Business World

Sunday 25 February 2018

NTMA raises €500m

THE National Treasury Management Agency (NTMA) has raised €500m in the latest of its regular auctions of T-bills.

Treasury or "T" bills are a type of short-term debt. In today's auction, the Government borrowed €500m for three months at an interest rate that works out equal to 0.18pc per year. Total bids received at the "bills" auction amounted to €1.671bn, or 3.3 times the amount borrowed. In the last auction in July, the yield was 0.2pc.

GRANT THORNTON OFFICE

ACCOUNTING firm Grant Thornton has opened a new office in Cork, where it plans to hire 25 people. The company also has offices in Dublin, Limerick, Kildare and Galway. It plans to recruit a total of 125 staff over the next two years.

"We are very excited about doing business in Cork due to its thriving domestic and foreign direct investment opportunities across a range of sectors," said partner Gearoid Costelloe, who will lead the Cork office.

CALL FOR LIBOR REFORM

A TOP US regulator has stepped back from previous calls to scrap the Libor interbank lending rate, saying instead that reform needed to be led at a global level and would take time.

Gary Gensler, chairman of the Commodity Futures Trading Commission, has said in the past that the London Interbank Offered Rate – which is set daily by the banks themselves and has been the subject of a major rate-rigging scandal – should be abandoned straight away. But yesterday, Mr Gensler struck a more conciliatory tone, and welcomed reforms Britain has put in place to tighten how Libor is run, which include appointing an independent administrator.

ACCOUNTANT 'DANGER'

AN ACCOUNTING body has called for the term "accountant" to be enshrined in Irish law for the public's protection. The Institute of Certified Public Accountants (CPA) in Ireland has warned that the Companies Bill 2012 does not give legal protection to the term accountant, describing this as a "danger" for members of the public seeking financial advice.

"Currently in Ireland, anyone can set themselves up as an accountant, without education, qualifications or experience. There are individuals and firms offering services to an unsuspecting public and calling themselves accountants, even though they do not hold any accountancy qualifications and are not subject to regulation," said CPA Ireland president Joe Aherne.

Irish Independent

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