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Treasury Hub Update - November 2020 1007.37 KB

Welcome to the second last edition of THE TREASURY HUB Banking and Treasury Markets Bulletin of 2020. While the year may be closing out, we still have the “minor” matters of Brexit and, for those in the hospitality and retail sectors, the Christmas run in. On the currency front, USD continues to hold in a EUR/USD1.1630 to EUR/USD1.1930 range. On the other hand, EUR/GBP has trended lower (strong GBP) since mid-September in the expectation that a hard Brexit will be avoided. This is expected to come to a head next week. From an investment perspective the DOW is now in positive territory for 2020 having fully recovered all of its March losses.Against a backdrop of a reluctance to borrow more to get out of this economic slowdown, the Enterprise Ireland (“EI”) Sustaining Enterprise Fund (“SEF”) has gained a lot of traction, primarily due to the inclusion of a grant element of up to €200k (or 50% of the total amount sought if this is less than €400k). One of the aspects of this process is that the relationship with your EI Development Advisor can be important. Similar to your banking relationship advisor, it may be beneficial to spend some time in 2021 with them in improving their knowledge of your business.Finally, section 5 in this month’s bulletin takes a look at Budget 2021 Considerations. Preparation of 2021 budgets should include some level of strategic business review for many companies.

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Treasury Hub Update - August 2020 884.07 KB

This is the Summer edition of THE TREASURY HUB Banking and Treasury Markets Bulletin.On the currency front, the biggest mover has been the USD which has weakened considerably over the Summer and broken out of a downward (i.e. strengthening dollar) range that existed for almost two years.From an investment perspective while all three equity indices that we track (ISEQ, FTSE and DOW) are down in the year, the DOW is close to recovering to where itwas at the start of the year. The NASDAQ has continued to power ahead to new highs with Apple now valued at $2 trillion.On the Brexit front, UK/EU talks have recommenced but no news to report as yet. October is the deadline for any deal as it would have to be approved by all EU governments individually.It is likely there could be increased corporate activity in the remainder of the year, some negative (examinerships) and some more positive (mergers/acquisitions). Brexit will have a bigger impactthan is currently forecast as it could provide opportunities as well as threats. Banking will also become more challenging in Q4 as the banks could struggle to deal with the sheer scale of the intervention required for companies and sectors that will findthemselves challenged. Where possible, businesses should continue to avail of the financial planning grants from Enterprise Ireland and LEOs.

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RBK Corporate Compliance & Governance Brochure 382.1 KB

RBK are delighted to share our new Corporate Compliance & Governance Brochure, highlighting our areas of expertise in a wide range of compliance services, which we offer to clients.

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COVID-19 SME Business Supports Matrix Tracker May 2020 212.73 KB

Applications for the Restart Grant s now open and can be made via a simple online application form on your local Council website. The grant, which is targeted at helping businesses reopen in line with the National Roadmap, will be worth between €2,000 and €10,000 to each applicable business, based on 2019 rates. The Restart Grant is one of a number of measures and supports that have been made available to SMEs.Below is our quick guide to the main supports and as ever, we are available to assist in applying for and availing of these.

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Treasury Hub Update - May 2020 966.89 KB

This is the May edition of THE TREASURY HUB Banking and Treasury Markets Bulletin. Despite the ongoing pandemic, there has been a bounce back in equity markets and a settling down of the interest rate markets following last month's volatility. EUR/GBP has also remained relatively stable for the month, however the decision on whether or not to extend the Brexit deadline date of 31 December 2020 will soon come into focus. FX volatility should therefore be accounted for in forecasts and budgets and it's management will increasingly be a key facet in the approval or otherwise of bank facilities and grant applications. So, as mentioned in last month's bulletin, poor currency management will likely cause a “triple whammy”: lower profits, higher interest costs and tighter loan terms and conditions. We continue to focus on banking in Section 5 of the bulletin.

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Treasury Hub Update - May 2020 966.89 KB

This is the May edition of THE TREASURY HUB Banking and Treasury Markets Bulletin. Despite the ongoing pandemic, there has been a bounce back in equity markets and a settling down of the interest rate markets following last month's volatility. EUR/GBP has also remained relatively stable for the month, however the decision on whether or not to extend the Brexit deadline date of 31 December 2020 will soon come into focus. FX volatility should therefore be accounted for in forecasts and budgets and it's management will increasingly be a key facet in the approval or otherwise of bank facilities and grant applications. So, as mentioned in last month's bulletin, poor currency management will likely cause a “triple whammy”: lower profits, higher interest costs and tighter loan terms and conditions. We continue to focus on banking in Section 5 of the bulletin.

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March edition of the Banking and Treasury Report 981.79 KB

The outbreak of the coronavirus continues to disrupt global supply chains and the financial markets. Unsurprisingly, the equity markets are bearing the brunt of the initial negative sentiment with the three equity indices that we track (ISEQ, FTSE and DOW) all in significant negative return territory. Bond prices are up again (as interest rates have fallen) with Irish 10-year rates now negative -0.15%, which is an all-time low. Oil prices have also fallen off a cliff. This is covered in more detail in Section 4.This month’s focus in Section 5 is a review of the Banking Market. While the banks appear to be taking a proactive and supportive approach to assisting businesses, the coronavirus is going to make credit availability tighter. We would encourage clients to act now and make contact with your bank to ensure you get the specific support you need as quickly as possible. The government has also announced a number of measures to help individuals and businesses, including an extra €200m funding through SBCI.Please get in touch with our Corporate Finance team if we can be of any assistance.

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THE TREASURY HUB UPDATE - FEBRUARY 2020 1.19 MB

We bring you the second Banking and Treasury Report of 2020 as part of THE TREASURY HUB. Brexit came back onto the agenda at the end of January as the UK officially entered into the transition period. The general election kicked into gear here in Ireland with a lot of spending promises being made, all of which appear to be predicated on an orderly exit deal for the UK…. an assumption which may yet prove to be flawed.From an investment perspective the year got off to a negative start with the three equity indices that we track (ISEQ, FTSE and DOW) all deteriorating in January and a lot of the blame being attributed to the outbreak of the coronavirus in China. EUR/GBP held around EUR/GBP0.8450, especially as the UK exited the EU but with the “hard line” opening negotiation position being taken by PM Johnson last week, we have seen GBP lose 1p against EUR in a single day and move back to EUR/GBP0.8500. We expect further GBP weakness in the weeks ahead. This month’s focus in Section 5 is on the area of Environment, Social and Governance (ESG).

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The Treasury Hub Update - January 2020 1.23 MB

We bring you the first Banking and Treasury Report of 2020 as part of THE TREASURY HUB. This report looks back at 2019 trends and looks forward at possible 2020 developments. Brexit dominated for most of 2019 while politics dictated worldwide events in general. The UK elected a new Prime Minister while the US presidential election started to gear up. Ireland will also see a new government elected in 2020.From an investment perspective it was a good year for equity investors, a bad year for bank deposits, a good year for bond investors while on the currency front EUR/GBP bounced around quite a bit but EUR/USD remained very stable again. Section 5 of this report focuses on the prospects for 2020.

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The Treasury Hub - November 2019 Report 1.28 MB

This is the November 2019 issue of the Treasury Hub report, as we continue to bring you our regular Banking and Treasury Report as part of THE TREASURY HUB.The deadline date for the UK to trigger its exit from the EU came and went. The next date is January 31st (or sooner if agreed by parliament) but with an election now called, there remains a risk that “no deal” could still arise. The EUR/GBP exchange rate has held steady around EUR/GBP0.8600, a level that broadly reflects a deal, but the risk is very much on GBP weakening again in the event of no deal.Regardless of Brexit fatigue, it will continue to dominate the business landscape in 2020. Even if the UK meets the transition exit date of January 31st, the current scheduled date for leaving the EU is December 31st 2020, with a possible 2-year extension if requested. In that regard, 2020 budgets will have to reflect this continuing uncertainty. Make sure to read section 5 which focuses on the economic outlook and how it may impact on your company budgets for 2020.

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THE TREASURY HUB - OCTOBER 2019 REPORT 1.03 MB

This is the October 2019 issue of the Treasury Hub report, as we continue to bring you our regular Banking and Treasury Report as part of THE TREASURY HUB. This week has seen the release of the UK alternative view on how Brexit may happen. A general election before Christmas is almost a racing certainty now. The EUR/GBP exchange rate continues to ebb and flow with markets views on probabilities of a hard or soft Brexit. Short-term rates are trapped in low territory and look like staying there for the foreseeable future. Worries surrounding economic growth with no inflationary pressure has led to Eurozone longer-term interest rates also easing significantly in 2019.

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The Treasury Hub - September 2019 Report 1.05 MB

This is the September 2019 issue of the Treasury Hub report, as we continue to bring you our regular Banking and Treasury Report as part of THE TREASURY HUB.As we head into autumn, the focus is firmly on Brexit and how it may play out. Over the summer, the main casualty was the EUR/GBP exchange rate. Section 5 of this month’s report focuses on Brexit. If your company hasn’t undertaken a Brexit impact assessment, then you are running out of time. Companies will commence work on their 2020 budgets soon and the backdrop to such preparation is largely negative at this point in time.

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