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Saturday, 14th December 2019
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Finance Magazine - July 2008 Issue

 
Care needed in responding to the credit crisis at regulatory level
 
House prices to fall up to 40 per cent in this ‘savage’ correction: FINANCE economists poll
The ‘savage’ house price correction now fully underway in the Irish market will see prices falling by 20 to 40 per cent, peak to trough, before bottoming out, according to a panel of the leading Irish economists polled in Finance this month.
Interest rates to hold firm into next year, followed by an easing in the second half
Pressures from rising oil and food prices are dissuading the ECB from cutting interest rates, according to respondents in FINANCE’s Interest Rate & Property Survey.
Interview: Paul Atkins on credit rating agency regulation
An SEC proposal to remove all references that expresses reliance upon credit ratings is part of the ongoing refinement of approach towards credit rating agencies, according to US Securities and Exchange Commission (SEC) Commissioner, Paul Atkins in this exclusive interview with FINANCE. Atkins says he and the SEC will watch with ‘interest’ the developments following Commissioner McCreevy’s call for a registration and oversight system in Europe that McCreevy announced at the Finance Dublin Global Financial Services Centres Conference conference on June 16th, which was also addressed by Commissioner Atkins.
Industry split over regulation of credit rating agencies
Charlie McCreevy, the European Internal Markets Commissioner, recently announced at the Finance Dublin Conference his intention to table legislation in the autumn to regulate the activities of credit rating agencies. However industry response to the move has been more mixed with some seeing regulation as a way to restore market confidence and others see problems with the regulation of credit rating agencies is unlikely to prevent future crises.
Regulator calls for greater self governance of incentives for executives
An emphasis should be placed on the link between the incentives of executives and prudent and sustainable business strategies, said the Financial Regulator Patrick Neary, addressing the Finance Dublin Global Financial Services Centres Conference. Neary called on greater self governance of remuneration and the need to maintain a reputation of the financial services industry. Neary said, an area where there is a momentum for change is in relation to the transparency of the market with the need for the market awareness of significant holding of CFDs.
Collins Stewart chairman explains value of ISTC model
In an exclusive interview with FINANCE, Terry Smith, chairman of Collins Stewart the company who acquired ISTC looks at the immediate plans for ISTC, evaluates ISTC’s business model and the longer term outlook for the business. Smith also looks at other investment opportunities in current markets and looks at the prospects for Ireland where Collins Stewart recently became a trading partner of the Irish Stock Exchange.
‘Foot dragging’ must not cause Code of Conduct to fail
Charlie McCreevy’s ‘Code of Conduct’ is opening up the market for clearing and settlement, says Pierre Francotte chief executive officer of Euroclear, in an exclusive interview with FINANCE. The ‘Code of Conduct’ which will help to liberate European competition in the post-trade services must succeed to avoid a prescriptive Directive that would slow progress for the industry. Francotte discusses Euroclear’s plans of a Single Platform with the aim of creating a ‘domestic market for Europe’ and looks at other issues in the post-trade environment such as Target2-Securities & the Giovannini Group barriers.
Unaccustomed to financial insecurity: the plight of the wealthy
In the second in a series of articles,Seán Ñ Murchú looks back at an article written by his Bank of Ireland colleague Mark Cunningham in February 2003 that predicted markets were going to turn in the aftermath of the tech bubble bursting, the Enron affair and 9-11. Within a month of the article being written the bottom of the equity market was reached and gains for investors in real assets stretched to mid 2007. O’Murchu asks whether there is a case of deja vu and if today’s markets are about to turn as they did in 2003.
Credit markets crisis continues
The signs are increasingly showing that credit markets are closed again. This augurs badly for risk markets. Panic in credit markets rarely if ever is a positive for shares and property in general. The result, when combined with the commodity crisis, could and probably will, result in further substantial drops in shares and property values from current levels. Rallies will occur, writes Tony Keogh of Trinity Financial Services.
Flight to quality in volatile markets
The short-term outlook for developed economies may be poor but a well chosen long term asset allocation for a diversified portfolio will see investors through this difficult investment environment. Rory Quinlan looks at the different asset classes and sub classes that offer investors the best opportunities in the current markets including inflation linked investment and emerging markets property investments.
Complexity of the UK system behind multinational HQs move to Ireland
The recent high profile cases of Shire Pharmaceuticals and UBM Media Group relocating their holding companies from the UK to Ireland have generated a wave of interest. Conor Begley & Heather Self consider the attractiveness of Ireland for UK multinationals and the current state of the UK review of the taxation of foreign profits, and set out some of the key issues that multinationals should consider in deciding whether to remain in the UK.
Incentivising us to be greener - what can tax do?
The Programme for Government commits the Government to phase in fiscal measures to lower carbon emissions, including a carbon levy over its lifetime. Hence the new Commission on Taxation has been asked to prioritise work in the area of carbon tax. Brian Daly explains why the carbon emissions tax agenda is much wider than the concept of a carbon levy and gives some food for thought on possible pitfalls and opportunities in this area.
VAT: the top global tax risk for business today - how are you managing it?
Research commissioned by KPMG provides further clear evidence of the increasing global importance of VAT, as corporate tax rates decline. It is time for Irish businesses to assess how they are managing this increasing level of VAT risk within their organisation, writes Niall Campbell.
Interacting with a changing legislative & technical environment
Kevin McLoughlin, Head of Taxes at Ernst & Young says ‘the constant challenge of the ever changing legislative and technical environment, the changes in the market, and interacting with lots of interesting people’ are the most exciting aspects of his job. He says, ‘the shift in investment patterns from West to East’ also presents exciting career opportunities going forward.
Leading a big 4 accountancy firm
Damian Neylin, partner at PricewaterhouseCoopers’ and leader of its investment management practice, gives insight into how the investment management practice of a large accountancy firm operates. From the new Spencer Dock offices, Neylin and his team provide industry-focused assurance, tax and advisory services to over 60 per cent of the investment funds authorised / administered in Ireland.
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