Enda launches new IFSC strategy, yay!

[DCon]

IFSC Clearing House Group - Worth keeping Enda's response to the first question in mind.


Dermot McCarthy (Chair) Department of the Taoiseach
Michael Sludds (Secretary) Department of the Taoiseach
Barry O’Leary IDA Ireland
Breda Power Department of Jobs, Enterprise and Innovation
Brendan Bruen Financial Services Ireland
Brian Daly KPMG
David Fagan Legal and General
Deirdre Somers Irish Stock Exchange
Eamonn O’Dea Revenue
Fergus Murphy Financial Services Ireland, EBS
Gary Palmer Irish Funds Industry Association
Gary Tobin Department of Finance
Jim Byrne Revenue
John Feely Attain
Julie Sinnamon Enterprise Ireland
Kevin Cardiff Department of Finance
Kieran Donoghue IDA Ireland
Matthew Elderfield Central Bank of Ireland
Padraig Rushe Bank of Ireland
Pat Farrell Irish Banking Federation
PatWall PWC
Patrick Brady Central Bank of Ireland
Paul McGowan Chair of Funds Working Group
Peter Keegan Bank of America Merrill Lynch
Robert Richardson Pioneer Investments
Sean Gorman Department of Jobs, Enterprise and Innovation
Tim Hennessy Axis Capital
Tom Young BNY Mellon
Tony Golden Citi
William Beausang Department of Finance
Willie Slattery State Street

Insider's insiders

Pioneer still taping away there

Will they be replacing Cardiff when he moves to bigger and better things?

[Dr. FIVE]

Indeed and Dermot McCarthy. Assume their replacements will take over.
Where they will find people of a similar calibre is another matter

[Dr. FIVE]

Appears here and London was big on the agenda during Enda's visit to Downing st

[PaddyJoe]

Confirmation of changes in the Finance Act to benefit the IFSC:

Most of the measures were aimed at simplifying how complex financial transactions are treated for tax purposes to make it easier to do business in Ireland, he said.
Among the measures are a reduction in double taxation in the corporate treasury and aircraft leasing sectors, enhancing the tax regime for Islamic finance, which was introduced in the 2010 Finance, and allowing Irish structured finance companies to invest in “forest carbon credits” to support the “Green IFSC” initiative.
The Government is also introducing changes to ease the administrative burden in relation to non-resident investors in Irish investment funds and extending relief for losses in groups to their companies outside the European Union and the European Economic Area.
The measures also address tax issues for investment funds arising from the UCITS IV EU directive introduced last July which allows funds to operate across the EU with authorisation from one state.
Accountants Deloitte said that the measures would allow financial services firms to expand their business in a competitive market.

http://www.irishtimes.com/newspaper/...311519199.html

[Frankie Lee]

Also

The IFSC & The Shadow Banking System with Dr Jim Stewart - YouTube

Apologies for bumping an old thread but I see Jim Stewart gets a hat tip in Nicholas Shaxson's excellent book Treasure Islands and did a site search.

I was just wondering has Jim been on television or radio much as I don't ever remember seeing him on Vincent Browne or anything. I also wasn't aware of the role the IFSC played in the collapse of Bear Stearns.

[PaddyJoe]

Aircraft leasing is a biggie for the IFSC.

http://www.ifscireland.ie/latest.html

The 2010 budget had an amendment to Section110 of the Tax Consolidation Act 1997:

http://www.irishtimes.com/newspaper/...288087565.html

Interesting:

Thursday July 12 2012
AN Irish airline leasing firm has agreed terms to buy 30 jets from Boeing in a multibillion euro deal.

Avolon, the leasing company headed by Domhnal Slattery, said it has committed to buy 10 737 'MAX 8' aircraft, five 737 MAX 9s and 10 next-generation 737-800s.

It has also secured reconfirmation rights for five 737 MAX aircraft.

Avolon said the list price for the planes was $2.3bn (€1.9bn). In practice, however, firms rarely pay full price for a bulk order such as this.

On average, a deal such as this would see the buyer pay about 60pc of the full price. That would put a price tag on the deal of a little over $1.6bn.

http://www.independent.ie/business/i...s-3166654.html

[DCon]

Interesting:

http://www.independent.ie/business/i...s-3166654.html

Could it be the start of O'Leary taking Ryanair trans Atlantic?

[Dr. FIVE]

EADS is at the centre of a bribing scandal

http://www.ft.com/intl/cms/s/0/fd49b...#axzz1NwCauJ00

[Dr. FIVE]

JPM Irish profits up 78%

http://www.irishexaminer.com/busines...78-203806.html

Would be interesting to know how many staff the hedge fund have in Dublin.
In February 2009, the company was sold by JP Morgan Bank (Ireland) to another group company, JP Morgan International Finance Limited.

[PaddyJoe]

Matthew Elderfield warns the funds industry that the regulatory regime could tighten up in the run up to a common European banking authority. Mmm, maybe.

The regulatory landscape is set to change across the EU on the back of developments to create a single European banking supervisor, the deputy governor of the Central Bank Matthew Elderfield told a conference in Dublin yesterday.
He urged the Irish funds industry to contribute to this process by "offering constructive ideas to address the changing regulatory priorities of the post financial crisis world and by maintaining high standards of practice in the Irish market that ensure a continued reputation for high standards of investor protection"

http://www.irishexaminer.com/busines...eu-207345.html

[Dr. FIVE]

pffft

[Dr. FIVE]

a series of requests under the Freedom of Information Act this year show the extraordinary influence wielded by the [IFSC clearing house] group when it comes to Government policy

http://www.irishtimes.com/newspaper/...325015200.html

The Government’s eventual position dovetailed exactly with that put forward by the financial industry’s lobbyists,

[Captain Con O'Sullivan]

allowing Irish structured finance companies to invest in “forest carbon credits” to support the “Green IFSC” initiative.

That'll be code for selling off forestry to Helvetia AG's shell company in Ireland. That carbon offset market is nothing but a corporate tax dodge to get around climate change levys. Effectively it means polluting corporations can buy and maneouver their way out of pollution charges or bills for spills by holding and trading carbon credits.

Companies like Helvetia, fronted in Ireland via their shell company and people like Bertie Ahern, are not interested in forestry. It is 'hedging' that they are interested in rather than forestry.

As for the rest of it- that list above only adds veracity to the theory I've been pushing- that the IFSC and the Irish Government are simply well aware that they are a money and tax-liability laundering centre for corporations.

[Greengoddess]

http://www.irishtimes.com/newspaper/...325015200.html

At last I'm getting somewhere.......

[Slim Buddha]

Is this not simply the "government receiving expert opinion on a matter of great technical complexity"?