Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
Our experienced Corporate Finance team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
Our Digital Risk team offer advisory and consulting solutions that give our clients peace of mind, clear value for money and an enhanced ability to react to cyber attacks.
Our Digital Transformation team work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
Forensic and Investigation Services
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
Objectives and Key Results (OKRs)
Objectives and Key Results (OKRs) is a goal setting framework that helps teams, individuals and organisations set and track measurable goals.
People and Change Consulting
Our People & Change Consulting team help clients adapt to the changing nature of the workforce - how they attract, retain, engage, develop, deploy and lead their people.
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
Our outsourced payroll teams become your dedicated payroll department, aiming to process your payroll in the most cost effective and compliant manner.
Grant Thornton's reliable and cost-effective outsourcing services help you streamline your business operations by taking care of your workload.
Audit and Accounting Advisory
Our Audit and Accounting Advisory team takes the headache out of multi-jurisdictional audit compliance requirements as well as technical compliance with accounting standards and legislation for clients.
Business Process Outsourcing
Grant Thornton’s Business Process Outsourcing (BPO) team serves the needs of rapidly growing mid-tier multinationals operating out of Ireland and other hubs through the provision of services across the full range of finance functions.
Flexible People Solutions
At Grant Thornton, our Financial Accounting and Advisory Services (FAAS) department have a dedicated team that help finance functions maximise efficiency.
Global Compliance & Reporting Solutions
Our Global Compliance & Reporting Solutions service offering covers a full suite of compliance services including financial statement preparation and related filings, dual bookkeeping, direct and indirect tax, statistical returns and payroll.
Global Payroll Solutions
At Grant Thornton, we meet the challenges of our clients. Our Global payroll compliance service offering is tailored to meet all your payroll requirements through a single point of contact.
Grant Thornton Financial Counselling
Grant Thornton Financial Counselling (GTFC) comprises a team of highly qualified professionals who offer financial advice to individuals and corporates across a range of areas including savings, investments, pension planning, and inheritance and succession planning.
Our services on Inheritance Planning mirror those on Succession Planning whereby the foundations of the plan are derived from meaningful conversations with those that wish to pass on or protect their asset base.
Personal Tax Compliance & Planning
The Grant Thornton Personal Tax team helps clients remain compliant and up to date with all of their tax obligations whilst ensuring that they are solutions driven and manage their finances in the most tax efficient way possible.
We have extensive experience guiding our clients successfully through the succession process. This involves advice on both the qualitative and quantitative aspects of the process. While there is a business at the core of each succession plan we advise on, it is all predicated on understanding the people and their respective wishes.
Grant Thornton’s Company Secretarial team contains qualified Company Secretaries. Clients are assured that they will meet all of their obligations under the Companies Acts and other relevant legislation and regulations.
Our Corporation Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic, international, and financial services clients. We place a strong emphasis on direct service to clients and we pride ourselves on the close personal relationships we build and the deep understanding of their businesses we develop
Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
The Grant Thornton Tax Advisory team blends commercial experience and knowledge with tax expertise to advise clients on the full range of transactions including sales, mergers, restructurings and succession planning.
Our Tax Incentives team help clients access vital cash funding and tax incentives to enable them to achieve their growth ambition.
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
Real Estate Tax Advisory
The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. The new prudential regime applies to investment firms that not systemic by virtue of their size and interconnectedness within the wider financial system, i.e. primarily Class 2 type firms (see the classification criteria in our previous publication). Small and non‐interconnected investment firms may receive regulatory requirement exemption from the competent authorities.
The new regime introduces tailored liquidity requirements that are outlined in this article. In line with Article 29 of IFD, the purpose of these liquidity requirements is aiming for investment firms to maintain adequate levels of liquid resources and to have robust strategies, policies, processes and systems for the identification, measurement, management and monitoring of liquidity risk over an appropriate set of time horizons, including intra‐day.
This third publication in our series of articles by Grant Thornton, regarding the new prudential regime, focusses on the impact of the new liquidity requirements for investment firms.
Under the (EU) Regulation No 575/2013 Capital Requirements Regulation (“CRR”), the Central Bank of Ireland has exercised the discretion to exempt investment firms, or investment firms not deemed ‘systemic’, from compliance with the liquidity reporting and funding requirements laid down in Part Six of CRR.
IFR and IFD bring change to the liquidity requirement for investment firms, requiring all investment firms to have internal procedures to monitor and manage their liquidity requirements. Those procedures should support liquidity management in an orderly manner over time so that the firm does not need to set aside liquidity specifically for times of stress.
The table below shows the types of assets that can be constitute as liquidity assets in line with Article 43 of the IFR.
Table 1. Liquidity Asset definition
In line with Article 43 (1) of IFR, investment firms should hold a minimum of one third of their fixed overheads requirement in liquid assets at all times (please see our previous publication for the fixed overhead requirement). The below formulas represents the requirements.
Liquidity Assets ≥ 1/3 * Fixed Overheads Requirement
Fixed Overheads Requirement ≥ ¼ * Fixed Overheads for the Preceding Year
Small and non‐interconnected investment firms may be exempted by the competent authorities from this requirement. Although the Central Bank of Ireland is proposing not to exercise this discretion on a general basis, as it considers the liquidity requirements not giving rise to an excessive regulatory burden for investment firms; the discretion may be exercised on a case by case basis and it will take into account of the guidance that will be provided by the EBA and ESMA.
In line with Article 44, in exceptional circumstances, investment firms may seek permission from the competent authority to reduce the amount of liquid assets held, however, compliance to the regulatory liquidity requirements should be restored within 30 days of the original reduction.
In line with Article 45 of IFR, investment firms should increase their liquid assets by 1.6% of the total amount of guarantees provided to clients.
In line with Article 43 (3) of IFR, small and non‐interconnected investment firms and investments firms that do not deal on own account, provide portfolio management services, provide investment advice or underwrite of financial instruments and/or place of financial instruments on a firm commitment basis, may include receivables from trade debtors (such as money due from debtors for trading investment products) as well as fees or commissions receivable within 30 days in their liquid assets, if those receivables comply with the following conditions:
- they account for up to a maximum of one third of the minimum liquidity requirements;
- they are not to be counted towards any additional liquidity requirements required by the competent authority for firm‐specific risks; and
- they are subject to a haircut of 50 %.
The new requirements as part of the IFR/IFD prudential framework will require frequent and enhanced monitoring, calculations and reporting for impacted firms, therefore impacted firms should identify and remediate any gaps early to be in a position to comply with the IFR regime when it comes into effect in June 2021.
In doing so, impacted investment firms should take into account the additional EU Level 2 and 3 regulatory items that will be produced by the EBA in the coming months:
How Grant Thornton can help
Grant Thornton’s Financial Services Risk, Consulting and Advisory teams have supported a number of investment firms with understanding, preparing for and implementing the new prudential framework. In particular, our prudential risk experts have extensive knowledge of the relevant legislation and guidance and the challenges these pose to your firm.
Our experts can help your firm assess its regulatory requirements arising from the new regime and advise on methods to ensure full compliance balanced with your business needs.
 Implementation of Competent Authority Options and Discretions in the European Union (Capital Requirements) Regulations 2014 and Regulation (EU) No 575/2013 December 2018
 Consultation Paper CP135 Consultation on Competent Authority Discretions in the Investment Firms Directive and the Investment Firms Regulation