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Summer Newsletter June 2023
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Introduction
by Paul O'Connell
Dear Reader
Welcome to the Summer edition of our newsletter. I hope you have enjoyed the recent fine weather and that you are looking forward to taking some well-deserved time off over the coming months.
We have had a very exciting time since our last newsletter and one of the main highlights was the announcement of our colleague Julianne Sullivan’s promotion to Partner. Juls was appointed as the firm's Audit Director after joining Quintas from Deloitte in 2021. She previously worked within the accounting industry for over 20 years across sectors including the transport industry, food and agriculture, retail, technology, pharma, construction, and real estate. We wish Juls all the best in her new role and we look forward to continuing to work alongside her in the future.
We have a number of very interesting and topical articles from our expert team here in Quintas, which include:
- Brendan Moran looks at how the funding market has been impacted by inflation and interest rate increases,
- Aisling Keating provides us with the first in a series of scheduled updates on property related taxes, focusing in this edition on Residential Zoned Land Tax (RZLT) which comes into effect from 2024,
- Anne O’Doherty highlights the benefits of the recent changes to the PRSA rules
- Mark Ryan discusses the ECB rate hikes and his concerns on the increase in home mortgage arrears
We also provide an update on other items we have been involved with over the past few months including some charitable initiatives and being short-listed for Irish Accountancy Awards 2023.
As always if there is anything that you need at any stage please contact any member of our team at Quintas.
Regards
Paul O’Connell
Managing Partner Quintas
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Quintas appoints Julianne O'Sullivan as a partner
by Julianne O'Sullivan
We are delighted to share that Julianne Sullivan has been appointed as a partner in Quintas.
Juls joined our team as Audit Director in 2021, and during that time she worked to further expand our audit services while working in partnership with our valued clients. This appointment is a testament to her hard work and dedication and she will be an asset to our leadership team here at Quintas.
We wish Juls all the best in her new role and look forward to continuing to work alongside her in the future. Read more: https://lnkd.in/gi-Yr6z9
Read more »
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Impact on Funding due to Inflation and Interest Rates
by Brendan Moran
The outlook for Irish companies seeking capital, in particular in the technology sector, has changed dramatically in recent months. A high inflation global economy being combated by increasing interest rates has led to venture capital being more selective and cautious in deployment with many now shifting to a focus on pathways to profit rather than growth and scaling.
Read more »
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ECB Rates - Concerns as Home Loan Arrears Increase
by Mark Ryan
ECB – Continued Interest Rate Hikes
The European Central Bank has increased interest rates for the eighth time since last summer with no indication that there won’t be further rises in the coming months. The 0.25 % rise will add €300 a year to the cost of repaying a €200,000 tracker mortgage. We have seen a historic increase in tracker rates which have jumped by 3.75 percentage points in less than a year.
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THE COMING OF AGE FOR PRSA’s
by Anne O'Doherty
PRSA’s are growing in popularity having had a very low uptake when they were initially introduced. Our Head of Life & Pensions, Anne O’Doherty looks at this current trend, the drivers behind it and why there is a coming of age for PRSAs.
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Updates
by Quintas
We raffled off the signed jersey from the 2023 Cork Senior Hurling team with Quintas Wealth Management in honour of our charity partners, EdelHouse and Good Shepherd Cork to raise vital funds that will go towards their services. We exceeded our initial fundraising target and raised €1,370. We know the impact that the funds raised will have on Edel House, and we look forward to continuing fundraising for them throughout the year.
We were delighted to have been shortlisted in the Irish Accountancy Awards 2023 for two categories 'Medium Practice of the Year' and 'Employer of the Year'. Although it was not to be our night, we are incredibly proud of our Quintas team for these nominations.
Edel Walsh recently presented an Academic Success Workshop to our graduates and placement students. In the session, Edel coached and mentored those in attendance in relation to exam preparation, undertaking exams and how to practise well-being while studying for exams. The workshop was incredibly helpful for our trainees and placement students and will undoubtedly be valuable to them as they begin their exam preparations.
Dave O'Brien of Quintas together with other members of the Cork Business Association recently had the opportunity to meet with Michael McGrath Minister for Finance to discuss the current business environment that their members are trading in and to share some valuable 'on the ground' insights from small and medium businesses across different sectors.
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