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Saturday, 14th December 2019
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Finance Magazine - September 2004 Issue

 
Rapid growth in Irish use of derivatives resumes
After a slow-down in the use of derivatives during 2002/2003, volumes in the Irish market have almost crept up to levels associated with the introduction of the euro in 1999, with the latest figures showing that the market grew by 38 per cent from March 2003 to March 2004.
BOI gets first mortgage-covered bond off to a successful start
Bank of Ireland has kick-started the Irish mortgage backed covered bond market in spectacular fashion with a €2 billion issue that was over three times over-subscribed. Following a two week roadshow, which saw the bank travel the globe presenting to 200 potential clients, the order book for the bond was opened on Monday, September 13th and closed, due to substantial demand, at 11 o’clock on that same day.
Merrion readies second fund launch
Merrion Capital Group is to launch its second hedge fund in October, the Merrion Global Opportunities Fund.
Euroclear to harmonise practices
Euroclear, the world’s largest provider of domestic and cross-border settlement services, has released a set of 85 proposals to harmonise market rules and practices within the five European domestic markets that comprise the Euroclear group (Belgium, France, Ireland, the Netherlands and the UK).
Irish Bankers Federation voices Irish banks’ concerns on IAS 39 (and seeks deferral)
Irish banks, alongside their counterparts worldwide, object to IAS 39 as they believe this standard would result in increased volatility in financial statements, partly because of its proposed new provisions on hedge accounting writes Catherine Burke. A temporary solution, she says, would be to proceed with the endorsement of IAS 39, but agree a sectoral carve-out for banks that would apply until IASB and the banking industry resolve the hedge accounting issues.
Increasing sophistication amongst market players
With the entry of Bank of Ireland, one of Ireland’s largest mortgage banks, into the Irish covered bond market, the stage looks set for other parties to look to asset covered securities (ACS) to address their funding needs.
The Autumn recruiting drive kicks off with gusto
There has been a notable increase in the number of financial positions available over the past two months, with companies recruiting across the entire spectrum of finance and financial services. If you are recruiting for a job which you think should be profiled here, please contact us with the details (email: topjobs@finance-magazine.com).
Third conference highlights growth of the market
Following on from the success of last year’s conference, which attracted over 220 delegates from the UK, US, Luxembourg, Jersey, Germany and Ireland, The Third Finance Dublin International Securitisation Conference will be held on 30th November, at a new venue: the Dublin Castle Conference Centre.
Tax planning tool for private investors launched
Morgan Stanley Quilter, the specialist in bespoke investment management services, has launched one of the first Capital Gains Tax (CGT) services in Ireland for investors.
Financing of power plant project completed
The €300 million financing of the 400MW combined cycle power plant at Tynagh, Co. Galway, one of the first independent power projects in Ireland has been completed.
McCreevy tops poll, with Mac Sharry in second place
Charlie McCreevy, the outgoing Minister for Finance, has been voted Ireland's 'Best Ever Minister for Finance', according to a poll conducted amongst the 12,000 plus readers of FINANCE. Other former ministers who polled well include Ray MacSharry in second place, and Michael Collins in tenth.
History's influence on poll results
John Considine, a lecturer in public finance at University College Cork, whose main area of interest is Minsters for Finance, examines the performances of the 23 ministers, which may account for how the votes were cast in FINANCE's 'Best Ever Minister for Finance' poll.
Anglo travels to France, UK and Germany to sell €750 million transaction
Anglo travels to France, UK and Germany to sell €750 million transaction
They said in FINANCE…..
 
Investing in China is challenging but the market offers huge potential
Despite the current debate over whether or not the Chinese economy will experience a ‘hard landing’ in 2005, investors should not lose sight of the longer-term consequences of China’s rapid integration into the world economy. George Huguet says that its impact on the global economy will grow rapidly, and investors should adjust their strategic asset allocation thinking accordingly.
Corporates are driving growth in global derivatives market
The uncertain and changing global economic environment in the past few years has fuelled a dramatic increase in turnover in the euro derivative market. Interest rate derivatives are a cost-efficient and price effective way of neutralising or hedging exposure to future interest rate moves. Uncertainty regarding the future path of interest rates greatly impacts economic decisions across finance and industry. Thus, both corporate and financial institutions are increasingly relying on interest rate derivatives to manage their exposure to undesirable interest rate moves writes Conor Dooley in this market overview.
Cash management - register now for international recognised qualification
The Institute of Bankers, in conjunction with the Association of Corporate Treasurers, is offering an internationally recognised Certificate in International Cash Management from 2004/5. This Certificate is the only qualification to focus exclusively on global and multipoint cash management, and the course content is highly practical and centres on creating a thorough understanding of the corporate treasury structure, international operations and the role of banks.
Transition to IFRS - how prepared are we?
With just four months to go to the introduction of International Financial Reporting Standards (IFRS) for listed entities, and optionally many others, Brendan Sheridan examines the status of preparations. He says that from here on, we can expect a question on all investment analysts’ lips to be how does IFRS affect your numbers?
Using risk to grow your business
Although risk management in Ireland is treated more seriously and at a more senior level than other countries, according to a new survey by Marsh, only a small group of progressive organisations see risk strategically, or as an opportunity. Growth means taking risks and the better the understanding and management of risk within an organisation, the greater can be the return, Kieran McHugh writes.
With outsourcing set to increase financial institutions need to be sure that it is right for them
Outsourcing has played a key role in the development of the Irish financial services sector, with a significant proportion of IFSC companies providing third party services, particularly with respect to the treasury and funds industries. While there are considerable benefits to a financial institution to outsource some of its processes, risks exist also. A report by the Joint Forum of the Bank of International Settlements (BIS), entitled Outsourcing in Financial Services, presents a set of principles, which are designed to assist regulated entities in determining the minimum steps they should take when considering outsourcing activities. The main findings of the report are discussed below.
Corporate securitisation set to take off
As Jefferson Smurfit prepares to launch the first Irish corporate securitisation transaction, FINANCE takes a look at a recent report published by Demica, which examines the changing perception of corporates towards ‘trade receivables securitisation’. It identifies the historical burdens associated with securitisation and the market drivers that are eroding these perceptions. The report also examines predicted growth rates and the rising enthusiasm amongst European Corporates for invoice securitisation.
Sale of private, independent companies to continue
The pressure on independent firms will continue to increase, writes Martin A. Rafferty, driven by pressures from larger national competitors as well as new international entrants to the market. This will result in the re-organisation and sale of a large number of family owned businesses he adds.
Careers in finance and financial services: Profile of a fund manager
Anthony Linehan, B.A., M.A.,is head of fixed interest, portfolio risk and management, and director at KBC Asset Management. He says that the primary skill required to be a fund manager is an analytical mind one which can analyse a lot of data, get to the key points, or drivers, be this in regard to a company or a country/economy. An abiding interest in the world around you is also an essential attribute.
The ‘CFA’ - a key learning experience
The Irish Association of Investment Managers (IAIM) represents the interests of 13 member asset management firms in the Irish market. A survey of the membership at the end of December 2003 indicated that these firms were managing monies in excess of €187 billion on behalf of domestic and international clients. The association works closely with the Society of Investment Analysts in Ireland in promoting training in the industry, particularly with respect to the Chartered Financial Analyst (CFA) program writes Ann Fitzgerald.
A Day in the Life: ABS investor
Patrick Coleman is head of treasury with Commerzbank Europe (Ireland) An active asset-backed securities (ABS) investor, he manages both trading and investment books worth €2 billion.
Who’s who in Finance: David W. Duffy, Managing Director, Prospectus Strategy Consultants
 
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