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Finance Magazine - December 2004 Issue

 
Davy wins as quality of research is still key
For the third year in a row, the FINANCE Stockbroking Survey shows that, for fund managers, the quality of equity research is the main factor they consider in choosing a stockbroker. Davy Stockbrokers has won out as providing the best research, but Goodbody's analysts dominate.
Securitisation update: Ireland is a top centre for CLO management
With 10 collateralised loan obligations (CLOs) outstanding, from a host of managers including AIB, Avoca Capital, Bank of Ireland and Harbourmaster Capital, Ireland has become the second largest location for the management of CLOs globally, ahead of France and the US. Over ‚ā¨4 billion in CLO deals are now managed in Ireland by these four institutions, with DEPFA recently joining the fray in November with its ¬£391.7 million UK Private Finance Initiative (PFI) CLO.
Capital duty reduced
Following extensive representations from the financial services industry to abolish capital duty charged when a company raises capital through the issue of shares, in his first Budget, Minister for Finance Brian Cowen acceded to some of the industry‚€ôs demands, and reduced the duty from 1 per cent to 0.5 per cent, with effect from December 2nd, 2004. It is hoped that the duty will be abolished next year.
A Budget that was more ‚€ėnew‚€ô labour than old
From a financial services perspective the Budget can be welcomed as continuing to reveal a progressive policy on the part of the Government towards the development of finance in Ireland and Ireland as a competitive financial services location. The reduction in capital duty is a measure that has been long called for, and will represent an important step towards establishing Ireland as a headquarters location, which is a policy objective of the Taoiseach.
Striking a balance with corporate compliance will be key to creating a workable framework
The development of a corporate compliance code in Ireland has been a long and tortuous process that is yet to be completed. Terence O'Rourke argues against enshrining detailed statutory requirements in law in favour of a pan industry and regulator code, saying, 'One of the lessons we should take from this process is that it is difficult to enshrine in legislation detailed requirements when their application, when assessed from a pragmatic and practical viewpoint, requires appropriate tweaking and amendment'. Citing the Higgs Report on the role of non-executive directors, he states that the law is not a good place to set out strict requirements like compliance statements. Business and regulators could come to agree a sensible regime much quicker if they were unimpeded by the detailed statutory requirements of legislation, he says.
Industry welcomes approval of IAS 39, but concerns remain
The decision taken on November 19th by the European Commission to adopt a regulation endorsing IAS 39 has been welcomed by the Irish financial reporting industry, as it brings to a close one stage in this long-drawn out process.
Record first month on NYMEX
Trading in Brent crude oil futures contracts on the New York Mercantile Exchange (NYMEX) in Dublin exceeded all previous records in its first month of business in November.
Caplin Meehan joins network
Caplin Meehan, the Dublin based chartered accountants and business advisors, who emerged as Ireland‚€ôs fastest growing accountancy firm in the FINANCE Annual Accountancy survey 2004, with annual growth of 19.3 per cent, has joined the Moore Stephens network as part of a strategic drive to further expand their growing portfolio of international clients and their position in the Irish market.
DEPFA moves treasury to Dublin
Ahead of the planned sale of Dublin based public finance bank DEPFA Bank‚€ôs German subsidiary, Deutsche Pfandbriefbank, which is expected to happen in 2005, all treasury functions of the bank have been moved to Dublin.
Christmas tips for finance bookworms
Can‚€ôt quite stop thinking about work over Christmas? For those of you who may feel lonely away from the world of finance, Alan Soughley and Fiona Reddan present a brief overview to some of the best financial books ‚€‘ both classic and new ‚€‘ that will keep you busy over the Christmas holidays.
The obstacles standing in the Capital Adequacy Directive‚€ôs way
Several key issues relating to the new Capital Adequacy Directive, some as basic as translation of the directive into the myriad of new EU languages, have still to be addressed, writes Paul O‚€ôConnor, adding that the Irish Bankers Federation would like to see improved coordination and cooperation amongst national supervisory authorities in the EU before the Directive is finalised.
IAS progresses but many issues still to resolve
The EU has concluded the endorsement process for IAS 39 but there are still a number of questions left regarding its application. Brendan Sheridan examines these issues, among which is the stance to be taken by Ireland's standard setter, the Accounting Standard Board.
On the road: Bank of Ireland goes global to sell its first covered bond issue
In September 2004, Bank of Ireland raised ‚ā¨2 billion in the first Irish mortgage backed asset covered securities (ACS) transaction. Vincent Digby describes how Bank of Ireland went on the most comprehensive debt roadshow ever undertaken by the bank, which saw three teams travel across Asia, Scandinavia and continental Europe, to sell this transaction.
Strength of covered bond market assured as global popularity spreads to countries such as Mexico
From their origins in 18th century Germany to their current international profile as the safe financing instrument of choice, covered bonds are enjoying a surge in popularity. Ted Lord and Eldar Mezbur look at how economic developments and increasing sophistication are spurring the growth of the covered bond market.
A Day in the Life: spreading bets for success in interesting times
From a spread betting challenge on Eamon Dunphy‚€ôs Breakfast Show to hedging for corporates, Dermot O‚€ôDonoghue, managing director with Delta Index, is a man on a mission ‚€‘ to open the world of financial spreads to all investors, from IFSC experts to the general public.
Who‚€ôs who in Finance: Stefano Vaiani, Managing Director, UniCredito Italiano Bank (Ireland) plc
 
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