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EisnerAmper Ireland | Financial Services Ireland

EisnerAmper Global

Financial Services

EisnerAmper Ireland’s multi-disciplinary financial services team has a broad range of skill-sets and experience with backgrounds in the areas of banking, industry and accounting. Through our team’s understanding and experience of the financial services sector we provide audit, tax, outsourcing and advisory services to clients doing business, raising capital and investing in Ireland and Europe. We work with asset management firms, family offices, banks, insurance companies and specialty finance vehicles.

Hedge Fund & Private Equity
Hedge Fund & Private Equity

In excess of 40% of global hedge fund assets are serviced in Ireland, making it the largest hedge fund administration centre in the world and Europe’s leading hedge fund domicile.

We focus upon advising family offices, hedge funds, private equity funds and other alternative investment funds with their European capital raising and / or investment plans. We assist our clients with their set up, compliance and ongoing advisory needs. We also work closely with portfolio companies of these vehicles. With evolving and increasing regulation, we also work closely with other professional services providers (including the Big 4), providing conflict services and complimentary alternative services.

Our services to Asset Managers who domicile or service their investment funds in Ireland include:

  • Audit;
  • Financial statement preparation;
  • Performance reporting;
  • Outsourced CFO services and assistance with setting up operations in Ireland;
  • Tax compliance;
  • Investor tax reporting services including K1 and PFIC reporting;
  • FATCA reporting.

Our services to Fund Administrators include:

  • Financial statement preparation;
  • Staff secondments for ad-hoc projects; and
  • ISAE 3402 reports.
Banking
Banking

The financial crisis has changed the shape of international and Irish banking and consequently banks in Ireland continue to undergo significant deleveraging (primarily via loan book sales) and restructuring.  The Irish State also set up a “bad bank”, NAMA acquired €78 bn worth of property related loans from Irish banks. The biggest buyers of these assets continues to be US private equity.

Our banking team has worked with NAMA advising on the transfer, management and sale of these loans. We also work with Irish and International banks and private equity firms, undertaking due diligence, accounting and advisory services in relation to acquisition management and / or sale of these loans. We also currently second teams into banks to assist with their restructuring.

EisnerAmper Ireland, in joint venture with EisnerAmper LLP, was appointed in September 2014 by the Department of Finance to a panel to advise on financial matters such as the future disposal of the State’s banking sector investments and other ad hoc assignments that may arise from time to time.

Banking advisory services include:

  • Secondments;
  • Secondments to BAU functions within banks;
  • Independent business plan reviews;
  • Financial monitoring services; and
  • Loan book reviews.
  1. Financial monitoring services
  • Collation and reporting to Banks of historic actual and forecasted cash flows; and
  • Analysis and reporting of variances between historic actual cash flows and forecasted cash flows for the same period.
  1. Independent business plan review services
  • Review, analyse, evaluate and report upon high complexity borrower business plans.
  • Evaluation of assumptions underpinning business plans; corporate structure, management and security reviews; assessment of the appropriateness of financial and management information systems; review and appraisal of debt repayment strategies.
  1. Loan book review services
  • Assurance engagements over loan loss provisioning methodologies and estimations techniques.
  • Financial reporting services.
  • Secondment engagements of qualified professionals to undertake loan book reviews on behalf of credit risk departments.
Pensions Industry
Pensions Industry

The Irish pensions industry has undergone significant restructuring since the financial crisis with the sector seeing significant movement from DB schemes to DC schemes as employers endeavor to de-risk the volatility associated with DB schemes.

At EisnerAmper Ireland we assist the pensions sector with its:

  • Regulatory and compliance needs (e.g. audit and financial reporting);
  • Achieving best practice (e.g. secondments to pensions administrators, internal controls reviews, advisory); and
  • Meeting challenges in current environment (e.g. wind-up engagements, financial assessments of sponsoring employers).

EisnerAmper Ireland has been engaged on several pensions’ projects for schemes and administrators.  Team members keep up to date on industry issues though our membership of the Irish Association of Pension Funds (“IAPF”), attending IAPF conferences, writing articles on auditing and accounting matters and staying close to our clients.

Other experience includes lecturing for Chartered Accountants Ireland on the auditing and accounting for pension schemes, membership of the working party which drafted “Practice Note 15 (I): The Audit of Occupational Pension Schemes in Ireland”.

Services provided include:

  • Secondments;
  • Audit of Defined Benefit and Defined Contribution Schemes;
  • Preparation of pension accounts;
  • Preparation of Trustee Annual Reports;
  • Reporting Accountants Reports;
  • Governance reviews;
  • Systems reviews;
  • Liaison with regulators;
  • Process re-engineering; and
  • Internal audit.
Aviation Finance & Leasing
Aviation Finance & Leasing

Ireland is the world’s leading location for aviation finance and leasing activities. 9 of the world’s top 10 aircraft lessors have established Irish operations and over half of the world’s leased aircraft being leased from Ireland.  Ireland is recognised as a centre of excellence in the provision of services to the aviation finance industry.

We assist aircraft lessors acquiring, managing, and selling their portfolio of aircraft. Our clients range from smaller, niche operators to Top 10 global players, as well as the main Export Credit Agency lending banks.

Our services, which are often complimentary to those of other professional service providers (including the Big 4), are to both aircraft leasing companies and aircraft leasing SPV’s.

Audit & Advisory services include:

  • Statutory audit services;
  • Accounting advice;
  • Financial statement preparation; and
  • Secondments.

Tax services include:

  • Corporation tax compliance;
  • Advice on trading rate of corporation tax; and
  • Payroll compliance.
Structured Finance and SPV's
Structured Finance and SPV's

Ireland is a leading jurisdiction for the establishment of special purpose vehicles (“SPVs”) for structured finance transactions, particularly repackagings, securitisations, LPN structures, CLOs and CDOs, asset-backed commercial paper programmes, corporate and leverage finance structures, fund-linked structures, life settlement issues and a host of other receivables financing transactions.

Drivers of Ireland’s leading position as an SPV location are its favourable tax regime, access to double taxation agreements, “on-shore” jurisdiction, developed corporate legal system and experienced local professional and administration market.

Our clients comprise the originators and related issuers of an extensive range of structured finance transactions including securitisations, repackagings, LPNs, CDOs, CLOs and other structured products and the establishment of hedge and private equity funds.

We work with these clients to understand their European Capital Raising and investment plans including advising on set up, compliance, and ongoing advisory needs. Our clients include the world’s largest leasing operators, the structured “bad bank” finance vehicles of sovereign states, the portfolio companies of funds, and bespoke vehicles for high net worth and family offices.

Diarmaid O’Keeffe, Partner, is the Chair of the Irish Debt Securities Association’s Audit Committee and has worked in the industry since some of the first S.110 transactions in the Irish State.

Audit & Advisory services include:

  • Statutory audit services;
  • Financial reporting advice under Irish GAAP, US GAAP (in conjunction with EisnerAmper LLP) and IFRS;
  • Financial reporting training;
  • Financial statement preparation; and
  • Secondments.

Tax services include:

  • Advice on achieving qualifying Irish SPV & S.110 vehicles company status under Irish tax legislation;
  • Corporation tax compliance;
  • VAT compliance; and
  • Payroll.
Insurance / Reinsurance
Insurance / Reinsurance

The implementation of Solvency II is leading many (re)insurers to consider how they can best demonstrate the manner in which they satisfy their regulatory requirements in a cost-efficient and compliant manner.

We provide a full range of audit, regulatory, advisory and risk management services to:

  • insurers and reinsurers operating in or through Ireland;
  • insurance regulatory bodies; and
  • RegTech and FinTech product developers.

Our team’s experience and skillsets help our clients meet their needs and support them in the successful achievement of their commercial goals.

For further details, please check our Insurance / Reinsurance page.

Credit Unions
Credit Unions

Credit Unions have come through the worst of the economic storm but are still facing challenges.  As a result, significant numbers of credit unions have identified viability threats which are leading to accelerated restructuring activity in the sector.

We assist Credit Unions navigating these challenges including:

  • regulatory needs (e.g. audit, internal audit, asset reviews, risk mitigation programme plans, liaison with the CBI);
  • achieving best practice (e.g financial projections, internal controls reviews, governance reviews, advisory);
  • meeting challenges in current environment (e.g. strategy planning, mergers, due diligence); and
  • addressing market forces (e.g. via business planning services).

Our experience in this sector leverages having advised and reviewed in excess of 200 credit unions and currently working with some of the largest credit unions, auditing some of the largest credit unions in the state and working on some of the largest merger transactions.  Other experience includes lecturing for CUMA and Chartered Accountants Ireland, chairing the committee to re-write “PN27 (I) the audit of credit unions in the Republic of Ireland” and serving on advisory panels for the Deptartment of Finance, the Central Bank and ReBo.

Our directly applicable credit union experience is evidenced by the provision of the following services to the Central Bank of Ireland, ReBo and credit unions:

  • Asset reviews (loan book, investments, fixed assets);
  • Merger due diligence reviews;
  • Business case preparation;
  • Project managing transfers of engagements;
  • Review of financial projections for combined entities;
  • Suitability assessment reviews;
  • Restructuring services;
  • Governance and internal controls reviews;
  • Transaction advisory services;
  • Transfer & integration planning;
  • Regulatory compliance reviews;
  • Statutory audits;
  • Oversight roles; and
  • Internal audit.

Diarmaid O'Keeffe

Head of Financial Services Partner

Diarmaid is a Partner and Head of the Firm’s Financial Services department.

Diarmaid provides audit and assurance services to the firm’s domestic and international Financial Services clients, including aircraft leasing vehicles, mortgage backed securitisation vehicles, collateralised debt investment vehicles and pension funds.  Diarmaid also leads the provision of the Firm’s advisory services to Irish and international retail banks.

Diarmaid works with the Firm’s corporate clients on pension’s compliance, financial reporting, risk management, internal and external audit and regulatory matters.

As Partner on engagements with both the Central Bank of Ireland and the National Asset Management Agency (“NAMA”), Diarmaid has extensive experience undertaking multiple asset, governance, due diligence and business plan reviews.

Contact
6 The Courtyard Building
Carmanhall Road
Sandyford
Dublin 18, Ireland

Tel: +353 1 2933 441
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