Publications

Welcome to the 26th edition of MH & C Times. As we approach the end of 2009, there continues to be uncertainty as to when Ireland might begin to emerge from its economic difficulties. Evidence of stabilisation and possible recovery in the global economy is helpful, but the problems in Ireland are more deep-rooted than in most other economies. That reflects the fact that, the building boom in Ireland - both in terms of values, and, particularly, volume - was more pronounced than anywhere else.

There is no doubt that our country has been on the receiving end of significant criticism on the international stage. However, the international financial community has come, increasingly, to view Ireland in a more favourable light. This is reflected in a significant reduction in borrowing costs for the government and a slightly increased appetite to invest in Irish banking stocks. Recent indicators also suggest that the pace of decline has slowed. Furthermore, downward adjustments in prices, wages and rents leave the economy on a much better competitive footing.

Moving On

In the last edition, I reported on government policy in creating the National Asset Management Agency (NAMA). This is an important element in the government’s overall battle to stabilise the Irish economy, and, with it, the Irish property market. We believe that it will speed up the rebuilding of bank balance sheets, and help the recovery in our economy. Its strategy will also directly assist the Irish property market over both the medium, and longer terms.

MH & C’s Financial Services Department has been instrumental in advising many bank and financial institutions on the impact of NAMA. In the pages that follow, Kevin Hoy, our Head of Financial Services, explains the establishment process and the anticipated objectives of NAMA.

In addition, the international funds industry in Ireland has weathered the credit crisis, and we are fortunate to be involved in the servicing of that industry as part of our financial services offering here at Mason Hayes & Curran.

Further evidence of the laying of building blocks for are generated economy lies in the fact that Ireland continues to be the jurisdiction of choice for foreign direct investment. In recent times, the number of high-profile international corporate inversions into Ireland has underscored the confidence that many international companies place in our jurisdiction and in the way we conduct our business.

MH & C Strategy

Our emphasis on efficient and straightforward delivery of quality advice allows us to continue our strategy of growth within the legal services market in Ireland. Some of the firm’s practice groups have been adversely affected over the past year, but others have actually seen a positive impact arising from the changed conditions. Examples include Financial Services regulatory work, Investment Funds, Aviation Finance, Education and Intellectual Property. Growth has also been reported in Commercial and Public Law Litigation, as well as in contentious work in the Labour Law, Insolvency and Construction sectors.

Mason Hayes & Curran continues to attract a large and steady proportion of foreign direct investment, and overall, the firm’s activity shows solid growth, following both a calibration of practice areas, and an investment in new and expanding practice areas.

The MH & C Reach

Mason Hayes & Curran has always worked hard with clients to understand their businesses and to form close business relationships with them. This is all the more important in challenging times. As part of our efforts in this area, we have created fora for discussion, and idea-sharing, and we continue to host the regular “meet-to-motivate” series, which has been an overwhelming success.

In parallel to this project, we have commenced a ‘masterclass’ series aimed exclusively at in-house counsel. This allows in-house counsel to meet, to learn and to develop different aspects of business law. It also provides a platform for them to move outside the arena of pure law, and to bring business and law together in a professional development and networking environment, with a view to shaping and influencing the future direction of business.

Conclusion

In summary, we continue to monitor developments and opportunities in the economy and carefully manage our business, with a firm focus on sustainable and market sensitive growth.

Emer Gilvarry
Email: egilvarry@mhc.ie