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Finance Magazine - October 2007 Issue

Economists urge restraint
Following the publication this month of OECD statistics that show Ireland’s tax take as a percentage of GDP rising among the fastest in the OECD area last year, a panel of Ireland’s leading economists polled in this month’s FINANCE urges spending restraint, particularly in current expenditure.
Dublin jumps ahead of rivals
By jumping up seven places Dublin is now ranked as a more important financial centre than key rivals according to a new survey. Dublin has over-taken close competitors the Channel Islands, Bermuda and the Cayman Islands in a global financial services centres league table.
Financial exports at 37 per cent
Ireland’s international financial services industry accounted for over a third of total Irish services exports, the Taoiseach, Bertie Ahern pointed out this month.
Ireland is back
The Republic of Ireland returned to the debt markets with a bang on October 16th when its €6 billion bond was heavily over-subscribed.
True market is still some way off
Delegates flocked to the inaugural Pan-European Pensions Summit in Dublin to hear that while a true pan-European pensions market remains some way off, the European Commission is making real progress on removing barriers and Ireland is leading the way in developing the products that will facilitate this new market.
Recovery to take up to a year
The issue of when the global securitisation markets will stage a full recovery following this summer’s credit crunch will take centre stage at next month’s Finance Dublin International Securitisation Conference. While the jury is out as to when exactly issuers and investors will return to the market, a recent survey has indicated that it will take at least more than nine months.
Comments from the editor
Final preparations underway as MiFID deadline looms
With the deadline for the implementation of the Markets in Financial Instruments Directive (MiFID) looming, Kevin O’Doherty looks at the preparations member states are putting in place to meet the November 30th D-day. He also looks at the effects of implementation for financial services companies with cross border interests, noting the good work of the Financial Regulator in its approach to MiFiD.
NTMA looks for commodities experts
The National Treasury Management Agency (NTMA) is looking to hire commodity experts to provide enhanced commodity index management services for the National Pensions Reserve Fund (NPRF).
Changes needed says Central Bank Governor
Increased transparency is needed to avoid a recurrence of this summer’s turbulence says John Hurley.
Warrants make a comeback as CFDs suffer
As investors shy away from contracts for difference (CFD) due to a turbulent summer of trading, covered warrants may be set to make a comeback.
Collins Stewart looks to funds
It seems that no Irish based stockbroking firm is now complete without its own fund management operation.
Promoting entrepreneurialism
New Commission to examine tax reliefs and incentives.
UK banks dominate Q3
UK banks again dominated corporate finance advisory activity in the third quarter of 2007, with Morgan Stanley topping the league table having worked on two deals valued at €6.6 billion.
AIB maintains trade services
AIB, the first European bank to choose a full trade outsourcing solution for its trade services, has extended its trade services outsourcing contract with ABN AMRO for another five years.
Change the stamp duty regime and don’t cut capital spending
Ahead of this year’s December budget, Ireland’s leading financial services economists outline their Budget ‘dos and don’ts’ for Minister for Finance Brian Cowen, which include amending the stamp duty regime, maintaining capital spending and implementing some tax cuts.
Irish treasurers are now able to access first zero interest synthetic currency
The first synthetic currency with a zero interest rate and optimisation features is due to be introduced following months of research and strong client demand for improved foreign exchange (FX) borrowing structures. Ciaran Kane details the implemenatation of the European Borrowing Unit (EBU) and lists its benefits, advantages and risks.
IACT conference addresses the credit crisis
The 2007 conference on Corporate Treasury & Cash Management organised by the Irish Association of Corporate Treasurers (IACT) saw treasurers addressing the main issues of the day, notably the effect of the credit and liquidity crisis on the profession, and the general economic outlook for treasurers. Topics as diverse as global warming and pension risk were also covered at the two-day event.
Offshoring in financial services - growing in both strategic and operational significance
Deloitte recently released its Fourth Global Financial Services Offshoring Survey which benchmarks current trend and practices in the sector. Derek Moriarty outlines the highlights of the report and their relevance for Irish financial services sector, which is experiencing a two-way flow in offshoring.
Intervention in the air
Tony Ryan was one of the founders of a global industry - aviation finance - which, as other articles in this issue indicate, is now a jewel in the crown of the Irish financial services industry and indeed the economy. By 1987, his aircraft leasing venture had taken flight and his entrepreneurial thoughts were turning to aviation itself. In August of that year he contributed the below article to Finance, then in its third month. Twenty years later his thoughts remain remarkably topical, as well, of course, as prophetic regarding the potential of deregulated commercial aviation in Europe.
No time to waste on implementing Solvency II
Solvency II is a vast document that requires a lot of insurers and reinsurers to implement. With a dealine for implementation of 2012, Samia Ahmed-Hossain argues that there is no time to waste if the legislation is to be fully implemented.
Ireland set to both gain and lose as offshoring increases
Financial institutions looking to offshore their operations may not be looking to Ireland as a location of choice any longer, although the value created by existing operations is unlikely to see them leave for a lower cost location, according to a recent survey by Deloitte. In addition, Ireland is being increasingly seen as a location for higher value operations looking for an alternative location, leading to the creation of more skilled jobs.
Aviation recruitment still flying high
The aviation finance sector in Ireland is riding high on a wave of expansion. The latest chapter in this growth has seen two more firms looking to recruit as their operations expand. Genesis Lease Limited, who has headquartered its operations in Ireland, is one of the firms looking to expand its workforce to meet the current demand in the sector.
First graduates emerge from Citi programme
One year on from the launch of the Citi Certificate in Applied Financial Services, the first 80 students of this course have graduated.
Credit firms set for a ‘hiring freeze’
The effect on the credit and liquidity crisis is being felt in Dublin as credit institutions in the IFSC are putting a ‘hiring freeze’ in place, according to David Hannon of Deloitte Executive Search and Selection.
Carving a career in a risky business
Graduating from UCD, while picking up two post-graduate diplomas as well as becomaing a chartered accountatnt, Keith Walsh has used his analytical, communication and people skills to become global head of risk and compliance with Bank of Ireland Asset Management.
A Budget wish list?
Brian Daly considers some of the more critical matters which merit Minister Cowen’s focus in the forthcoming Budget.
Pension fund trustees may be liable to account for VAT
A recent Irish case may impact VAT treatment of activity of Irish pension funds, writes Terry O’Neill.
Survival guide to Solvency II
With the race to fully implement the EU’s insurance directive, Solvency II, by 2012, attention is turning towards the insurance industry. Following on from Samia Ahmed-Hossain’s article on page 8, the following is a brief list of necessary insurance terms.
New commission on taxation
The Minister has announced his intention of establishing a new Commission to report on taxation. The terms of reference of any such Commission will be critical to its potential for good and its capacity for damage, writes Paul McGowan.
Managing growth successfully
As managing partner of Deloitte, Pat Cullen leads a team of 46 partners and over 1,000 people providing audit, tax, consulting and financial advisory services to a range of both domestic and multinational corporations.
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