19 October 2012
Recent News
Employment & Investment Incentive (EII)
Personal Insolvency Bill Explained
Quintas Quarterly Economic Review
The Cost of Equality
Give Up Your Old Currency for Special Olympics
Heron House,
Blackpool Park,

tel: +353 21 4641400
fax: +353 21 4220055
web: www.quintas.ie

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by Fachtna O'Mahony
mb quintas 099

Dear Reader,

Welcome to our Autumn Newsletter. It’s been a busy quarter at Quintas as is evident from our recent news section. Domestically the same issues still dominate our economy, a deal on the bank bailout debt from Europe, depressed demand for goods and services, the public finances and the Croke Park deal, lack of credit and bank finance, and the lack of political will and knowhow to deal with these issues.  Yet there are tentative signs of confidence being restored in certain parts of the economy indeed some of our own clients recently availed of an opportunity to purchase a bank branch in Drogheda as a demonstration of this confidence.

We’ve had a number of enquiries about the Insolvency Bill, so my colleague Yvonne Barry has contributed an article as a guide to same. This will be enacted into law very soon and many by choice or otherwise will seek “the sanctuary” of the new law. Both Yvonne and Tim McCarthy have been appointed to the Irish Society of Insolvency Practitioners in preparation for this.

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Recent News
by Sarah O'Neill

Quintas Buys Bank Building As Investment

Quintas Wealth Management (QWM) is delighted to report the successful completion of the purchase of the Bank of Ireland in Drogheda on behalf of a group of pension clients. The property will continue to be occupied by BoI until December 2031 under its existing lease. The transaction was purchased using investor equity and bank finance, at a yield of c. 9%, roughly 40% of the peak 2006 prices. 

Quintas Seminar for Dental Professionals

Quintas Tax department made a presentation to clients and their colleagues in the dental profession on Monday evening the 8th of October. One of the main issues covered was the recent declaration by the Revenue Commissioners that, in their opinion, they considered Associate Dentists and Dental Hygienists to be employees of the Dental practice rather than self-employed individuals. 

DTZ Sherry Fitzgerald Presentation to Quintas Clients


Pictured Above l-r: Kenny Kane, Sheila Fitzgerald, Domhnall Mac a Bhaird, Frank Ryan

On Thursday 6th September DTZ Sherry Fitzgerald gave a presentation to Quintas clients to give an up to date view on the Irish Property Market.  The speakers at the event were; Marian Finnegan, Chief Economist, Sherry Fitzgerald Group, Sheila O'Flynn, Head of Sherry Fitzgerald, Residential, Cork and Frank Ryan, Managing Director, DTZ Sherry Fitzgerald, Cork.

Appointment Announcements

  • Two Partners of Quintas, namely Tim McCarthy & Yvonne Barry have been accepted as members to the Irish Society of Insolvency PractitionersISIP was established to enhance the knowledge and expertise of its members (who are accountants and lawyers in Ireland) who specialise in turn-around and insolvency.
  • Quintas is pleased to announce that  Yvonne Barry, Partner, has been appointed to the Board of the Government launched Microfinance Scheme. 
  • Quintas Partner, Abina Kenneally has been appointed to the Audit and Investment Sub-Committee of the Irish Guide Dogs Association
  • Mark Ryan, Director, Quintas has been appointed Treasurer and is a member of the Regional Committee of Special Olympics Munster.

Quintas Host Referral Partners Meeting

Yvonne Barry, Partner at Quintas is a member of Referral Partners, which is a business networking group whose mission is to bring together enthusiastic like minded business people, with the objectives of creating an opportunity for growing their businesses, through organised networking, ongoing education and training, sharing of their diverse skills and knowledge, and positively engaging with the local community. 

On Thursday the 4th October Quintas were delighted to host one of the weekly meetings for the group.  To find out more about Referral Partners click here.

High Investment Returns Secured for Quintas Wealth Management Investors

In September, Quintas Wealth Management  was delighted to report that one of its investment products, the Protected Healthcare Bond, which comprised of an investment in 15 global healthcare stocks, had achieved 'locked in' returns for the first year of the investment, averaging more than 12% for its investors. To view full details on the announcement please click here.

Finish the Year on a High!

Save up to 30% on the cost of managing your company pension scheme.  IFG Corporate Pensions are currently offering Free Evaluations so if you would like to avail of this offer please contact Nick Charalambous at ncharalambous@qwm.ie

To view further information please click here.

 8 Births & A Wedding!

Over the last number of months there have been 8 births and a Wedding.  Congrats to:

  • Jennifer Prout on her recent wedding to Alan Vaughan.
  • Nick Charalambous and his wife Vera on the birth of Millie in March.
  • Ian Walsh and his wife collette on the birth of Emma in May.
  • Sean McSweeney and his wife Helen on the birth of James in June.
  • David O'Shea and his wife Marie on the birth of Maebh in July.
  • William Hogan and his wife Ann on the birth of Oisin in August.
  • Patrick Kearney and his wife Joanne on the birth of Patrick in September.
  • Paul O'Connell and his wife Anne Marie on the birth of Will this month.
  • Califf Delaney (IFG) and his wife Aisleen on the birth of Aaron this month.

Quintas Graduate Recruitment Programme

Interested in training to become an accountant?  If so then click here to view details on the Quintas Graduate Recruitment Programme.

New Quintas Staff Members

Quintas are delighted to announce a number of new appointments.  Tsvetanka Garry, ACCA has joined the Tax Department and is reporting to Abina Kenneally and Denis Healy joined as a Trainee Accountant in SME and is reporting to Patrick KearneyBarry O'Driscoll joined Quintas Wealth Management and will be working with the investment team.

Quintas Blog

To view some of our recent blog posts, please click on the links below:

Junior Certificate Congrats!

We would like to extend our congratulations to all the Junior Certificate students who attended the Quintas Business Studies Revision Course in March of this year.  Very well done to all of you on your results.

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Employment & Investment Incentive (EII)
by Kenny Kane
Kenny Kane

As you will be aware from your business dealings and media reports, at present it is very difficult for businesses to raise finance from the traditional channels. To try and assist with the flow of investment funds, in last year’s budget the Government replaced the old Business Expansion Scheme (BES) with the Employment and Investment Incentive (EII). The main changes between BES and EII are:

  • The investment term is reduced from 5 years to 3 years.
  • The scheme is now open to the majority of companies (some exceptions apply) as opposed to BES which was restricted to qualifying trades such as manufacturing and internationally traded service companies.
  • The amount that a company can raise under the scheme has been increased from €2m to €10m, subject to a maximum of €2.5m in any 12 month period.
  • Eligible investors may avail of tax relief up to 41%, with 30% in the year of subscription and a further 11% at the end of the holding period, subject to conditions been achieved in relation to an increase in employment levels in the company or funds been spent on research and development.

Qualifying companies can raise EII money directly from Investors or seek money from an EII Fund. The Quintas Wealth Management (QWM) BES/EII fund was established in 2008 and over the last few years we have invested c. €7m in 12 companies. These companies are located around the country and in different sectors i.e. medical services, medical devices, broadband/connectivity, renewable energy etc.

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Personal Insolvency Bill Explained
by Yvonne Barry
Yvonne Barry Pic

The Draft Personal Insolvency Bill amends outdated bankruptcy laws in Ireland as well as introducing a scheme for out of court settlement arrangements between debtors and banks or creditors.

There are three strands to the out of court settlement procedures –

  1. DEBT RELIEF NOTICE (DRN) – This strand will permit the write-off of qualifying debts up to a maximum of €20,000.  You will be eligible for this if you have virtually no income, no assets, and have no realistic prospect of being able to pay your debts within the next three years.  A DRN can last for up to three years, and if there is no change in circumstances the debts will then be written off. 
  1. DEBT SETTLEMENT ARRANGEMENT (DSA) – This strand relates to persons with unsecured debts in excess of €20,000. This is an agreement prepared by a Personal Insolvency Practitioner (PIP) between debtors and creditors to repay an amount of unsecured debt over a period of five years.    Where a debtor performs all of his/her obligations specified in the DSA for the five years, s/he shall stand discharged from the remainder of the debts covered by the DSA.
  1. PERSONAL INSOLVENCY ARRANGEMENT (PIA) – This final strand applies to all debt secured or unsecured over €20,000 and less than €3,000,000 (or more in certain instances). A PIP will be appointed to assess the payment capacity of the debtor. This practitioner will then propose a PIA to repay an amount over a period of six years to the creditors.  If the PIA is successfully completed, all the unsecured debt is discharged and the secured debt is discharged only to the extent specified in the arrangement.

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Quintas Quarterly Economic Review
by James McCarthy
mb quintas 03

Quantitative Easing

The ideal market environment to buy equities is when economic growth is strong and inflation is weak. Growth feeds profits and low interest rates encourage businesses and consumers to spend, all signifying good earnings.

In order to revive economies since 2008, many governments have hit the printing press (officially termed Quantitative Easing). Asset prices have been strongly influenced by this. Research suggests previous rounds of monetary easing have had the effect of boosting the valuation of the stockmarket and also investor sentiment. However the poor outlook for growth still remains. After the initial boost from Quantitative Easing, many asset classes may fall from their highs (however with interest rates at all time lows equity markets may be supported). But Quantitative Easing should be good for commodities, particularly precious metals. With interest rates at all time lows there is little opportunity cost in owning assets that provide no income, only capital growth (which may also force investors to buy equities for higher returns).

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The Cost of Equality
by Lynda McAuliffe
Lynda McAuliffe

“Love and work are the only two real things in our lives. They belong together, otherwise it is off. Work is in itself a form of love.” – Marilyn Monroe

A hundred years ago women’s paid work was narrowly defined even if you were an educated woman. In the late 40s and 50s women were very much the typical housewives. Then came the 60s and the Women’s Liberation that changed all of that. Nearly a century later women in most nations have won the right to vote and progress is being made for workforce equality.

Women in every socioeconomic class, at every stage of their careers, work hard to meet their responsibilities at work and at home. Juggling work and family has never been easy. In today’s economy, it seems harder and harder to maintain a balanced lifestyle while simultaneously achieving career nirvana. Women play such an important part in the life of the family and are truly strong in their ability to handle it all.

Women today are committed to working for a living in an equality based environment. In the mid-1980s one third of women of working age were part of the labour force, today three fifths are in paid work. Women are altering the stereotypical role of woman as provider in the home to incorporate woman as a provider in the workplace. The cost to women for achieving this includes reaching a level of impressive multi-tasking and  finding the energy to do it every day; and now there will be a financial cost further to the latest ruling by the European Union on insurance premiums and pension pay-outs.

From the 21st December 2012, insurers will no longer be able to use gender as a factor in the calculations of premiums and benefits, following a ruling by the European Court of Justice. The decision means insurers will have to change the way they price life and critical illness policies, annuities, private medical insurance, travel insurance, motor insurance and other types of cover where data shows that the sex of the insured can have an effect on the risk.

Read more»
Give Up Your Old Currency for Special Olympics
Special Olympics Pic

It may be 10 years since we joined the euro, but the Central Bank of Ireland estimates that over €300m worth of Irish notes and €160m in Irish coin are still in circulation throughout Ireland. The majority of Irish households are likely to possess a long-forgotten jar of old coins and a handful of banknotes. In addition to old Irish money, we believe that in every house in the country lie some foreign currency that has returned home from trips abroad and never been exchanged.

During the month of October, Special Olympics Ireland will be working with their partners Rotary Ireland to help collect a portion of these old Irish and foreign monies. Rotary Clubs throughout the country will be raising awareness of the Special Olympics ‘Currency Campaign’ by encouraging people to gather up this old and foreign money and drop it into their local Ulster Bank, in unique Special Olympics bags.

We here in Quintas will be playing our part in support of the campaign by acting as a drop off point. So if you have any old or foreign currency lying around why not drop it into us and place it in the collection box located at our reception. 

If you have any questions please don’t hesitate to contact Mark Ryan at mark.ryan@quintas.ie or call Mark on 021 4641400.

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