The Ukraine reverberations are moving on, in leasing, for example into the insurance area, and beyond financial services sanctions to the question of economic sanctions, which now loom large. As the article on Russia's Central Bank indicates, the managed float that has maintained the value of the ruble is likely to require increasingly interventionist policies over time. Elsewhere, the issue examines the continued opportunities in Irish finance in all its aspects, from tax, to pensions, such as in the article by the CEO of the IAPF, to funds, insurance, aviation leasing, banking, and regulatory developments, such as EY's examination of the Central Bank's Guidance on Operational Resilience.
The Review & Outlook section of the Finance Dublin Yearbook 2022 provides an annual perspective on the evolution of Ireland's international financial services industry, as one exceptional circumstance, the pandemic, is replaced by another - the war on Ukraine. The impact of these events on the evolution of FS are profound, yet there is great positivity underlying the stories, trends and developments across the markets, traditional and emerging, in finance.
The print and E-Paper edition of the online Yearbook are annually published (subscription required), and update the Online Professional Services Guide and IFS Companies Directory during the year. It will also provide insights into the evolving shape of the industry, and its players, both individual and corporate against the background of the evolving events in the IFS markets such as banking, investment funds, asset management, insurance, corporate and structured finance, treasury and trading.
The central theme of the latest issue of Finance Dublin is the Ukraine invasion by Russia, and its potential long term consequences, many of which will be long lasting perhaps, indeed, for ever. That change is evident just in two examples in the past month - Germany's changed military stance, and the dissipation of hard Brexit sentiments that have been with us since the referendum of 2016.
Looking beyond the sanctions we can hope that a rejuvenated European Union will provide a prosperous and growing internal market that can see Irish international financial services grow from strength to strength.
Ireland's IFS and broader economy continues to surge ahead, and as evidenced by the pace of M&A in the sector, for example the acquisition of Global Shares the Cork based ESP fintech for $730 million by J.P.Morgan, and, the latest acquisition in the funds industry, of home grown fund administrator Centaur by Waystone, hot on the heels of its acquisition of KB Associates.
This month too, you may also note a step outside our normal parameters in Finance Dublin - a movie review - our review of Kenneth's Branagh's Oscar winning 'Belfast'. There are parallells between Branagh's Belfast story of his youth in the late 1960s, and today in Ukraine.
Ireland's IFS sector is an integral part of the ecosystem supporting and enforcing the sanctions of the EU and its global partners in response to the illegal Russian invasion of Ukraine. The sanctions involve the Irish IFS and aviation finance sectors and are designed to achieve maximum effectiveness that limits the inevitable costs to sanctioning states and innocent parties, including, also, innocent Russian citizens. This means targeted effectiveness particularly aimed towards leveraging the degradation of the Russian war economy, and hastening its inevitable collapse, thereby shortening the war, and the Kremlin's ability to prolong it.
The latest issue of Finance Dublin lists the Nominations for the annual Finance Dublin Deals of the Year Awards. The deal nominations provide the most comprehensive picture available of the most significant deals across the Finance ecosystem in Ireland in 2021. They are listed on pages 20-25 of the issue, and are detailed in an in depth analysis, starting on Page 8 of the e-paper.
'Ireland for Finance':-
Our interview with Minister Sean Fleming on the Ireland for Finance Action Plan 2022 reveals the perspectives of the Government as it approaches a review of IFS policy, to coincide with the mid term of the 'Ireland for Finance' strategy 2019-2025. This month's edition of the Irish Tax Monitor flags unintended potential consequences arising from the proposed EU 'Unshell Directive', intended to counter the use of abusive tax structures. Also: a proposed big regulatory reform programme for the UK in the area of Solvency II.
In the cover feature 'Words of the Year' 2021: how the language of finance is changing faster than ever', the latest issue analyses a series of new words that have emerged in the global finance lexicon in the past year, and how they might get to feature in the global, and Irish, discourse in 2022. Also, on Page 8 of the E-paper, we reveal our word of the year, for 2021, of special Irish financial and economic relevance.
It is not just words, and what they mean that we explore. We probe the deeper trends and meanings, and ask some iconoclastic questions about the trends that are in place at year end, in the bullish, post Covid, (hopefully), markets that are being priced in for 2022.
Fintech's evolution in Ireland is analysed by IDA Ireland in this month's issue, providing an overview of new business models that are evolving by matching new technologies to traditional FS business models. One example is 'BNPL', which, as featured in this month's issue, and in November's is the subject of new regulatory scrutiny by the Central Bank.
The December issue looks at the Retail Banking Review by the Government, urgently needed as competition continues to devolve down to just Bank of Ireland and AIB, which this month's editorial comments on.
Also: new developments in relation to the global tax proposals under BEPS, as US economists' concerns about the paradigm shift involved in the method of taxing corporation tax are raised.
The latest issue of Finance Dublin features the Finance Dublin Funds Monitor, Q4 2021, which, through our panel of leading industry experts provide an unique depth overview of the issues facing the Irish, and global funds industry. Their analysis takes place at a moment when a combination of favourable trends have propelled Irish investment funds to record all-time NAV totals, the latest seeing Irish investment funds topping €3.805 trillion in August 2021.
As Basel III implementation in Europe looms, BNP Paribas' Derek Kehoe warns that Europe must ensure in its implementation that the EU and 'Ireland, being one of the main EU financial centres, needs to be able to compete globally, in particular vis-a-vis the US and UK financial centres'.
Also, the Finance Bill is examined in the The Irish Tax Monitor, while impending legislation in a new area that is being defined as credit by the Central Bank for regulatory purposes, 'Buy Now, Pay Later' ('BNPL') services is analysed by Dillon Eustace's Keith Waine. The 30% Club's Ireland chief Gillian Hartford speaks to Finance Dublin about their action plan in the FS sector, which incoming head Northern Trust's Meliosa O'Caoimh will roll out in the new year.
The latest issue of Finance Dublin has a special emphasis on corporate taxation, which, given the historic importance of the decision by the Irish Government to sign up to the OECD "Inclusive Framework" on Corporation Tax features, as its main focus, this key subject.
The 2020 Finance Dublin Accountancy Fee Income Survey Part II is also in the issue, analysing fee income and productivity, staffing and hiring trends in Ireand's 22 top accountancy firms. Also: analysis of the labour market in accountancy, which we find is heating up further.
- And much more.