- JPMorgan to expand custody operations in Dublin
JPMorgan will hire a 'significant' number of people for its custody and fund services business in Ireland in the next three years according to James Kenny, the US bank's head of investor services. The move gives further momentum to Ireland's funds industry which has been expected to benefit from funds companies looking to secure access to the EU single market in the wake of Brexit.
- The Central Bank publishes international discussion paper on Exchange Traded Funds
May 15th 2017: The Central Bank said "Ireland is the largest European centre for Exchanged Traded Funds (ETFs), which are the fastest growing type of investment fund globally. ETFs have experienced exponential growth since they were first established in 1990 with more than US$4tn in assets globally as at the end of April 2017. The Discussion Paper underpins an invitation to domestic and international Stakeholders to help inform global and European discussions on ETFs. It will contribute to the Central Bank's leading contribution to those discussions and to the Central Bank's role in maintaining stability and protecting consumers".
- Bank of England Governor in keynote speech in Washington sets out vision for a post Brexit global banking system
Mark Carney, the governor of the Bank of England says the global financial system faces a "fork in the road", and Britain should avoid taking steps that would lead to its fragmentation. 'Brexit will be a litmus test of the future of international cooperation. The UK and the rest of the EU have exactly the same rules and the most highly developed frameworks of supervisory cooperation. Their capital and banking markets are already highly integrated. They have the potential to create the template for trade in financial services.'
- GFCI: Dublin most likely EU centre to become more significant
The latest Global Financial Centres Index (GFCI) rates Dublin as the most likely EU financial centre to become more significant. Overall Dublin is ranked 33rd out of the 88 cities included in the latest Global Financial Centres Index. Within Western Europe Dublin retains 8th position, after London, Zurich, Luxembourg, Geneva, Frankfurt, Munich and Paris. Dublin's best ever ranking was 13th out of 46 centres in 2008/2009
- In the April 2017 issue of Finance Dublin
Finance Dublin is to hold The Financial Centres Summit, Dublin 2017 in conjunction with Financial Services Ireland, with Dublin Castle the venue for a world-leading Summit discussion and networking event on on October 17th 2017 with hundreds of c-suite decisionmakers addressing the theme of "Maximising the opportunities of Brexit". Over 100 panellists and speakers will focus on the major global issues, with Brexit at the heart of its plenary sessions. Concurrent streams on Regulatory and Tax, Fintech and Business Development, will feature, amongst many other discussions planned.
- The US Corporate tax reform plan and the potential impact of the "Border Adjustment Tax" on Ireland
Brendan Sinnott who is on secondment at William Fry from Taxand USA writes on a proposal in the Congressional Republicans plan and which is proving the most controversial: the Border Adjustment Tax. in the latest Irish Tax Monitor
- Intrusive CPRA model concerns industry
The Central Bank has recently published its model for carrying out Consumer Protection Risk Assessments and it states, unapologetically, that they 'will be intrusive in nature', writes John Lyons.
- GECAS anticipates 'soft landing' in next leg of aviation cycle
The next downward leg of the aviation cycle is unlikely to be as precipitous as others that have gone before, says Diarmuid Hogan, Executive Vice President and Chief Financial Officer of GE Capital Aviation Services. In this interview with John Stanley in Aviation Finance he argues that demand for aircraft assets continues to be underpinned by a strong investor demand for long lived, predominantly US dollar funded assets and by airline fundamentals which are much healthier than they were ahead of previous cyclical downturns. He also discusses the potential effect of rising interest rates on the market value of assets and explains why the company expects its variety of activities, including lending to airlines and investors, will help offset any potential decline in the windfall gains it has enjoyed over the last three years from aircraft trading.
- Finance Dublin Deals of the Year 2017 Nominations are announced:
March 28th 2017: There are 159 nominations in deals with disclosed values of over EUR200 billion. There is an increase in the level of deals that combine Irish world-leading sectoral expertise - for instance securitisation and aircraft leasing, along with large global deals in multiple jurisdictions, from Spain to Australia to South Korea. Irrespective of deal size, innovation is evident across the board from this years smallest value disclosed deal (valued at $100,000) to global industry-changing transactions.
- Bankruptcy remote vehicles have a valuable role to play in EU Capital Markets Union and securitisation plans
Gary Palmer CEO of the Irish Debt Securities Association provides an important overview of Ireland's securitisation industry. He also points to an interesting consequence of securitisation companies using trust structures for charitable purposes: "When the Trust has served its specified and limited purpose, it is wound up and when this happens there is usually a small residual left in the trust. With 1,400 such securitisation companies this provides an amount available for distribution and I'd personally prefer this distribution to go to local charities, where it wouldn't if an alternative type of trust was available".
- Legal Tech: Baker McKenzie to headquarter Artificial Intelligence innovation committee in Belfast
The Baker McKenzie AI innovation committee is headquartered in Belfast and has members from Baker & McKenzie offices worldwide. They will address the question of how the firm may offer the legal services using self-learning AI software. One of the first opportunities explored is self-learning software for due diligence which could cut down time spent on DD tasks by 20 to 40%.