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Finance Magazine - November 2005 Issue

FINANCE Stockbroking Survey 2005: Davy is still in pole position
Davy Stockbrokers has once again out-performed all other stockbroking firms in the 2005 FINANCE Stockbroking Survey. However, as in 2003, Goodbody Stockbrokers has come away with one of the top titles, ‘Best Irish Equity Research Overall’. Newly acquired Merrion Capital also polled very strongly, with Robert Brisbourne taking ‘Research Report of the Year’, and ‘Analyst of the Year’.
Securitisation: AIB readies 4th CLO deal
AIB Capital Markets is to launch its fourth European collateralised loan obligation (CLO) deal, the E350 million Boyne Valley, B.V.
Merrion's trade sale reflects a sharp upswing in stockbroking values
The purchase by top Icelandic bank Landsbanki of Merrion Capital, reflects a general rise in stockbroking profits in the past year as well as Merrion's own performance, which is confirmed also in this year's Finance Magazine survey (see elsewhere on this page).
Feedback on FSAP
The European Commission has published Part I of its FInancial Services Action Plan (FSAP) evaluation, which focuses on the process of adoption of the measures put forward in the plan, and is the first step of an exhaustive analysis of the impact of FSAP. The publication makes a number of recommendations on financial services policy.
Budget 2005 and keeping lean
Jack Welch, the legendary ex CEO of GE nowadays plys his trade on the conference circuit, giving corporate pep talks to Fortune 500 leaders on what best to do in the environment of the mid 2000s, and he is still packing them in. His advice at present – in response to the question of what to do with costs – is cut them 30-40 per cent, because anything less won’t keep us competitive with Asia.
Government can give away up to €2 billion on Budget day
Robbie Kelleher this year’s ‘Best Research Economist’ according to the Finance Stockbroking survey 2005, reckons that the Minister for Finance Brian Cowen could give away as much as €2 billion in tax incentives in Budget 2006, and still target a deficit that is not much more than 0.5 per cent of GDP. Kelleher would also welcome the expected removal of property tax breaks, as well as introducing some innovation with regards to the micro-economy, particularly by introducing some real transport incentives, as the recent ‘Transport 21’ plan announced by the Government was ‘less than encouraging’, he writes.
Finance director’s role has ‘changed beyond recognition’
Irish finance directors in companies are under more pressure than ever before and the nature of their jobs has changed dramatically, according to new research released by recruitment firm Robert Half Finance & Accounting.
New member firm on ISE
NeoNet Securities, the Swedish electronic discount broker, has been admitted to the Irish Stock Exchange (ISE) as a trading member. The admission of NeoNet Securities brings to 25 the number of trading member firms on the Exchange, and further new memberships are expected in the coming months.
Financiers feature strongly in new forum
The financial services industry is well represented in a new forum established by the Minister for Enterprise Trade and Employment Miche?l Martin to encourage high level dialogue on regulation and administrative burdens.
New trade finance service
AIB Global Treasury Services has launched TradeAccess, a new internet-based trade finance service designed to automate and simplify the manual activities traditionally associated with international trade finance transactions.
Innovative energy deal for Edenderry
Edenderry Power Limited, the Offaly-based power station, has entered an agreement with Bank of Ireland to supply emission allowances at a monthly average rate, in a deal which is believed to be the first of its kind in the European Emissions Trading Scheme (EUETS).
Socially responsible investment – the future of investment?
Socially Responsible Investment (SRI) has evolved considerably since the early days of ‘ethical investment’, and is becoming a more accepted mainstream option, illustrated by the Church of Ireland’s recent decision to sell €5 million of CRH shares because of its involvement in the construction of the Israeli security wall in the West Bank, Ellen Bailey of Mercer Investment Consulting writes.
FRS 17 and its impact on the bottom line
Pension costs disclosures under FRS17 will no longer form part of the notes to companies’ financial statements for years commencing on or after 1 January 2005, but will directly impact the bottom line. Kathy Murphy discusses the impact of the reporting requirements on company’s finances.
Art funds open up the market to smaller investors
Art funds are gaining in popularity amongst investors keen to diversify their art portfolio, and those with smaller amounts to invest. The funds function on the basis that pooled capital is used to purchase a variety of different types of art, and enable investors to achieve a diversified portfolio of art, writes Kay Cogan, founder of ARTFund, a newly launched international investment fund which focuses on emerging artists - with galleries in London, Cork and Brisbane.
Increasing demands for disclosure
There is increasing complexity in the activities of many companies, particularly at the larger end of the scale, the demand for increased disclosure is a major contributor. It is considered essential by many investors and analysts that the financial statements are accompanied by management commentary to give readers a valuable insight into management views of the main trends and factors underlying the current position, performance and future development of the entity’s business, writes Marguerite Larkin.
Average Irish pension fund returned over 15 per cent in Q3
After a number of years of poor performance, Irish pension funds are regaining lost ground, with the third quarter of 2005 particularly strong, writes Fiona Daly, with the average fund returning 15.8 per cent in the first nine months of this year.
Tax myths and statistics
Myths: The Irish tax system is biased to favour the rich and companies. Facts: An EU survey shows that Ireland taxes business more heavily than its EU partners, and taxes labour less than its EU partners. Myths and facts coincide on one point only: Ireland is more lightly taxed than the majority of the high unemployment fellow members of the EU.
Flat tax
A flat rate tax is not a new idea, but it is an idea with a head of steam behind it these days. What relevance does it have to Ireland? May we stumble into having it anyway? Would its adoption elsewhere in the EU affect us?
What to expect in Budget 2006
The Social Partners have aided the Minister with advice for his budget, which will be presented this Wednesday, December 7th. As usual, some advice is conflicting, some hopefully won’t be implemented, but some areas of common concern can be identified, writes Pat McDaid in this month's KPMG tax monitor.
Investing in certificates of deposit
An introduction to adding certificates of deposit to your investment portfolio.
A Day in the Life: financial professionals' insurance solutions
As vice-president for Marsh Ireland's FinPro practice, Breege Lynn's day reflects the growing concerns among clients recognising the shift in governance standards and the higher standards expected of those running successful businesses. Her day also involves conststant comparison of terms between underwriters in the Dublin, London, Paris and other markers analysing the differences in the underwriter’s offerings taking everything from pricing to coverage grants and value added services into account and their commitment to capacity for the risk.
Who’s Who in finance
Nigel Poynton Director, NCB Wealth Management
Who’s Who in FINANCE: Marie Corry
Marie Corry, director of finance and member of board of management, Allianz Ireland. Corry leads the finance function of Allianz, for whom she has worked since 1988. As a member of the board of management, she plays an important role in strategy development and implementation of Allianz.
MH&C expands asset finance division
Mason Hayes & Curran has appointed Christine O’Donovan as a partner in the financial services department to spearhead the growth of the firm’s international asset finance business, principally in the area of aviation.
BoI refocuses for growth in UK
Des Crowley, currently chief executive, Retail Financial Services Ireland (RFSI), for Bank of Ireland (BOI), has been appointed chief Executive, UK Financial Services (UKFS).
2005 growth of credit derivatives - reasons, concerns and outlook
Despite volatility in the credit derivatives market post-Ford/General Motors downgrades, and concerns about systemic and settlement risks, the market is still growing at an annual rate of around 60 per cent. Examining the growth and future prospects of this market, Frank Monks writes that although there may be further set-backs along the way, the market is here to stay.
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