In the latest issue: the 2024 Deals of the Year Awards, which celebrate the achievements of the Irish capital markets and corporate finance dealmaking and advisory community - detailed in 46 articles in the issue each profiling the deals that are recognised this year.
They show that despite the shifting market conditions, and increased uncertainty in the economic environment, the industry continues to show itself as adaptable and flexible, and capable of delivering the impressive achievements profiled in the report.
Elsewhere in the issue we look into the factors behind the leap for Dublin to 25th most important financial centre in an index ranking coveted by the top financial cities of the world, the Global Financial Centres Index of financial centres (GFCI).
Amongst these are the robust stability of the Irish economy, characterised by a surplus in the Exchequer - a not accidental situation that puts the Irish Government in a strong position ahead of the 2025 Budget, forthcoming, which will most likely be the last before the next general election. These are discussed in this month's editorial, and in articles in the Developments pages of the issue, and in the latest Irish Tax Monitor.
This month's issue the Roundtable looks ahead to Budget 2025, an election budget that could conceivably set the budgetary agenda for the next five years. The Tax Monitor's reviews of individual finance sectors continues this month with an article by BDO's Tatheer Fatma setting out an agenda for improving the tax framework for Securitisation in Ireland. Also the ITM discusses the various uncertainties in the area of global direct tax, citing
a discussion with Monique Pisters, head of tax at Grant Thornton Netherlands, and Sasha Kerins, international tax partner with Grant Thornton Ireland, which includes consideration of the UN's potential future role in international taxation.
Finance Dublin Yearbook 2024 - our annual publication that steps back and reviews the year past and 2024, and onwards, as it is evolving is published.
Already, despite the seismic changes underway in FS regulation we are looking to future developments, in an EU context as we look forward to an Irish EU Presidency in 2026, referenced in the interview in the Yearbook by newly appointed Financial Services Minister, Neale Richmond TD. It is a shop window of the industry referred to by Minister Richmond in his interview as follows: "what has been achieved in IFS is in many ways one of most successful partnerships between industry and Government in the history of Irish life".
These contextual changes are assessed in the Review and Outlook articles in the publication, featured here. This is just part of the evolving analysis that Finance Dublin delivers on a monthly basis.
The 2024 Yearbook profiles new entrants and updates the Finance Related Professional Services Guide of the Yearbook and the Directory sections to provide profiles of 538 companies and organisations and over 1,000 individual professionals and executives.
In this issue the CBI's Fitness & Probity review process, recently put in place following the McMenamin 'AB' judgement. features prominently and in relation to this we express a hope that the review will take due account of the point made by legal adviser James Grennan that "our constitutional democracy protects fundamental rights to fair procedures and to earn a living".
On the bread and butter issue of earning a living, new Minister of State in the Department of Finance Neale Richmond has hit the ground running setting out an emphasis on the potential for jobs in the financial services industry, in Dublin and the regions, and, in a welcome new point for the official agenda, the potential of moving up the value chain for an IFSC that has now reached maturity, emphasising the potential for expanded 'front office' activity in the future mix for the industry.
That future mix is rich and varied, with many aspects emphasised in the latest Action Plan for the Ireland for Finance Strategy, recently published. This plan, is an agenda for state agencies in the main, and emphasises sustainability this year, alongside other key aims, and sits alongside other plans emanating from Government, most importantly in the year to come in the area of taxation and expenditure, referencing a 'whole of government' approach for SMEs, such as that outlined by Deloitte's Tatiana Kelly.
There is also the Department of Finance's Funds Industry review, now underway in earnest, and other submissions, such as that for a branded Irish SPE vehicle, which IDSA's CEO Gary Palmer speaks about.
This month's issue of the Irish Tax Monitor includes an assessment of the Department of Finance's Strawman proposal on the introduction of a participation exemption for foreign dividends, while tax policy enhancements to support Irish SMEs also feature. Roundtable topics include BEPS Pillar 2 and investment funds; share options; VAT on FS negotiation services; TAC determinations; ERR updates and aircraft leasing.
In the latest issue of Finance Dublin the strength in depth of Ireland as a financial services centre, serving capital markets that span the globe is vividly in evidence in this month's issue, which profiles in outline the 220 Deals that have been nominated for the Finance Dublin Deals of the Year 2024. The Awards, which will be announced in 2 months' time, will reflect the ever evolving markets that are covered in the five broad categories listed, including M&A, Debt and Equity Capital Markets, Financial Services and Loans and Financing, be it in banking or more broadly based credit origination.
Also in this issue: analysis of IFSAT's findings in AB and Central Bank of Ireland; the Commission's AML package; criminal enforcement of financial services law; Sustainable Banking, reform of SFDR; Ireland's new investment screening rules.
This month's issue analyses the fundamental changes in the taxation of financial services ushered in the Finance Act. Amongst these are changes Revenue's approach to the taxation of leasing, and the ramifications for Ireland aircraft leasing sector. Interest deductibility rules and the new concept of 'qualifying finance companies' introduced in the Act also feature. Further implications of a move to a territorial tax system are analysed as well as the concept of 'trading' in Irish tax law, which has implications for funds, insurance and the tax treatment of many other Irish corporate structures.
In the latest issue of Finance Dublin we feature the views of the newly incumbent Lord Mayor of the City of London Michael Mainelli who visited Dublin in a whirlwind series of meetings, including with the Taoiseach for an hour at the end of January, and in an interview in the issue he makes very clear that London will offer an open door to Dublin and its businesses as a financial centre - as a partner to the City's necessary new post-Brexit focus on a truly global role.
Also starting the year on the front foot are the Department of Finance who made their final pitch to secure for Ireland the HQ of AMLA, the proposed headquarters of the European Union's Anti Money laundering Authority. While the jury will be out on the siting for it until a scheduled decision on February 22nd, the mood music seems to be good as to the prospects of it coming to Ireland.
2024 brings with it 'a brand new tax system' as BEPS Pillar Two, which includes the introduction of a minimum tax rate for the world's largest corporates, enables a once-in-a-generation reform of Ireland's corporate tax regime. These BEPS reforms and further planned moves at EU level, such as 'Unshell' proposals, mean refinements to Ireland's tax offering will be required to remain competitive.
In this issue the opportunities for growth that present themselves for Ireland's funds industry for 2024 are examined including the soon to be implemented update of the European Long Term Investment Fund (ELTIF) regime, coined ELTIF 2.0. The incoming IAF/SEAR is considered, with the broad Impact welcomed by Lisa Kealy, EMEIA ETF Leader of EY. Gerry Brady, a funds board director, and former CEO of leading funds administration organisations in Ireland provides an overall assessment, making the point that many elements of the IAF already exist in existing executive and board obligations, and that on balance it will have a positive impact on the jurisdiction's standing.
The latest issue has an assessment of the incoming (on December 29th) IAF legislation's constitutionality and vulnerability to legal challenge by the Vice Chair of the Financial Services Bar Association, John Freeman BL. This is part of the issue's overall cover feature, and it appears alongside Central Bank Deputy Governor Derville Rowland's reassurances on the Bank's intentions to be proportional and mindful of the potential the IAF will have to improve financial regulation in Ireland. These articles along with new expert adviser assessments, build on the various IAF features in the October and November issues in particular.
The Key Employee Engagement Programme (KEEP), including an extension of the programme to 2025 features and comes as the Department of Finance launches a new Public Consultation on the taxation of share-based remuneration. The consultation will form part of a broader review of share-based remuneration and the Irish share scheme environment to ensure Ireland's options 'meet the needs of modern companies and their employees.'
With the Central Bank releasing its final guidance on the Individual Accountability Framework financial services industry legal advisers comment on the regime as it is set for coming into effect from December 29th next. While a number of changes have been welcomed, industry concerns persist about the new powers with advisers pointing out that they still fall short of allaying uncertainties about the implementation of the regime.
The race to host the soon-to-be established EU Anti Money Laundering Authority (AMLA) also features in the issue with Ireland's credentials being backed by a strong bid from the Government, with Dublin topping a poll of global anti-crime professionals as their recommended best location for the AMLA HQ. The Government had no hesitation in doubling down on its position regarding the Apple tax case once the AG from the European Court of Justice published his surprise decision to refer it back down to the lower court that decided initially in Ireland's favour. Analysis of the factors behind this important and landmark case, one that will be central to Ireland's international tax identity as an EU member state is in the November issue.
Elsewhere in the issue there are a number of developments that can fuel positive expectations about the consolidation of IFS business in Ireland. These include the green light from the Central Bank of a full fledged regulatory Sandbox, of similar features to those in other jurisdictions. It will add to the 'Innovation Hub' that the CBI has operated since 2018, and which received 375 engagements from project developers. Also, looking at developments north of the Irish border, Jenny Santiago Young, Regional Director for Ireland of UK Government Agency Invest Northern Ireland, highlights the unique strengths of the sector in NI, and which should be seen as complementing businesses in the Republic.
In this issue, the unexpected latest twist in the Apple case is analysed, with the non-binding opinion of the EU Court of Justice's AG likely to mean a final judgment remains years away. It is now likely to run and run, with the Irish Government instantly doubling down on its position, as confirmed by Minister for Finance Michael McGrath. The Finance Bill is also analysed, as are the latest developments around BEPS, including the new MLC for Amount A and the Revenue Commissioners plans to modernise Ireland's VAT system.
The Attorney General, speaking as part of the Ireland for Law series of events in North America in September drew parallels between the British, Irish and American legal systems in a scholarly address delivered at his old alma mater, the University of Michigan.
In it he said that, 'with the departure of the United Kingdom from the European Union we are now the only substantive common law jurisdiction left' and 'that means that there is less of a common law 'anglosphere' voice in the European Union and Ireland is going to have to speak more loudly to ensure that its voice and the common law tradition are heard and respected'.
The lecture at an alma mater of his reflects on the relationship between Ireland, the US and Europe, entitled 'Closer to Michigan or Madrid? Reflections on Ireland's Unique Geopolitical Position', a title that borrows from former Minister Mary Harney's oft-quoted observation that Ireland could be considered "closer to Boston than Berlin" in many respects.
