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Bank of Ireland UCC survey of Irish technology sector

Bank of Ireland UCC survey of Irish technology sector | FSIC Irish Banking and Regulation News | Scoop.it

 15 September 2014

 Bank of Ireland UCC survey of Irish technology sector reveals

58% of companies experienced growth in revenue in the last 12 months

Survey conducted to establish the indigenous technology sector’s market approach and banking needsOf those who sought financing over the past 12 months, 38% sought bank financing, 25% sought financing through venture capital, while 38% sought bothMarket analysis and pricing can be a challenge for technology companies

Issued 15 September, 2014.  Bank of Ireland today announced details of a survey conducted on the indigenous technology industry.  The in-depth phone survey, which was conducted on behalf of the bank by the Financial Services Innovation Centre (FSIC) at UCC, covered 142 Irish technology companies. The survey looked at how technology companies evaluated their markets and price their products and services.  98% of the survey companies are classified as SMEs with over half of respondents employing between 5 and 20 employees.  35% of the companies surveyed had turnover of €1m+, and over 75% of the sample had over €100k in turnover per annum.

The research reveals a sector that continues to grow revenues with 58% of respondents reporting growth in the past 12 months. When asked to identify growth opportunities in the next two years, 17% said moving to a mobile platform would provide additional opportunities, 15% cited data analytics and 14% said increased device and sensor connectedness would present the opportunities for growth.

When asked what banks could do to better support the sector, respondents wanted greater supports for early stage companies and improvement in online platforms.  Respondents also said they would like to see banks demonstrating more understanding of the sector, and using the services of more indigenous technology providers.

After cash flow (24%), the competitive landscape and pricing policy were highlighted as two key challenges facing the industry. When asked about analysing their market, over 50% highlighted the lack of availability and the cost of accurate market data. As a direct response, the Bank is partnering with the Irish Software Association to sponsor a number of companies to attend a work shop on strategic pricing in November.

Paul Sweetman, Director of the Irish Software Association commented:  “We welcome Bank of Ireland’s support for the sector by enabling companies to learn about best practice in pricing and also through their sponsorship of the ISA awards”.

Speaking about the survey, Mark Cunningham, Director of Business Banking Bank of Ireland, said “We welcome the insights this survey has given us into the Irish indigenous technology sector, one of the strongest growth sectors of the Irish economy. Bank of Ireland has always been a strong supporter of the sector, committing €150 million in equity across 150 companies through our funds with Delta Partners, Kernel Capital and the BDO Development Capital Fund. In addition, we are banking partner for some of Ireland’s leading technology companies including Openet, Escher and Fineos.  We have recruited external industry expertise and have the benefit of a leading global technology research house to further enhance our capabilities in this sector.

“We have experienced a c. 50% increase in applications for working capital and development finance over the past twelve months, broadly reflecting the revenue growth from this important sector.  We continue to make significant investments in our digital channels with work already underway to enhance the functionality of our Business on Line platform, details of which we will communicate with our on-line users as they are developed. Furthermore, our innovation and product teams are evaluating a number of proposals and technologies from early stage Irish technology companies with a view to adoption”, concluded Mark Cunningham.   

Other Key Findings from the survey include:-

Only 11% of respondents experienced a decrease in revenueThe cost of running technology companies is decliningThe most commonly used banking product is a business credit cardThe cost of doing business in Ireland was cited by 13% as the biggest challenge facing themProduct features identified as the most significant source of competitive advantage but references also feature highlyThere is no industry consensus around pricing strategy with most basing pricing on competitors offeringOver 72% use a direct route to market

 

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Revenue Growth For Irish Tech Firms

Over half (58%) of Irish tech companies experienced revenue growth in the last 12 months, according to a new survey of the sector. The Bank of Ireland UCC survey of the Irish technology sector was conducted on behalf of the bank by the Financial Services Innovation Centre (FSIC) at UCC and covered 142 Irish technology companies.
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Central Bank finds major problems with stockbrokers

Central Bank finds major problems with stockbrokers | FSIC Irish Banking and Regulation News | Scoop.it
A WORRYING Central Bank report has found major problems in the country's stockbroking industry.
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Ireland: Eighth Review Under the Extended Arrangement; Staff Report; Staff Supplements; and Press Release on the Executive Board discussion

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Matthew Elderfield: Effective enforcement - encouraging compliance and good practice

Matthew Elderfield: Effective enforcement – encouraging compliance and
good practice
Opening remarks by Mr Matthew Elderfield, Deputy Governor of the Central Bank of Ireland,  to the Central Bank Enforcement Conference, Dublin, 11 December 2012.

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BUSINESS WORLD - CB: Get tough on white collar crime

BUSINESS WORLD - CB: Get tough on white collar crime | FSIC Irish Banking and Regulation News | Scoop.it
Business World live business news, business databases and marketing lists from Ireland plus Irish companies information
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100 new jobs as Deutsche Börse subsidiary Clearstream rolls into Dublin

100 new jobs as Deutsche Börse subsidiary Clearstream rolls into Dublin | FSIC Irish Banking and Regulation News | Scoop.it

"Financial services technology platform player Clearstream, which manages more than 100,000 investment funds and processes 7m settlements on its Vestima platform, is to create 100 new jobs in Dublin. Financial services technology platform player Clearstream, which manages more than 100,000 investment funds and processes 7m settlements on its Vestima platform, is to create 100 new jobs in Dublin.

 

Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 52 domestic markets worldwide. The company, a subsidiary of Deutsche Börse AG, has already filled 15 positions.

 

The company, a subsidiary of Deutsche Börse AG, has already filled 15 positions."

 

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Bruton says work is under way to create an IT visa for Ireland

Bruton says work is under way to create an IT visa for Ireland | FSIC Irish Banking and Regulation News | Scoop.it

Work is under way between the Department of Justice and the Department of Jobs, Enterprise and Innovation to develop an IT visa for Ireland that meets the needs of indigenous and multinational employers who are seeking highly skilled workers from overseas, in the global race for the best talent.

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Elderfield cautious over EU banking union

Elderfield cautious over EU banking union | FSIC Irish Banking and Regulation News | Scoop.it
Deputy governor of the Central Bank of Ireland, Matthew Elderfield, has said that banking union must not be allowed to undermine the European Union's single market in financial services.
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Elderfield: Banking authority progress will ease bailout exit | Irish Examiner

Elderfield: Banking authority progress will ease bailout exit | Irish Examiner | FSIC Irish Banking and Regulation News | Scoop.it
Financial regulator Matthew Elderfield has said that progress made on the establishment of the European Banking Authority — the single supervisory body devised at June’s European Summit — should boost confidence in Ireland as it prepares to exit...
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DJ Irish Banks Face Significant Challenges - Central Bank Deputy

Commodity futures news: DJ Irish Banks Face Significant Challenges - Central Bank Deputy, updated 2012-10-19 10:55:25.

 

CORK, Ireland--Ireland's banking industry faces "significant challenges" despite having received billions of euros from the government in recent years, Irish central bank deputy head Matthew Elderfield said Friday.

 

He cited a host of issues, including "problem" home and business loans and capital needs.

Irish lenders are adequately capitalized "for the immediate future" but must build up their buffers to comply with new European standards, Mr. Elderfield said in a speech at University College Cork.

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Banking’s ‘corrosive culture’ must end | Irish Examiner

The corrosive culture that pervades the Irish banking sector must be eliminated, the deputy governor of the Central Bank Matthew Elderfield declared yesterday in a key address at UCC.  Banking’s ‘corrosive culture’ must end

By Conor Keane, Business Editor

SATURDAY, OCTOBER 20, 2012

The corrosive culture that pervades the Irish banking sector must be eliminated, the deputy governor of the Central Bank Matthew Elderfield declared yesterday in a key address at UCC.

Mr Elderfield said that while most of the challenges facing the banking sector were financial in nature, there was one that was not but was nevertheless absolutely essential. 

"We need to see a substantial, deeply rooted and sustained change in the culture that operates within the Irish banking system," he told the Association of Compliance Officers in Ireland. 

"Cultural change is evidently a complicated, laborious and time-consuming process and will need to touch on a number of dimensions, but at its essence we need to see a fundamental shift in attitudes to risk management and the treatment of consumers. The financial crisis exposed a corrosive influence at the heart of the way the Irish banks were run and that has had to be decisively tackled." 

He said a new fitness and probity regime was now in place to more rigorously police those who worked in the financial services sector. 

"Some 71 of the 73 executive and non-executive directors who were in place at the time of the guarantee have now or will shortly depart the system."

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14pc of Irish software companies plan to embrace Internet of Things

14pc of Irish software companies plan to embrace Internet of Things | FSIC Irish Banking and Regulation News | Scoop.it
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Elderfield warns against diluting regulation

Elderfield warns against diluting regulation | FSIC Irish Banking and Regulation News | Scoop.it
The outgoing Financial Regulator Matthew Elderfield has delivered a strong defence of the cost of regulation and warned of the dangers of watering down supervision.
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Fitter yet fragile, the Economist casts a beady eye on the Irish economy

Fitter yet fragile, the Economist casts a beady eye on the Irish economy | FSIC Irish Banking and Regulation News | Scoop.it

If 2012 was the year when a sense of calm returned to euro-zone financial markets, 2013 will be when Europe needs to show that a bailed-out country could finance itself again. Hence the hopes invested in Ireland, which entered its rescue programme in 2010 and is scheduled to make a full return to the bond markets at the end of 2013.

 


Via CELTAR Adviser
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Europe Got Its Christmas Present - a Single Supervisory Mechanism for Banks

Europe Got Its Christmas Present - a Single Supervisory Mechanism for Banks | FSIC Irish Banking and Regulation News | Scoop.it
After more than 14 hours of negotiations and a 50/50 chance an agreement to be reached in the very last moment before an important and final for this year EU summit on December 13-14, the ministers of finance of the Union have succeeded, although...
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Regulator tells banks to act over SME loans

Regulator tells banks to act over SME loans | FSIC Irish Banking and Regulation News | Scoop.it
BANKS MUST face up to the issue of restructuring rather than just deferring problem SME loans, the deputy governor of the Central Bank said yesterday.
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Call for financial crime law review

Call for financial crime law review | FSIC Irish Banking and Regulation News | Scoop.it
Central Bank deputy governor Matthew Elderfield has called for a re-evaluation of Irish financial crime laws, saying delays in prosecuting those involved in the collapse of the banks were undermining public confidence.
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€1m IBEC and Ericsson conversion programme guarantees jobs for 40 graduates

€1m IBEC and Ericsson conversion programme guarantees jobs for 40 graduates | FSIC Irish Banking and Regulation News | Scoop.it

Forty graduates have been guaranteed jobs for two years at Ericsson after completing a conversion course that gave them skills to be relevant in the tech sector.


Around 100 more are starting for the year 2012/13 and there is demand for spaces for the following year.


IBEC-based ICT Ireland today revealed that a €1m Skillnet investment made jointly with Ericsson to fund the master's degree in applied software technology (MAST) at Dublin Institute of Technology (DIT) and Athlone Institute of Technology (AIT) has resulted in 40 graduates completing its first year, guaranteeing them two years of employment at Ericsson.

 

 

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Matthew Elderfield Bloomberg Address : Micro-Macro Schizophrenia: Banking Union and the European Capital Dilemma

Address by Matthew Elderfield, Deputy Governor, Central Bank of Ireland and Alternate Chairman, European Banking Authority, to Bloomberg, London, 26 November 2012
Micro-Macro Schizophrenia: Banking Union and the European Capital Dilemma

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Mathew Elderfield issues warning over EU banking union

Mathew Elderfield issues warning over EU banking union | FSIC Irish Banking and Regulation News | Scoop.it
The Deputy Governor of the Central Bank of Ireland also said the concerns of the UK and other countries outside the eurozone should be addressed.
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Matthew Elderfield voices rare criticism of the European Central Bank

THE Deputy Governor of the Central Bank has voiced rare criticism of the European Central Bank, saying an over centralised, rigid model of new European banking supervision could damage the single market and banking in countries including Ireland.
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Matthew Elderfield, Deputy Governor Central Bank of Ireland to Association of Compliance Officers in Ireland

Text of Speech by Matthew Elderfield, Deputy Governor Central Bank of Ireland to Association of Compliance Officers in Ireland, UCC 19 October 2012

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