This section provides our members with access to the latest IACT eTreasurers Newsletters, as listed below.

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February 2015

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October 2014

Welcome to the latest edition of the e-Treasurer. In the spring of 2012, when Ireland was definitely still one of the PIGS, Finance Minister Michael Noonan said that Ireland’s economy had got so competitive that it could take off like a rocket when the world economy recovers. At a time of sober austerity and market uncertainty he raised a few eyebrows. Well the CSO’s latest GDP figures suggest we might have lift off – here’s hoping…

May 2014

Welcome to the Irish Association of Corporate Treasurers’ e-Treasurer magazine for the second quarter. Since the start of the year Irish treasurers have gone live with EMIR reporting and the wider requirement has firmly kept our attention.  The Department of Finance has gone out to consultation on how supervision and enforcement will work in Ireland for this Europe-wide regulation.  Members have taken a keen interest and the IACT submitted a detailed response to the proposal.  At this stage our interaction with the Department is ongoing.



January 2014

Welcome to the Irish Association of Corporate Treasurers.  Having served on the committee in recent years I’m delighted to take up the role of the President for 2014 and look forward to what the year holds for us.  For the first time in years the Irish, British and US economies are all in growth mode.  Could 2014 see a return to a normal economic outlook?

November 2013

It is November and while the days are getting shorter it is right in the middle of the busiest period of the year for the Association. September was notable for a new evening event, the very well received IACT Debate, expertly chaired by David Mc Williams, in the auspicious surroundings of the Royal College of Physicians’ building on Kildare St. The evening was a great success thanks to the contributions from the other panelists and also from the floor. There was a drinks reception both before and after the debate enabling members and guests to mingle and chat, away from the usual haste of a breakfast event…

July 2013

At this mid-point in the year, I’m delighted to announce an exciting new event for the Association, The IACT Debate on the topic: “Austerity has done its work – now Ireland needs a growth budget”.

We have been very lucky to secure David Mc Williams, economist, journalist, broadcaster and author, as Chairman for the event, to be held in the auspicious surroundings of No.6, Kildare St (Royal College of Physicians building) on Wednesday, 11th September next at 6.30pm. With a panel of invited guests covering business, economics, journalism and politics, together with a drinks reception in a locale that is perfect for networking, it promises to be an evening not to be missed.


May 2013

Well, first quarter over and we have a packed e-Treasurer to reflect what has been a very busy time for the Association. On behalf of the Committee, welcome to the second edition of the e-Treasurer for 2013.

Since the year began, there have been some headline events both at home and abroad that have managed to keep treasury related matters centre stage.

The summer may be only beginning (hopefully!), but we are nearly at the end of Ireland’s European Presidency, already. A number of initiatives have been taken to try and improve the country’s financial position, such as re-entering the bond market, exchange of promissory notes for long term bonds and attempts to extend the maturities on the bailout loans.  We have also seen the ending of the bank guarantee and sales of Irish Life and other financial assets.

Jan 2013

‘Another year over and a new one just begun’, as the song goes.  It is with great pleasure that I take over the Presidency of the Association and wish to pay warm tribute to my predecessor, Barry Dempsey, who presided over the 25th anniversary year and ensured that both the status and profile of the Association was raised as a result of his initiatives.

2013 is looking like a year chock full of potential, both on the upside but also pitfalls.  At home Ireland is beginning its six month long tenure of the European Union Presidency, which offers a great opportunity to push harder for a debt deal over the early months of the year.  There have been improvements on the markets for Irish bonds  with new issuances and at better rates than previously, which augurs well for the future and how the international markets view the country.

Hopefully, the much discussed Gathering – an innovative attempt by the country to showcase the place and the people to a world-wide audience – can have a long term effect and not just for the next 12 months…

June 2012

On behalf of the Committee, welcome to the second edition of the e-treasurer for 2012.

As I sit to write this, we are entering into the start of the summer, and the weather is improving – something to lift our weary spirits!  Recent victories in various competitions for Man City, Leinster and Chelsea seem to indicate that blue is the colour, but where treasurers are concerned, ‘Greece’ is most definitely the word.

We have seen one significant casualty of the crisis, as Monsieur Sarkozy was defeated in the French elections, bringing an end to the short but influential reign of ‘Merkozy’.   Irrespective of your political leanings, one would almost feel sorry for any incoming political leader given the severity of the economic turmoil being played out across the globe.  The prospects of a Greek exit from the Eurozone seem increasingly possible, and the risks around the likes of Portugal and Spain are on the rise on an hourly basis.  No region is immune, and what is clear is that a failure to pull together and in one direction will almost certainly have long term and far reaching effects.  By the time you read this, the results of our own election on the Fiscal Treaty will be known – one can only hope that the outcome is based on an informed electorate’s opinion, and not the pandering to parties seeking to hijack the election for their own (short term) benefit…..

March 2012

The year has started well for the Association. We have already had successful meetings, with Dolmen Securities giving an overview of the lending landscape, and Barcap presenting on the US Private Placement markets (in conjunction with DCC).  Q4 of 2011 saw presentations by Ulster Bank, Bank of Ireland, and the hugely successful annual treasury conference in the Gibson Hotel.  Indeed, the calendar of events for 2012 is filling up nicely.  Please refer to the upcoming events section for the planned presentations and social events for the year ahead.

Subscription details for 2012 have been sent out so we would appreciate it if members could settle these at the earliest opportunity.  Please let us know if there are any changes to be made to the records also, as this will ensure that the networking element of the IACT remains fresh and relevant.

On a lighter note, as the dark clouds remain firmly in place over the markets, the one participant notable by their absence throughout this crisis has been the protest singer.  One wonders what a young Mr. Bob Dylan might have made of the current situation (with apologies to Dylan fans out there!)…

November 2011

As the markets continue to display significant volatility across the board, it is more important than ever to stay in touch and network to the greatest extent possible. There is no doubt that the knowledge gained from the collective experience of our peers gives us a significant advantage in trying to manage those risks that are most important to us, be it foreign exchange, counterparty, liquidity or funding.

July 2011

I am delighted to report that the Association has had a very busy first half of 2011.
In January, ESB presented on its recent financing activity and Will Spinney of the ACT reviewed Treasury issues facing FTSE 250 companies. In March, Pfizer and Xerox presented to us on their treasury operations in Ireland. This was followed in April by a presentation from Ardagh Glass and in May by an update from PWC on personal financial planning. We are also pleased to announce that on September 21st, Antony Barnes, Director, Tax & Treasury with Experian will present to a joint IACT/ACT meeting on the company’s capital and funding strategy. We are also looking to arrange a regional meeting later in the year, and hope to announce such an event in due course.

March 2011

Welcome to the 1st edition of E-Treasurer for 2011. With continuing difficulties in the peripheral European sovereign markets, the EU/IMF restructuring package for the Irish state and the developing story on the future landscape of Irish Banking, the challenges of the last two years continue into 2011 for Irish Corporate treasurers. The increasing risks associated with managing liquidity, sources of funding, and counterparty risk, have heightened the focus of Boards on the general area of Treasury.

November 2010

The last while has been a very busy one for the Association. The biggest day in the IACT calendar was the 15th October. On that day we held our Annual Conference in conjunction with Event Management International, which provided participants with insights into several interesting and relevant treasury topics. The day finished with the Association’s Gala Dinner which was also a great success, and I think was thoroughly enjoyed by all. We also held a Waterford regional meeting of the Association in September, in conjunction with CIMA.

August 2010

2010 continues to be a challenging year for most, if not all, treasurers. Counterparty, currency and interest rate risk remain huge priorities, at a time when companies have less room for error than in the past. Liquidity management and sources of funding are clearly critical to the survival of businesses so treasurers remain busy!

April 2010

Hopefully you will find many items of interest here. We cover the recent events organised by the Association, our planned future events, training initiatives and a technical briefing covering the important area of Transfer Pricing.

January 2010

Many of us will be more than happy to put 2009 behind us! The early part of the year was indeed a very negative place for banks and corporates alike, and that is without even mentioning Ireland! Fortunately, things improved significantly as the year went on. The banking market stabilised (albeit at low levels), corporate bonds improved dramatically in line with equities, and Ireland’s CDS
improved substantially. Let’s hope that the trend continues for 2010.

August 2009

Our business meetings to date have been a tremendous success and were very well attended. Following on from the very successful event in 2008, we invited Swagata Ganguly, Executive Director from Rothschild in London to come back and brief us on his view of the credit crisis a year on. Then in April, Michael Murphy from McCann Fitzgerald and David Hughes from E&Y gave a comprehensive overview and update on Corporate Recovery and Receivership. Copies of both presentations are available in the members section of the website.

April 2009

I would like to thank the outgoing President John Finn for his enthusiastic leadership last year. I would also like thank former President Pat Kingwho has decided to step down from the Committee after 7 years of tremendous service.To my fellow committeemembers I say thank you in advance for your continued support and guidance duringmy termof office. I would particularly like to welcome our new committee members – Pat Corkery, Financial Controller of Vanfleet Transport, Brendan Glynn, Assistant Treasurer with Smurfit Kappa and John Sweetman, Portfolio Managerwith Pfizer.

December 2008

Welcome to the fourth and final edition of E-Treasurer for 2008. It has been a busy quarter again for
the IACT with the Annual Dinner being the highlight.

September 2008

Our season of educational events continued withMusgrave Group in Cork and Tullow Oil in Dublin in May. Both were very well attended, consistent with the continued growth in our membership which now stands at over 380.

May 2008

Welcome to the second addition of E-treasurer for 2008. The last number of months has been very busy for the Association, perhaps not surprisingly in the context of ongoing financial market turmoil.

February 2008

Welcome to the first edition of e-Treasurer for 2008 and a new look for the publication itself. A few years ago we moved away from a hard copy publication to an electronic version but the frequency of issue and type of content remained largely unchanged.

Spring 2007

John Gilsenan is taking over from Andrew Glover as President for 2007. John is Managing Director of Porsche International Financing plc, the corporate treasury subsidiary of renowned premium car manufacturer Porsche AG. The company is involved in cash management, inter-company funding, FX and interest rate treasury management and captive warranty reinsurance and it is located in the IFSC Dublin.

Summer 2006

The last couple of months have been eventful for the Association with a number of highly successful and well attended events on treasury best practice being run. Check out these presentations in the Members Area of the website.

Spring 2006

The last couple of months have been eventful for your Association. In January, the Presidency passed to Andrew Glover, Group Treasury Manager at Dublin Airport Authority plc, following a highly successful 2005.

September 2005

In this edition we wanted to cover the topics of investment and careers:

  • information on recognition of the IACT’s Graduate Certificate course
  • Hil’s diary from the IACT’s Graduate Certificate course at DCU
  • an overview of a career in corporate treasury as provided by Alan Bluett of the IFSC Panel, one of the IACT’s sponsors
  • an insight into the effect that BASLE II may have on the corporate treasurer
  • Paul Shanley of Bank of Ireland Global Markets provides details of AAA-rated liquidity funds that they structured to offer as an alternative cash management product to corporate treasuries
  • an outline of the progress at international level and
  • finally, a section of ‘dates for the diary section’ that will encourage members to use the e-treasurer more effectively in the future as a form of networking with other Irish treasury professionals.

Spring 2005

As part of our plan to drive the agenda for the Association forward, we aim in this e-zine to cover topics that are relevant to today’s treasury professional. We hope to deliver a mix of interesting and informative items and to promote the Association’s agenda in the three editions planned for 2005. In this edition we update you on recent changes in the Association and its activities and inform you about an exciting new treasury-related product that is likely to become of increasing importance to Irish companies.

Summer 2004

We are over six months into the year and I am delighted to report that the worrying times for the Association of 2003 are now well and truly behind us.

Spring 2004

AS you are aware from recent Committee communications, 2003 has been a year of flux for the Association. We are now pleased to announce that, having undertaken a review of the Association’s finances, its recent activities and members’ needs and preferences, and having adjusted our costs and sourced additional Committee involvement from the membership, the Association’s prospects for 2004 look good.