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Showing 16 of 130 content results
Financial Services Advisory Small Administrative Rescue Process (SCARP): The Company and Director’s Perspective
The Small Company Administrative Rescue Process (SCARP) supports directors of SMEs in restructuring their respective companies in an efficient and cost-effective manner, thereby enabling them to continue to trade.
Stephen Tennant
Stephen Tennant
| 27 Sep 2023
Financial Services Advisory Understanding the importance of Overall Recovery Capacity (ORC) in recovery planning
European Banking Authority (EBA) published final report on guidelines on Overall Recovery Capacity (ORC) in recovery planning on 19 July 2023, following a consultation paper in December 2022. The main change following the consultation is the implementation timeline for capital recovery options is now longer at 18-months (previously 12-months). These guidelines apply from 3 months after the publication date or 19 October 2023.
Dwayne Price
Kevin Coleman
AnneMarie Curtin
| 2 min read | 26 Sep 2023
Financial Services Advisory Small Administrative Rescue Process (SCARP): The Creditor’s Perspective
Small Company Administrative Rescue Process (SCARP) is a new restructuring process available to small- and medium-size enterprises (SMEs), and it is likely to negatively impact creditors in relation to funds outstanding as at the date the process commences.
Stephen Tennant
Aengus Burns
Nicholas O’Dwyer
| 4 min read | 26 Sep 2023
Tax Roadmap for the Introduction of a Participation Exemption to Irish Corporation Tax
The Minister for Finance Michael McGrath has announced a plan to exempt foreign-sourced dividends from Irish corporate tax in a move toward the territorial regime of taxation. The proposed exemption will take shape over the coming months before being introduced in Finance Bill 2024, with effect from 2025.
Peter Vale
Sasha Kerins
Sarah Meredith
| 2 min read | 26 Sep 2023
Financial Services Advisory Wind-Down of Trading Books – An ECB Occasional Paper Series
This ECB paper is relevant to banks with derivatives and trading books; it explores the operational aspects and hidden costs associated with the wind-down of a bank’s trading book. An orderly wind-down of a trading book may be a recovery option or an element of a bank’s preferred resolution strategy. This paper details principles of ECB’s supervisory expectations with respect to both recovery and resolution planning.
Dwayne Price
Kevin Coleman
AnneMarie Curtin
| 3 min read | 26 Sep 2023
Financial Services Advisory Small Administrative Rescue Process (SCARP): Is It the Cheaper, Quicker and More Efficient Restructuring Process for SME’s?
The Government introduced the Small Company Administrative Rescue Process (SCARP) to provide a restructuring option to SMEs similar to the examinership process; however, SCARP is quicker, more cost-effective and does not require the close oversight of the Court. It is an accessible restructuring option for SMEs, proving successful thus far with more than 70% of cases in 2022 having been approved by creditors.
Stephen Tennant
Stephen Tennant
| 25 Sep 2023
Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105
The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
Stephen Murray
Stephen Murray
| 5 min read | 22 Sep 2023
Financial Services Advisory A rise in public trust towards Irish retail banks noted but total trust still remains negative – Irish Banking Culture Board (IBCB) 2023 “éist” report
The Irish Banking Culture Board (IBCB) has released its 2023 “éist” report which details public sentiment towards Irish retail banks. Chief amongst the IBCB’s findings was a rise in public trust towards retail banks.
Amanda Ward
Kevin Coleman
Anna Mulhall
| 4 min read | 22 Sep 2023
Conduct and culture EU-UK Divergence in Financial Services Regulation
As a result of Brexit, and particularly following the introduction of the UK’s Financial Services and Markets Act, there is a potential for increasing divergence between EU and UK financial services regulation.
Amanda Ward
Kevin Coleman
Anna Mulhall
| 4 min read | 22 Sep 2023
Financial Services Advisory Guidance for (Re)insurance Undertakings on Intragroup Transactions and Exposures
On 30 January, the Central Bank published Guidance for (Re)insurance Undertakings on Intragroup Transactions and Exposures following a consultation that ended in September 2022.
Nuala Crimmins
Marie Anderson
| 5 min read | 20 Sep 2023
Sustainability What are sustainability scope 1, 2 and 3 emissions?
Green House Gas (GHG) emissions are classified into categories of Scope 1, Scope 2 or Scope 3. This is a way of grouping emissions between those created by the company and those created by its wider value chain.
Sarah Carroll
Padraig Ryan
Amanda Ward
| 2 min read | 20 Sep 2023
Transfer Pricing BEFIT – Business in Europe: Framework for Taxation
The European Commission (EC) has adopted key initiatives, which aim to reduce compliance costs for large businesses operating across the European Union. The BEFIT proposal introduces a single set of rules to determine the tax base for large businesses that operate out of more than one Member State.
Sasha Kerins
Sasha Kerins
| 2 min read | 19 Sep 2023
Tax Defective Concrete Products Levy – Legislative Amendment Announced
The Defective Concrete Products Levy (“DCPL”) was introduced in Finance Act 2022 and came into force on 1 September 2023.
Bernard Doherty
Bernard Doherty
| 2 min read | 18 Sep 2023
International Tax Pillar Two Recent Updates
Throughout 2023, the OECD Inclusive Framework has continued its work on the development of the Pillar Two Global anti-Base Erosion Rules in advance of the introduction of the rules on 31 December 2023.
Peter Vale
Sasha Kerins
| 2 min read | 18 Sep 2023
Financial Services Remediation: Righting Wrongs and Restoring Trust
The recent High Court tracker mortgage decision again brought sharply into focus the onerous nature of potential remediation exercises. Increasing regulatory pressure, ever-changing customer expectations, rising customer vulnerability and a competitive marketplace, deem an increase in remediation requirements for financial services firms highly likely.
Amanda Ward
Brian Duffy
Cathie Farrell
| 2 min read | 18 Sep 2023
International Tax Pillar Two
The introduction of Pillar Two brings unprecedented changes to the international tax landscape, the likes of which haven’t been seen for decades. The rules will create a fundamental shift in the way certain groups are taxed as well as an additional global compliance and reporting obligation for those within scope of the rules.
Peter Vale
Sasha Kerins
Sarah Meredith
Brian Murphy
| 6 min read | 06 Sep 2023
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