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Finance Magazine - January 2007 Issue

New firms look to Dublin for European growth
The past few months has seen a flurry of international financial services firms open in Dublin, with the latest, Eleavon Financial Services, having just received a banking licence from the Financial Regulator.
Industry needs to keep the pressure on in order to meet MiFID deadline
While most financial institutions are making headway with their preparations for MiFID, senior industry figures say that there is a lot more to do between now and the deadline.
Boom year for brokers
This year is set to be a record year for Ireland's stockbroking sectors, with the chiefs of the top four firms confident that it will be a more profitable year than last.
Integrity due diligence - preventing investment mistakes in emerging markets
Emerging markets can be lucrative, but also risky. David Carson and Craig Bale say that there is a way to minimise exposure to these risks – a comprehensive integrity due diligence process, followed by the necessary response to findings.
EDITORIAL - Welcome back to tax rate cuts
The dream economic scenario unfolding before the Minister for Finance Brian Cowen, and outlined by him in the Budget speech earlier this month, is testimony in itself to the budgetary policies followed, not so much in this budget, but in the many ones preceding - including some going back as fas to a time now receding in the memory - to when there was a coalition Government in office.
Reilly's new fund
As reported in last month's FINANCE, Chris Reilly, former chief investment officer of Bank of Ireland Asset Management (BIAM), is to manage a new fund for the firm.
New head at KPMG
Terence O’Rourke has been appointed as managing partner of ‘Big 4’ accountancy firm KPMG, succeeding Denis O’Connor, who is to retire in May 2007, following a serious illness. O’Connor will continue as partner with the firm thereafter.
Hedge funds fail to catch on
Irish pension funds are failing to allocate to alternative assets such as hedge funds, private equity and currencies, according to a new report from the Irish Association of Pension Funds (IAPF).
Ulster Bank targets the waste sector
CLO manager chooses Dublin
Guggenheim Partners, the US diversified financial services firm, chose Dublin over London for its new European collateralised loan obligation (CLO) operation.
Government makes progress on project
The Government is to establish an expert advisory group, including both industry and consumer representatives, to advise on its plan to consolidate and modernise legislation governing the regulation of the financial services industry in Ireland.
FIBI on the road to further success
Michael Deeny has just taken over form Mike Ryan (Merrill Lynch) as the new Chairman of the Federation of International Banks in Ireland (FIBI) - the representative voice of international banks based in Ireland.
The Irish experience of an international bank - Depfa's Irish story
Michael Deeny looks back on thirteen years of Depfa Bank’s presence in Dublin, which has seen the bank headquarter its operations in Ireland, grow its local work force to 250 people, its asset base to €229 billion, and become very active in the nascent Irish covered bond market. Dublin’s financial centre has experienced similar growth rates during this time, and is 'now very definitely on the world financial map’.
Firms should be well prepared for CRD
The Capital Requirements Directive (CRD), which will introduce a new supervisory framework for capital requirements in Europe, will take effect on January 1st, 2007. The Directive enables firms to take one of three approaches in implementing the Directive. Kevin Allen assesses the Irish implementation progress, and says that firms should be well advanced in their decision making process with respect to how the new requirements will impact on their operations going forward.
Re-focusing the CFO’s role to strategic direction and value creation
CFOs of multinational and Irish owned companies have been charged by shareholders and CEOs with adding value at every opportunity. The challenge is to transform often inwardly looking finance functions working mainly on financial reporting and controls, to one that spends more time focused on strategic decision-making and value creation.
Bonuses to boost finance salaries in 2007
Two surveys published this month by Mercer and the Irish Management Institute (IMI) highlight and examine the growth in salaries for finance professionals. Mercer’s salary survey predicts that salaries are set to grow in 2007, and that this growth is largely dependent on increases in bonuses and other forms of remuneration. IMI’s survey focuses on executive salaries, and shows how executives are more likely to benefit from bonuses, than those in less senior positions.
UK pre budget report
The UK pre budget report is of interest in Ireland primarily for the draft legislation published along with it , which is a reaction to the Cadbury Schweppes judgement of the ECJ that effectively ( but not formally ) held the UK’s controlled foreign legislation to be contrary to EU law.
Budget 2007
This was primarily an income tax budget rather than a business budget. On the business side its most significant attribute was stability achieved by its lack of major changes, and the proposals for consultation on VRT and VAT. Its commitment to reducing the compliance burden on business and changes in preliminary tax, BES and R&D were in principle good but too limited in scale, and the opportunity to reduce the marginal tax burden on high achievers and personal tax contributors was fudged, writes Brian Daly.
Competition in funds industry
The recent KPMG UK report on the impact of taxation on the competitive position of the UK as a centre for funds administration and domicile raises issues for Ireland also : do the tax disadvantages cited by the report have any echo here? : are there opportunities for Ireland in the growth areas identified in the report?: are we complacent about Luxemburg as a competitor and the threat from the UK if it remedied its tax problems?
Driving growth in funds and debt servicing
Julian Reddyhough is a managing partner of the Maples and Calder group, and managing partner of Maples and Calder’s new Dublin office, which opened earlier this year. Maples and Calder has grown from its origins in the Cayman Islands to an operation with over 500 staff in seven jurisdictions and an administrative arm known as Maples Finance. It acts for more hedge funds and more debt issuing vehicles than any other law firm.
ABS asset management sector is set to double
Ireland’s securitisation sector is set to double over the coming year, delegates at the Fifth Annual Finance Dublin International Securitisation Conference held on November 28th and 29th, were told.
People on the move
People on the move
Principles are important at the Financial Regulator
Since its establishment in 2003, the Financial Regulator has expanded its consumer remit, while remaining committed to meeting the needs of the wholesale financial services sector. Con Horan talks to Fiona Reddan about the on-going challenges of dealing with the onslaught of regulations coming from Brussels, ensuring that the Irish industry remains competitive, and getting the Regulator’s ‘principles’ message across.
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