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Finance Magazine - September 1999 Issue

Lawyers, accountants, estate agents to report money laundering - EU proposal
A proposal to update and extend a 1991 Directive to counter money laundering has been put forward a by the European Commission.
Amendments to EU Distance Selling Directive
The European Commission has confirmed that it has accepted amendments proposed by the European Parliament to its proposed Distance Selling Directive for financial services.
Financial sector testing the CROW at Y2K
In a report on Y2K preparations, the Central Bank has said that it is ‚€ėconscious of the potential impact of an extended Christmas and New Year holiday on banknote demand.‚€ô
ECB reassures on Y2K liquidity
The European Central Bank said in August that it sees no need for the public to hold excess cash for the transition to the Year 2000.
Yield curve slope highest since 1996, notes ECB
In its August monthly bulletin, the European Central Bank commented on the steepening in the yield curve for euro interest rates.
Caplin Meehan wins European Commission audit contract
Dublin based audit firm Caplin Meehan and their European colleague members of IA International won what they say is the largest single audit contract so far awarded by the European Commission.
Clients seek financial services regulation advice
Regulation and compliance in the financial services sector has become more complex.
Euroland‚€ôs bond market worth total market value of $6.6 trillion.
The opportunities offered by the Eurozone‚€ôs $8 trillion pensions funding gap and the potential for profits, even in a riskier environment, have already triggered an estimated $450bn shift in institutional investment portfolios and encouraged a boom in corporate mergers and take-overs, with more on the way according to a new report by Datamonitor for Reuters.
PPP Update
Irish banks and Irish legal advisers have reached agreement for the funding of Northern Ireland‚€ôs first PFI education project carried out under the UK Government‚€ôs new Treasury Guidelines.
Business law agenda
The D?il resumes at the end of September. A key aspect of the legislative agenda for finance managers are bills and statutory instruments in preparation at the Department of Enterprise Trade and Employment. Finance obtained a progress report.
Accountants reap fee income growth of 18 per cent
The trend of exceptionally strong growth in fee income for accountancy practices continues this year, with some practices delivering 25% growth and more. The full results of the annual Finance survey are analysed below, and the managing partners of the Big Five firms discuss key issues for their firms in the following pages.
Strong demand for finance specialists, skills gap at lower levels
There is broad awareness among businesses, policy makers, trade unions and economic analysts that an urgent task is to plug the skills gap in the Irish economy. The picture for finance specialists, a sub-sector of information workers, is not as easily painted.
Childcare Facilities
For a couple with young children, childcare is a cost of earning employment income, if both parents wish to work. The tax relief introduced in the Finance Act 1999 did not seem to deal with this point successfully.
UK Tax Contrast
The marketplace with which Ireland is most closely integrated is the UK. A look at the tax rates in the most recent UK Finance Act illustrates how far we still have to go in reducing tax burdens in Ireland.
Motor Expenses
Capital allowances, leasing costs, and running costs of passenger cars are restricted in their deductibility for tax purposes. The restriction on deduction has become one of the most complex areas of the tax code.
How long exposed?
A recent High Court case has confirmed that the Revenue may raise an assessment at any time up to 10 years after the end of a tax year, even where the taxpayer fully complied with his reporting requirements on a timely basis.
Getting it right...risk and reward
Dan O‚€ôDonovan takes us through a day of investment strategy, decisions and systems
Public pension funds management makes the grade claims CalPERS
The experience of the United States provides some salient points for Ireland’s beginning debate over separately funded public pension funds, including strong assertions that private sector pension managers don’t outperform public sector managers and political interference in pension funds can be rebuffed.
Irish M&A deals double in value
M&A activity continues at a fast pace, yet research indicates that almost 50 per cent are not successful. Pat Gorman highlights some common features of the successes.
Irish mortgages analysed in new rating agency model
Fitch IBCA, the international rating agency, released a new model in August for calculating credit enhancements for Irish residential mortgage-backed securities. It offers insights into the special characteristics of the Irish market and rating agency’s approach to default and loss severity adjustments for Ireland. The following is an edited extract from the report introducing the model.
Business bestsellers
The top business books sold in Ireland and from book-sellers online
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