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Finance Magazine - September 2006 Issue

Thirteen new companies authorised for IFSC
Thirteen new international financial services companies (IFS) companies were authorised in the first seven months of 2006: 1 bank, 5 insurance companies, and 5 funds servicing firms; and according to the Financial Regulator, the pipeline of new company authorisations is also strong.
Corporate valuations to increase
Almost three quarters of senior management of privately owned businesses expect corporate valuations to increase over the coming year, which is good news for the 29 per cent who expect to participate in merger & acquisition activity over the next three years.
FGS jumps up the ranks
Farrell Grant Sparks, the Dublin accountancy firm, has merged with Northern Ireland’s McClure Watters, and Longford based Lyons Keenan Kilemade, to create the sixth largest practice in the country, with 20 partners and 200 staff.
FinanceJobs.ie to be launched
FINANCE magazine is launching Ireland’s first careers and jobs website for the financial services sector, www.financejobs.ie in October.
EU Takeovers Directive - its scope and impact
The stated aim of the Takeovers Directive is to strengthen the Single Market in financial services by facilitating cross-border restructuring and enhancing minority shareholder protection. Abigail St. John Kennedy outlines the scope of the Directive and the implications for those affected.
Scots applaud Irish recognition of ‘accountant’
The Institute of Chartered Accountants of Scotland (ICAS) has applauded plans by the Irish government plans to give legal recognition to term ‘accountant’.
Financing for Limerick by-pass arranged
The group of companies behind the new Limerick city by-pass, have raised €241 million. The funds will be used to for the design, construction and maintenance of an approximate 10 kilometre tolled dual carriageway bypass to the south west of the city of Limerick, pursuant to a 35 year Public Private Partnership (PPP) project agreement.
JV for BOI
Bank of Ireland Group (BOI) has established a joint venture with Paul Capital Partners (PCP), a US private equity specialist, to provide private equity fund of funds products and advisory services to institutional and other investors worldwide.
Business coaching: how it can help you
In this article Evelyn P.Gilmore and Mike O’Halloran outline the client-centered coaching, discuss recent developments within the field in Ireland and give examples of how coaching can help managers and executives achieve their goals.
Corporates move up the value chain and focus on skills led operations
With Ireland no longer a competitive location for manufacturing facilities, in order to keep up levels of foreign direct investment (FDI), companies are moving up the value chain through the establishment of skills led operations alongside their existing facilities, writes Jim Dennehy. Though there is still value for manufacturing operations here, the country is undergoing a transition, he says, from an export-oriented manufacturing base to a ‘high value added research and development’ focused European hub.
Maturity mismatch- the new approach to liquidity management in Ireland
The Financial Regulator has unveiled the new liquidity framework that will apply to Irish institutions from 2007. The new framework provides clear evidence of how dialogue between the financial services industry and the Financial Regulator can result in a solution agreeable to all parties, writes Debra Mc Carthy.
Filling the skills gap - new ways of attracting and retaining professionals
A lack of qualified professionals in certain sectors is leading to companies seeking out new ways of attracting and retaining staff. Trips to Eastern Europe, mortgage allowances, training programmes and referral fees are all being used by international financial services companies to hire candidates and fill their skill gaps.
Recruitment for finance professionals
In this Special Report, 'Finance Jobs in Ireland' we analyse the current jobs market for finance and financial services professionals, through a wide variety of articles and reports.
Strong recruitment market looks set to continue
With business booming in Ireland’s international financial services sector, companies operating in the sector are actively hiring in order to keep up with this level of growth. Fiona Reddan looks at which companies are hiring and what they are looking for in staff.
Implementing a benefits package to attract and retain staff
Increasing competition for financial services professionals means that companies have to up their game when it comes to offering benefits. Barbara Donnellan examines what’s on offer for prospective candidates.
Skills shortage means more opportunities for recruiters
A global skills shortage is offering huge opportunities for recruiters who can source candidates with the appropriate skill-sets on a worldwide basis. As head of one of the world’s largest recruitment firms, Robert Walters talks to Fiona Reddan about his experiences to date in building up the firm, future plans for growth, and how the firm is reaping the opportunities in the ‘wild west’ of the recruitment industry in Asia.
Bonuses exceed expectation in 2006
Almost half of employees working in financial services received a larger bonus than they were expecting this year. The findings, from a recent online poll by Robert Half Finance and Accounting, reflect the buoyant state of the financial services sector in Ireland.
Demand for accountancy professionals is greatest
Within the financial services sector and particularly within the IFSC, the demand for traditional accounting and the more specialised finance staff, outstrips every other segment of the employment market, write Brian Fowler and Anne Quinn.
New recruitment firm
Michael Page International, one of the world’s largest professional recruitment consultancies, is to open an office in Dublin in October, its first Irish operation. Michael Page already recruits for the Irish market via its UK offices.
How to move jobs - and negotiate the salary you deserve
Paul Cotter examines the options for those professionals considering changing jobs, and advises on how can you position yourself as an exceptional candidate and negotiate the salary you deserve.
A Day in the Centre for Financial Markets
John Cotter, director of the Centre for Financial Markets at UCD, spends his day collaborating with students, academics and industry professionals, with the aim of developing business education and research in Ireland. He is currently working on a study looking at the attempts to solve the crises in UK defined benefit pensions schemes. The findings suggest that the Pension Protection Fund (PPF) introduced by UK government following the Pensions Act 2004 will exacerbate the crises rather than reduce it.
Top jobs - current open positions in financial services
The number of jobs which command €100,000+ salaries is growing steadily, with experienced lawyers and tax/audit professionals often earning well in excess of this figure.
People on the Move
New CFO at Bord Gais; Dempsey moves to Bloxham; New head at BOI Corporate; Marshall joins National Irish Bank; Regulatory approval for new marketing director at Hibernian; Deloitte appoints director of regulation & compliance.
Who’s Who in finance
John Ferguson, general manager - Finance, permanent tsb and John McGrane, head of Business & Commerical Banking, Ulster Bank.
Tax payers may be eligible for increased foreign tax credits
A UK High Court judgement has suggested that the credits given against Irish tax, in respect of foreign tax borne on income, have been understated. Were the case to be followed in Ireland, some taxpayers, especially in the financial services area, may be entitled to significant tax refunds.
Revenue powers
In November 2003, the government commissioned report on Revenue Powers was published. Since then, few of the recommendations designed to protect the taxpayer from the arbitrary or disproportionate use of Revenue powers, have been legislated for.
Recent developments in transfer pricing
Financial services firms in Ireland will generally be trading intercompany in some capacity with their parent headquartered overseas. Usually this takes the form of ‘purchasing’ services from the parent eg. management services provided to the subsidiary from the parent. Notwithstanding the fact that Ireland does not have a separate statutory transfer pricing regime, in general tax authorities on the other side of the transaction with financial services companies in Ireland do have transfer pricing regimes, and will therefore be interested in the prices at which intercompany services are traded.
A contract with a difference
Contracts for difference (CFD) have shown a growing popularity in the Irish market and in some quarters this phenomenon as been described as a worrying development. In light of this popularity, we take a step back and examine more closely what CFDs are.
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