extension of ‚€úhome working‚€Ě would ease traffic problems and might increase participation in the workforce by women with families. Whatever happens, it is likely to become a more widespread phenomenon. Our tax code needs updating to facilitate it.
Have you been dumped on?
Customs duties and barriers are coming down world-wide. These restriced trade but also offered protection against ‚€údumping‚€Ě of goods on the Irish market from outside the EU. Anti-dumping duties are a weapon that Irish businesses should now be familiar with.
CAT and house
One of the ‚€úradical‚€Ě patch up jobs done on CAT in the last Finance Act was to exempt certain dwelling houses from the tax. It is worth taking a look at it in detail.
Retirement relief
The cap on retirement relief was increased by 50% in Finance Act 2000. This focuses attention on a valuable but much misunderstood relief.
Going private
The dot.com goldrush to IPO has created unprecedented fund raising activity in the last number of years in the Irish market.
International markets becoming more correlated
Karena Knaggs wrote a prize winning essay analysing evidence for increasing correlation among international stock markets for Trinity College‚€ôs Foresight Business Journal. The following are extracts.
ISE expects Xetra to bring more investors and trading
The Irish Stock Exchange's move to the online trading system Xetra leaves it poised to join any future pan-European Exchange
space space space space space space
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