24 September 2013
Quintas Quarterly Economic Review
Personal Insolvency - Explore Your Options
Crowd Funding
Recent News
Taxation Issues for SMEs
Mortgages - Restructuring & Protection
Heron House,
Blackpool Park,

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

linked in
by Fachtna O'Mahony, Partner

Welcome to our 2013 Autumn Newsletter. As the long summer draws to a close, we face into the autumn more invigorated as the good weather seems to have lifted the national mood to a certain extent. Depending on the business or industry you are in there is a general feeling that the economy is improving. Certainly some of the statistical indicators are positive and there is much anecdotal evidence of an improving economy, however for many it may take a while yet for that to permeate down to some tangible benefits or results in their business.

The government decision whether by choice or forced upon it by the Troika, to bring the budget forward to mid-October is to be welcomed. Last year, indeed for several years now we have been subject to a prolonged period of political “rumour, conditioning and kite flying” from September to December which created fear, uncertainty and a paralysis of decision making among people which in turn contributed to a reluctance to consume and spend and stymied many businesses.  While the outcome of the budget will no doubt be a combination of further spending cuts and tax increases as an adjustment of circa €2.5bn to €3.1bn is required at least people will have certainty, know where they stand and be able to plan accordingly which will hopefully be good for business. Uncertainty breeds indecision, which is never good for the economy or marketplace.

Read more»
Quintas Quarterly Economic Review
by James McCarthy, Investment Analyst

Bail Out Programmes

Of the three bailed out Eurozone countries, Ireland is the only country set to exit their bailout programme by the end of this year. While Ireland still needs to fund a budget deficit, this time it should be financed by the markets and not by official loans. With this development Ireland should no longer have to comply with the harsh economic conditions and monitoring by EU and IMF officials.

While Ireland has had some success with private market funding, the government budget deficit is still above 7% while national debt increased by €11.6 Billion in the first quarter of this year. The country’s debt to GDP ratio is now 125%, or over €200 Billion in monetary terms. However, debt to GNP is over 150%, which may be a more accurate measure of our true debt burden. Ireland still has big liabilities arising from too much public spending. This shortfall in revenue is then financed, which increases national debt. Given the high levels of indebtedness, it is likely that after Ireland exits its current bailout programme, the country may enter another watered down programme with details yet to be finalised.

Read more»
Personal Insolvency - Explore Your Options
by Advertorial featured in The Cork News
Image courtesy of the Cork News
Image courtesy of the Cork News

The Insolvency Service of Ireland (ISI) went live the second week of September and has started accepting applications from Personal Insolvency Practitioners (PIP) on behalf of insolvent individuals. 

The new Personal Insolvency legislation was put in place to give those in financial difficulty an alternative to bankruptcy and to allow them find a path back to solvency.  It involves the write down or restructure of secured and unsecured debt, in an organised and transparent manner.

Read more»
Crowd Funding
by Julie Murray, Audit Manager

Are you someone who has excess cash and are looking for an investment opportunity or are you a business in need of some working capital? If so crowd-funding may be the opportunity you were looking for. 

Crowd-funding is a new business investment initiative launched earlier this year by linkedfinance.com.  The basic premise of the idea is that businesses will apply for funding for amounts from €5,000 to €50,000 and as an investor you will have the choice of which business you would like to invest in and how much you wish to invest in each.  You can lend as little as €50 and earn returns of between 5% - 15% p.a. The term of each loan is three years with a fixed interest rate and repayments will be made monthly.

Read more»
Recent News
by Sarah O'Neill, Marketing Executive

Mercy Stars Event

On Friday 6th September the Mercy Hospital Foundation held the Mercy Stars event at Cork City Gaol. The Event was a new initiative developed by the Mercy Hospital Foundation, which recognised the important role played by staff, right across the hospital, in providing world class care and treatment to people from all over Munster.  Quintas were proud to sponsor the event along with Tosh Medical & Keanes.  Peggy O'Keeffe was named 'Nurse of the Year' and pictured below is Anne O'Doherty, Senior Wealth Manager at Quintas Wealth Management who presented the award to Bridie O'Sullivan, Director of Nursing who accepted the award on Peggys behalf with Nora Casey who was MC for the evening.

Quintas Announcement

Quintas is delighted to announce that Mark Ryan has been authorised by The Insolvency Service of Ireland as a Personal Insolvency Practitioner (PIP).  Marks role as a PIP strengthens further the Debt Resolution & Insolvency Department in Quintas.  For further details about Quintas Debt Resolution and Insolvency Services and how we can assist you click here.

Employment Law Seminar

Quintas hosted an employment law seminar for some of our clients recently.  David Gaffney, Solicitor with Sweeney Solicitors gave an overview of employment claim statistics and an update on recent developments in Employment Law.  If you would like to receive a copy of the slides presented at the event please contact Sarah O'Neill on 021 4641400 or email soneill@quintas.ie

Junior Certificate Congrats

Quintas would like to extend our congratulations to all the students who attended the Junior Certificate Business Studies Revision Course given by Fachtna O'Mahony earlier this year.  Well done on your excellent results.

Quintas Staff News

New Arrivals - Congratulations to Jennifer Brosnan and her husband Paul on the birth of Lexie & congratulations also to Margaret Lenihan and her husband Gary on the birth of Aoife.

A Wedding - Congratulation to Denis Healy on his recent marriage to Nicola

And an engagement - Congratulations to Amy Tobin on her engagment to Jonathan Calnan

Congrats to Hennessys Hair & Beauty

Quintas clients Hennessys Hair & Beauty won the Cork Business Association best dressed window competition in support of the Cork Team for the All-Ireland.  To view the article which appeared in the Evening Echo click here.

Quintas sponsorship of Mitchelstown Golf Club Open

Quintas Wealth Management sponsored the Michelstown Golf Club Open Singles competition which was held over the weekend of Aug 18th, 19th & 20th.  Congrats to the overall winner John Hanley from Michelstown with a score 44 points.

Press Coverage

To view all the recent press coverage which Quintas has received, please click on read more.

Quintas Blog

To view our recent blog posts, please click on read more.

Read more»
Taxation Issues for SMEs
by Abina Kenneally, Tax Partner

Business Plus Magazine recently featured a piece on 'Revenue Audit - Best Advice from the Tax Experts'

Abina Kenneally, Tax Partner at Quintas participated in this feature and the article appeared as follows:

Revenue is now pursuing single-person contractor operations nationwide.  Primarily they are looking at mileage and subsistence rates, though they are also reviewing wages to wives and children. 

Contractors need to be aware of the risks associated with this investigation and give serious consideration, following in-depth consultation with their tax advisor, to make a voluntary disclosure, if that is deemed necessary.

Read more»
Mortgages - Restructuring & Protection
by Lynda McAuliffe, Client Relationship Executive

According to the Central Banks recent Residential Mortgage Arrears and Repossessions Statistics Release, there were circa 97,000 private residential mortgage accounts for principal dwelling houses (PDH) in arrears of more than 90 days at end-June 2013. For this same time period, approximately 79,000 PDH mortgage accounts were categorised as restructured.

Restructuring arrangements include a switch to an interest-only mortgage; a reduction in the payment amount; a temporary deferral of payment; extending the term of the mortgage; and capitalising arrears amounts and related interest.

Read more»
Email Software by Newsweaver