- April issue : Covid-19, Finance, the economy, the markets and IFS - Special issue
The Covid 19 crisis will mark a watershed for the IFS industry and this edition of Finance Dublin is a special issue that provides a snapshot of a myriad of sectors, markets, and issues, economic, and personal, based on the initial experiences of leaders across the FS industry in mobilising to rise to the challenge of Covid-19.
- The first month of the crisis has provided assurance that the broader financial markets system and infrastructure has been able to operate 'with great operational and technological resiliency'
TADHG YOUNG, Head of State Street Ireland provides a bird's eye view of the development of the crisis in securities and funds markets. 'There is no textbook that tells you how to navigate through a rapidly-changing public health, economic and financial markets crisis like COVID-19. However, the first priority for all organisations when presented with this unique challenge is the health and safety of their employees', he says.
- Case Study: How The Institute of Banking has adjusted for the pandemic
As educational institutions, from creches up to the 'Groves of Academe' have been re-organising the way they do things, we asked The Institute of Banking, which has over 23,000 members in the IFS sector, with over 4,700 students due to take examinations in May, to describe how they are re-organising to continue in a virtual environment. The IoB's Chief Executive Mary O'Dea describes the transition they have been undertaking. 'The team at IoB and our associate faculty have demonstrated huge adaptability and resilience' she says.
- HSBC Ireland is supporting local charities in the fight against COVID-19
13th May 2020 - Dublin, Ireland - HSBC Ireland is joining in the fight against COVID-19 through funding local charities and supporting their relief and recovery efforts in the midst of the Coronavirus pandemic. The bank has donated €30,000 to The Community Foundation of Ireland to support its COVID-19 Response Fund, aimed at addressing the immediate needs of organisations impacted by the virus. Throughout 2020, HSBC Ireland will donate €230,000 to charities and causes throughout Ireland.
- Irish aircraft leasing industry acts to secure and deliver PPE to the Irish healthcare system from China as part of the response to the Covid-19 crisis
17th April-20th April: Three charter flights from China to Ireland supported by Irish leasing firms, and ALI, the aircraft leasing unit of IBEC, representing 33 lessors in Ireland have delivered much needed Personal Protective Equipment (PPE) for the Irish healthcare system. Among the firms stepping up were Avolon, Aercap, GECAS, and SMBC. Assisting in the airlift have also been Aer Lingus, the Irish embassy in China and IDA Ireland.
- The formation of a new Government in Ireland
From the April issue: 'Now the challenge should turn to the question of how to safely unlock the lockdown, so that the economic life of the nation can resume as quickly and safely as possible. This now should be the economic policy priority. Meshing perfectly with this is the decision by Fianna Fail and Fine Gael to form a Government representing the decision of two of the Dail's parliamentary parties. In taking the initiative they have thrown the gauntlet down to other elected TDs, in other parliamentary parties and of none'.
See these articles on the next stages of the formation of a new Government from the March edition of Finance Dublin.
- NTMA statement on anticipated borrowing requirements - "well placed to address any borrowing challenges posed by the economic fallout of Covid-19"
25 March 2020, 0011.30 hrs: "Ireland is well placed to increase its borrowing activity in the coming years arising from the economic disruption relating to the Covid-19 pandemic, the National Treasury Management Agency (NTMA) said today. "Five years ago the average interest rate on our national debt was close to 4%; it is currently on course to fall below 2%. Five years ago our annual interest bill was over €7.5 billion and is now close to €4 billion" said Conor O'Kelly, chief executive of the NTMA. (Graphic: A flashback to 2013, when Finance Dublin Deals of the Year recognised the historic Sovereign Bonds Deals of the Year that year for €25 billon, helping to pave the way towards the funding progress referenced in today's statement).
- Government announces fiscal package estimated to cost €300 million per week for the duration of the Covid-19 crisis, including personal, business and self employed support
24th March 2020 (Updated 25th March) :
The Government announced a fiscal package estimated by the Minister for Finance as costing potentially €300 million a week for the duration of the Covid-19 pandemic. Details can be accessed: here
. The Minister for Finance, Paschal Donohoe, estimated that the weekly potential cost to the Exchequer of the measures at €300 million a week, which would amount to €3bn in the next 10 weeks. Details of financing for businesses have been published by the banks: See: AIB here
; Bank of Ireland here
, Ulster Bank here
; KBC here
; and Permanent TSB here
. The Banking and Payments Federation (BFPI) issued this statement
on the Irish monetary and fiscal policy action scheme worked out with the Government and Central Bank.
The USA's Secretary of the Treasury Steven Mnuchin (March 23rd) announced, as part of a $4 trillion package, a scheme to support businesses with up to 500 employees in which the US Small Business Administration (SBA) administers loans to affected firms taking up the Government's fiscal aids to salaries that loans will be forgiven, i.e. repaid by the Government to the banks participating. For a comprehensive description of the full range of monetary tools being used by the US authorities at present see this.
- In the March issue : details of the 230 Deal Nominations for the 2020 annual Finance Dublin Deals of the Year Awards
This edition of Finance Dublin
provides the details of the Deals Nominated in 230 nominations for the 2020 annual Finance Dublin Deals of the Year Awards. The issue, describing, commenting on, and listing the 2020 Deal candidates is a treasure trove of information on the state of corporate finance and corporate financing in Ireland.
It depicts a thriving and growing corporate financing ecosystem that will soon be put to the severest test possible by the 'Black Swan' that has intervened since the end of last year - the Coronovirus crisis, an 'unprecedented economic shock'.
- Investment Funds Ireland 2020: Finance Dublin's Annual Special Report: a showcase for Ireland's Investment Funds & Asset Management Industry
The establishment of Mancos, the development of new clusters and product lines, the structuring of funds in Irish vehicles, with Irish wrappers recording new record asset levels, such as CCFs at over €100 billion, and new agendas in areas such as ESG, and new legislative and regulatory initiatives, are among the key pillars of development examined in 'Investment Funds 2020' Special Report (right).
For more articles on Investment Funds and Asset Management : click here
- Amundi has obtained 'Super' ManCo status in Ireland
London, 28th May 2020: Amundi, the leading European asset manager, announced that the Central Bank of Ireland has confirmed Amundi as a 'Super' Management Company in Ireland. It complements a range of existing authorisations held by the firm including, individual portfolio management and investment advice. With the full scope of AIFMD and UCITS permissions in Ireland, Amundi can now draw on its four major hubs for fund hosting services: France, Luxembourg, Austria and Ireland.
- The Central Bank cuts Capital Buffer from 1% to 0% to free bank funds to fight COVID 19 effects
- The plight of Castletownbere is a case study of how innovative and quick acting fiscal policy can protect the economy in the Covid Crisis
21st March 2020:
The Irish Examiner report that Castletownbere Fishermen's Co-op
with 500 livelihoods is in threat of closure because fresh fish markets have collapsed is a case in point of how the Irish Government can use its top rank credit rating to implement All that it takes"
fiscal policy. At risk is not just this important part of the economy's infrastructure, with 400 self employed fishermen and 100 PAYE taxpayers in the processing plant. It is a case study in microcosm of enterprises and jobs that are in trouble the length and breadth of the Republic right now.
- Finance Dublin Comment on Covid-19: Ireland's unprecedented economic shock calls for 'All That it Takes' Fiscal and Monetary actions
March 13th 2020 (updated: March 18th 2020):
The unfolding Covid crisis is set to be the most severe external shock to the global and Irish economy since World War 2, but at least we can take some comfort in the fact that it will in scale be many times less severe than the war. Furthermore WW2 was a fight between humans while this is between humans and a virus. We can hope that at the end of it we will emerge with a new sense of global community in face of the external threat that the whole world faces.
An unprecedented shock calls for unprecedented action at the fiscal and monetary policy levels, no less than at other levels such as public health support.
The focus of fiscal and monetary policy should be on liquidity - supporting it for front line private sector providers of services throughout the supply chain for the duration of the crisis.
In Ireland, at ECB level, and in global markets economic policy decisionmakers should open whatever spigots are available with the aim of assisting the private sector and taxpayers to continue to do their jobs, and above all to keep supply chains intact until the crisis passes. MORE...
- February Issue 2020 of Finance Dublin:
This edition of Finance Dublin is the first in a new period for the Irish IFS industry, in which the UK is outside of the EU, a stage which we describe as the 'End of the Beginning' marking the end of what really are just the preliminary stages of Brexit, with the UK leaving the EU from February 1st. "Ireland for Law" - our cover story focusses on the work that is going to to make Ireland a leading EU centre for commercial law, involving Government, Judiciary, the Bar Council and the Law Society.
- The 'long game' being sketched out for the development of legal financial services after Brexit
In Finance Dublin, cover story, February edition: Since Britain announced its intention of leaving the EU, lawyers throughout Europe have developed plans for winning a share of the international commercial business that is likely to depart that jurisdiction. A number have already opened up English speaking courts. But Ireland has been quietly and deliberately developing its own strategy, confident that its status as a common law jurisdiction can be a pillar for the Irish Courts and legal profession to be central in commercial law in EU27.
- Father of the House of Commons, Ken Clarke's hope for Britain: "We will leave with the softest possible Brexit" at #FCSDublin 2019
- SEC chair Jay Clayton and Ken Clarke MP in On Stage Interviews at FCSDublin2019
FCSDublin, 2019 in Dublin Castle on October 16th featured amongst its keynote speakers the Chairman of the Securities & Exchange Commission of the United States.