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Finance Magazine - January 2005 Issue

Banks are well placed to raise Tier One capital
Irish banks are in a strong position to take advantage of the pent-up demand for institutional investments, with funding through Tier One capital, which is normally the core or permanent capital, becoming an increasingly attractive option. In December of 2004, AIB became the latest in a growing line of Irish banks to execute a successful funding through Tier One capital issuance, raising €1 billion.
Bush's profit repatriation scheme to benefit Ireland
The US Jobs Creation Act 2004, which gives American companies with foreign subsidiaries a one year window to repatriate profits to the US where they will be taxed at just 5.25 per cent, should not impact investment in Ireland. According to Pat O’Brien, tax partner with KPMG, ‘In the long run the Jobs Creation Act of 2004 is more likely to have a positive impact in Ireland than a negative impact. The boost it has given to Ireland as a shipping and aircraft location may have greater significance than any impact of the repatriation of earnings by US subsidiaries in Ireland.'
Accountancy firms prominent in corporate finance league table for 2004
Accountancy firms were busy in the corporate finance market in 2004, with PricewaterhouseCoopers, Deloitte, Ernst & Young and KPMG all in the top ten of the most active firms by number of deals. IBI Corporate Finance, followed by Davy, topped the table, while Deutsche Bank and KPMG, were top for the highest value of deals transacted.
Bush’s more benign tax policy
At the time of the US presidential election in November 2004, concerns were expressed that the Democratic candidate, John Kerry, and his running mate John Edwards, might initiate changes in the US tax system that would prove unfavorable to Ireland.
Contracts may become unenforceable under forthcoming distance marketing regulations
With transposition of the Distance Marketing Directive imminent, it is advisable for financial services firms to commence a review of their documentation now and at the very least draft addenda to existing contracts/ terms of business, Orla Beaton recommends.
Two Irish members sign up to European Covered Bond Council
Two Irish institutions have signed up to membership of the European Covered Bond Council (ECBC), which has just been set up by the European Mortgage Federation (EMF) in response to the significant growth of the market and product innovations over the past five years. The Council will represent and promote the interests of covered bond issuers and other market participants at international level.
Giant fund for Cardinal
Cardinal Asset Management, the Dublin and London based hedge fund manger, is readying what will probably be one of the largest hedge fund launches of 2005.
New CFO at Esat BT
Andrew Tackaberry has been appointed country finance manager for telecoms firm Esat BT.
Kingspan sets up €350 mn loan
Building materials group Kingspan has put in place a syndicated credit facility of €350 million in a move designed to fund its expansion over the next five years.
New company launched
SVG Diamond Private Equity, an Irish company established for the purpose of investing in private equity buy-out funds in Western Europe and North America, has been set up and financed to the tune of €400 million.
FINANCE Stockbroking survey winners see mid-caps as the strongest bet
The accumulated wisdom of the dominant players in the Irish institutional investment market voted the following analysts the best in the business in 2004's FINANCE Stockbroking Survey. Here they give their stock tips for 2005.
Profile: Construction sector pension scheme
The Construction Federation Operatives Pension scheme (CFOPS) won the award for the best Irish pension scheme for 2004 at the IPE European Pension awards and is currently implementing the recommendations of a wide ranging review designed to meet the challenges of a changing industry. Pat Ferguson explains how it works.
Top finance management earn most in banking sector
Senior financial managers working in banking and insurance receive the best average wages, according to the latest executive salaries survey published by the Irish Management Institute (IMI) in December, which shows that average salaries for finance directors in the sector are in the region of €109,000.
International Financial Services Institute’s training programme
The recently established International Financial Services Institute offers courses to train the next generation of financial experts - from short programmes through to BA and MA qualifications. Nicola Carroll explains what's on offer and why it is increasingly important that Irish financial workers are educated to the highest international standards.
Equities and property are still best bets despite tight spread of returns
Investment returns in equities, bonds, commodities and property have been uncommonly close over the past year. Eugene Kiernan looks at the reasons behind these performances and explains why equities and property are still the safest bets.
New EU code will greatly ease settlement of transfer pricing
The EU has just adopted a Code of Conduct which aims to eliminate double taxation in the area of transfer pricing. Gavan Ryle looks at the background to the Code and how it can benefit Irish companies engaged in international operations.
Directors face difficult task in implementing new compliance requirements
Section 45 of the Companies Act contains some of the most significant changes so far made to the legal requirements for directors, greatly increasing their duties. Included among the new requirements are the preparation of a Directors' Compliance Statement and a Directors' Related Statement, which must be certified and attached to the annual accounts. Jacqueline Cross and Joseph Beashel look at how directors can meet this plethora of new demands.
IFRS - now companies must communicate effectively
European listed companies must prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) with effect for accounting periods beginning on or after 1 January 2005. However, the scale of IFRS implementation is broader than that, with a recent Deloitte study indicating that 92 countries will either require or permit the use of IFRS for publicly traded companies in 2005, writes Brendan Jennings.
Industry reponds to call by Government for simplification of financial law and proposes new strategy
Government moves to consolidate and simplify financial services legislation and regulation are very welcome but the overall process requires a strategic approach, writes Enda Twomey, adding that Irish Bankers Federation, in conjunction with other industry groups, have proposed a high-level strategic model.
Specialist training is the key to success
There are many routes to a career in private client banking but Gerry Grenham of the Institute of Bankers in Ireland writes that the Specialist Diploma in Wealth Management has been specially designed to equip staff with the necessary skills for this developing specialism.
Environment is good for wealth managers
Good wealth managers will always be in demand and prospects in the private banking market are good for the right people, but Mia Barry writes that those interested in the sector must be willing to prove themselves in what is becoming an increasingly competitive environment.
Careers in finance and financial services: Profile of a wealth manager
Wealth managers are likely to be in ever greater demand as the Irish economy continues to thrive, but Kevin Quinn, an associate director with Bank of Ireland Private Banking, writes that experience of other financial sectors, from accounting to life and pensions, is as important as the right qualifications.
Germany comes into the property investor's viewfinder, and Irish investors are eyeing up attractive opportunities there
Irish investors have taken advantage of a rare opportunity to get into the German property market. Elmar Schilling writes that, with German investors off the scene, domestic banks are now looking to foreign investors to buoy up the depressed market - with the added attraction of some real yield growth in the near future.
Barclays Capital targets Irish corporate treasury market for major expansion, with staff numbers up 50 per cent in 2005
As head of treasury at Barclays Capital in Dublin, Ciaran Kane is kept very busy gearing up for significant expansion in 2005, with staff numbers at the bank expected to grow by almost 50 per cent. The day starts with a conference call at 6.30am and takes in company research, a client lunch - kept south of the Liffey for time's sake - US economic indicators, staff meetings, administration, while still managing to achieve his 6.00pm 'early' Friday escape target!
Who’s who in Finance: Geoffrey Randells, Head of Equities, KBC Asset Management Ltd
PPPs are ‘corporate welfare’
The recent controversy surrounding Government aid to National Toll Roads (NTR) has again raised the issue of the viability of public private partnerships, says Constantin T. Gurdgiev.
Keilthy strikes out on his own
Stockbroker John Keilthy is leaving the industry after 18 years to set up a reputation management company, which, he says, will help firms ‘lock the door before the horse has bolted’ by taking due consideration of all stakeholders when making key decisions.
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