I have to put up the latest and greatest episode of the Live Register.
It’s an excellent exploration of the Irish financial services sector and its exaggerated yet highly influencial role in the Irish economy. It talks about the Clearing House Group, Hedge Funds, tax avoidance and transfer pricing, the origins of the IFSC, light-touch regulation, ultra low tax, what happened to Depfa Bank, Brass plate companies, the reality behind the employment myth in financial services and much much more.
Guests include Shane Brett, Harry McGee and Professor Jim Stewart.
Here is Jim Stewart’s 2006 article “Financial Flows and Treasury Management Firms” which was mentioned in the interview. In the study of 41 such firms that information was available for he found that in many there was a median employment of zero.
“A treasury management subsidiary is a common feature of MNCs. Treasury Management firms are the conduits for the global movement of intra-firm financial flows by MNCs. They often form part of a complex organisational structure whose immediate parent may be located in a tax haven (Stewart, 2005). (pg3)
A database of all Irish registered companies was searched in order to identify Treasury management firms. Ultimately 41 firms with available accounting data were identified. These firms are of considerable economic interest. The median size in terms of gross assets in 2002 was $379 million, median profits in 2002 were $6.3 million ($9.6 if those reporting losses are excluded) but the median number employed was zero.(pg4)”
The Live Register is a new weekly topical discussion show, airing Tuesday nights at 9:30pm on DCTV.
View the show live on UPC channel 802, or online via Aertv
Well done to all involved.
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