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Finance Magazine - September 2008 Issue

 
Competitiveness should come first
The biggest economic crisis facing the Republic of Ireland since 1985-87 now exists. The last crisis, and its resolution gave us the Celtic Tiger. This crisis can do something similar, and perhaps even more. The easy part is working out what should be done.
Accountancy still sees growth, but pace slackens to an 11 p.c. gain
The golden era of uninterrupted double digit fee income growth by Ireland‚€ôs largest accountancy firms is showing signs of flagging, according to the results of the FINANCE Magazine Accountancy Survey 2008, which shows fee income of the twenty largest practices up by 11.0 per cent in the past year, a reduced rate of increase compared with the 19.6 per cent recorded in 2006/7. Subscriber access to the full survey here.
FINANCE Accountancy Survey 2008: Top 20 recruitment for 2008/2009 will be down by 19 p.c.
For the year in prospect, projected recruitment is put at 1,878, down from 1082 in 2007/2008, a fall of 18.8 p.c.. The brunt of the decline will be in professional recruitment, down from 527 last year to to 317 this year and non professional graduate recruitment, down from 226 last year to 127 this year.
Managing partners look to positives as storm clouds gather
The ability to adapt to the changed economic climate by offering clients new or revised services will be key for accountants going forward, say managing partners in Ireland‚€ôs top 20 accountancy firms, and the 2008 Accountancy Survey results indicating a decrease in corporate finance, tax and consulting and increase in audit/accounting and corporate recovery comes as no surprise to them.
Recent capital markets activity focuses on restructurings, with strategic acquisitions and financings to the fore
Data and deal profiles for capital markets activity over the summer currently being compiled for the FINANCE Capital markets deal Directory which will go live in October reflects the effects of the credit markets crisis, with restructurings, re-financings, bond issues, and even securitisations being completed.
Cost management in context
Cost management now appears to be on most companies‚€ô agendas as the economic downturn continues to bite. However any initiatives implemented must be undertaken with the long term future of the organisation in mind. Carolyn Mackey outlines how companies should implement an Enterprise Cost Management strategy.
The changed environment of the European money markets
Banks have been changing their focus in the European money markets in response to the credit crisis, according to a recent report by BearingPoint. Frank Gast highlights some of the key points.
The challenges now facing wealth managers
Donal Lehane outlines the challenges facing the European wealth management industry - and how the industry in Ireland has the opportunity to take stock and avoid the pitfalls experienced in the larger European market.
Structured products set for growth
Barry McLoughlin explains why he believes the Irish structured products market is well positioned to move mainstream in the months and years ahead as investors continue to focus on risk adjusted returns.
Credit crisis fallout: can litigation be far behind?
Institutional and other investors have undoubtedly suffered substantial losses directly linked with the credit crisis, and they are carefully assessing all possible targets for recovery whilst considering options besides conventional claims for negligence and misrepresentation, say Michael Murphy and Grahame Walsh.
After the storm - corporate risk reporting under IFRS 7 (FRS 29)
As of 1st January 2007, IFRS 7 (or its UK GAAP equivalent, FRS 29) became a reality for all entities applying IFRS (or FRS 26). John Healy looks at how companies weathered the storm of first year reporting under the standard, how some Irish corporates addressed these requirements and some areas of improvement that they may look to make.
Significant amendment to financial reporting for funds
The proposed amendment to FRS 25 ‚€ėFinancial Instruments: Presentation and Disclosure‚€ô has particular significance for Irish investment funds. Barry Winters assesses the changes and their proposed impact on the market.
The subprime crisis; SME leadership; Credit derivative modelling
Reviews of Modelling single-name and multi-name credit derivatives; Star: Leadership behaviours for stellar SME growth and The subprime solution: how today‚€ôs global financial crisis happened, and what to do about It.
Don‚€ôt damage drivers of long term economic success
The Government‚€ôs unprecedented decision to bring forward the Budget by nearly 2 months took most people by surprise. Brian Daly welcomes this move and sets out some views on what needs to be on the Budget and Finance Act agenda this year.
VAT on Property - Regime change has arrived
Now that the new VAT on Property regime has arrived, Niall Campbell summarises what it means in practice - what‚€ôs new, what you will no longer need to deal with and what new practical issues you are likely to face.
Career Profile: Founding Partner, Commercial Law Firm
Putting experience into practice: Colm McGuire is a founding partner of McGuireDesmond, the Cork based law firm. Having worked as an associate at the Dublin and London offices of Matheson Ormsby Prentice McGuire established McGuireDesmond with Ciaran Desmond in 2000 with the experience of working during the early days of Matheson Ormsby Prentice‚€ôs London office giving him the confidence to start a new practice.
Selling Ireland Inc
Derek Collins is director, new business at Bank of Ireland Corporate Banking and is responsible for working with international companies looking to set up operations in Ireland. He also works closely with the IDA promote ‚€ėIreland Inc‚€ô.
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