Latest news with #EIIS
Irish Independent
19-07-2025
- Business
- Irish Independent
Your money questions: Will my travel insurance continue to automatically renew every year?
Plus what to do about skyrocketing health insurance premiums, and whether you should scrap your pension contributions in favour of the EIIS Q My travel insurance policy is automatically renewed every year, which suits me. But is there a ban coming on this, and will it apply to all types of insurance? A Under new rules being rolled out by the Central Bank as part of its revised Consumer Protection Code, consumers will no longer have their policies for pet insurance, travel insurance, gadget insurance or dental insurance automatically renewed unless they have provided their consent in advance, said Michael Kavanagh, chief executive of the Compliance Institute.
Irish Times
03-07-2025
- Business
- Irish Times
Housing target should be revised up to 60,000 homes per year, Dublin Chamber says
A national target of 60,000 new homes per year should be set, with half of these delivered in the Greater Dublin Area to align with increased population growth and pent-up demand in the region, Dublin Chamber has urged the Government. The proposal is contained within the business lobby's pre-budget submission. Just 30,330 homes were completed during 2024, while the programme for government pledges to deliver more than 300,000 by the end of 2030. This year's target is 41,000. 'Dublin does not have sufficient housing and infrastructure to meet its current needs, and the future outlook is bleak,' Dublin Chamber said. The group also called on Minister for Finance Paschal Donohoe to increase the standard rate income tax band by a minimum of €2,100 for single earners and €4,200 for married couples. READ MORE It said this adjustment would help 'redress the lack of indexation in recent years and ensure that workers are not penalised for modest income growth that simply keeps pace with inflation'. It also called for capital gains tax on disposals of investments in unquoted, actively trading Irish companies to be cut from 33 per cent to 20 per cent. 'This measure would directly incentivise entrepreneurial risk-taking,' it said. 'It would also more effectively appeal to gain-seeking investors than existing measures such as the Employment and Investment Incentive Scheme (EIIS).' The group was also critical of the supports available to small businesses. It said Dublin's start-up ecosystem 'is faltering', and that early-stage funding has 'declined sharply' since peaks in 2021. 'Instead of attracting entrepreneurs and founders, the current system often deters them, weighed down by misaligned and bureaucratic supports,' it said. Furthermore, it called Ireland's non-residential stamp duty rate of 7.5 per cent a 'significant barrier' to commercial development across offices, logistics, and retail. 'In an already high-cost market, this rate adds a substantial upfront cost, undermines project viability, and deters both domestic and international investment,' it said. It recommended a return to the pre-2017 rate of 2 per cent to 'unlock stalled development, ease supply constraints, and support wider economic growth'. The group said businesses are 'increasingly dissatisfied and frustrated' by the lack of delivery of infrastructure by the Government. 'Many do not believe that the investments proposed under the Programme for Government will happen, given past delays,' it said. On water, it said Dublin faces a 'major crisis', and that the provision of water and wastewater in the Greater Dublin Area is 'wholly inadequate and in need of urgent review'. 'The risk of a water shortage due to necessary maintenance and remedial work is high and rising,' it said. 'The lack of water and wastewater is a direct limiting factor on the delivery of affordable accommodation across the Greater Dublin Area. 'Currently, Uisce Éireann has no mandate or increased funding to support the supply of new housing developments. This must change and Government must put in place a multiannual budget for the utility to ensure new housing developments are connected.' At present, the Greater Dublin Area is 'excessively reliant' on a single water source, with 85 per cent coming from the Liffey. The group said the Eastern and Midlands Water Supply Project is 'urgently required' to meet the needs of half of Ireland's population. 'This must be accompanied by the Greater Dublin Drainage Scheme (GDDS), as the need for wastewater facilities has risen in line with the growing population,' it said. 'The need for adequate wastewater facilities and the building of the GDDS cannot be overstated. If this facility is not built, this will have a detrimental effect on the provision of housing.'
Irish Examiner
20-06-2025
- Business
- Irish Examiner
My Job: Protecting and growing investors' money — in Cork and beyond
Name: Kevin Canning Occupation: Managing director, Quintas Capital Background: Cork-based investment firm specialising in private market opportunities for private and institutional investors. It specialises in providing bespoke private market investment opportunities tailored for private investors, family offices, and institutional investors. Remembering the most useful piece of financial counsel he ever received, Kevin Canning's response is succinct: 'The best personal financial advice I've received is simple but powerful: 'Always protect your capital.' Or, as one client once said: 'Don't lose my money.' Chasing outsized returns at the cost of potential capital loss rarely ends well,' he adds. 'Preservation of capital should always come first.' As to what general commercial counsel he lives by, Kevin says: 'From a business perspective, the best advice has been: 'Control your operating expenses'. "Revenue rarely arrives exactly when you expect it, but operating expenses always have to be paid. So ensure you leave a large buffer.' At a time when markets are roiling from the combined uncertainty around tariffs and ever-increasing global conflict, he says investor sentiment remains cautious, as it always should be. 'Making an investment, and staying the course, requires discipline and a long-term view, especially in volatile times. Public markets can be particularly challenging due to daily pricing and the emotional toll of sharp drawdowns triggered by events like policy shifts or trade tensions.' In contrast, he says private markets are less reactive and therefore easier for many investors to navigate emotionally. 'This stability is one of their key advantages, amongst many others.' As a private market investment firm — one of the few in Ireland and only in Cork — Quintas Capital offers a number of advantages compared to public markets, including potential for higher returns; lower short-term volatility, a longer-term investment horizon and significant tax planning benefits. The firm focuses on two- to five-year investments across the Employment and Incentive Investment Scheme (EIIS), private equity and private credit, with a strong emphasis on tax-efficient strategies. "Private investing is deeply local in nature. A strong understanding of local markets and communities is essential, which is why it's important we foster more homegrown Irish private market firms, rather than depending heavily on international capital." Quintas Capital sees Cork as a very attractive market for investment, especially with the ambitious development plans set for the next two decades. The Marina development, for example, has great potential. Through our EIIS fund, we're currently investing in several social infrastructure projects including state-of-the-art creches opening in Midleton and Douglas this summer, and a new sports facility in the Marina due to launch later this year. While Cork is a major focus, the firm's investment strategy also extends across Ireland, the UK, and the UAE. 'That said, we're especially proud to be championing Cork as a thriving hub for private investment outside of Dublin.' As to whether private companies have an advantage in adapting more effectively than their public peers, he says rather than comparing the abilities of individual companies, the more important investment discussion is around the contrast between active management in public versus private markets. 'In public markets, traditional active management is fading. Most investors now favour lower-cost Exchange Traded Fund's and no longer rely on expensive stockbrokers. "But in private markets, a trusted investment manager is essential. It's incredibly difficult to navigate private investments alone unless you have a full family office infrastructure. Today's top-tier wealth managers offer far more than just stock-picking, they provide integrated advice across tax planning, estate structuring, budgeting, and crucially, access to high-quality private market opportunities. That's where firms like Quintas Capital come in.' Legendary investor Warren Buffett once advised potential stock market speculators: 'Be fearful when others are greedy and greedy when others are fearful.' Kevin Canning adds investing is as much about temperament as it is about technical knowledge. 'Emotional discipline is critical, especially in public markets, where constant news flow and pricing updates can lead to reactive decisions.' "In private markets, where investments are typically longer-term and less volatile day-to-day, there is more space for rational decision-making. But in either case, successful investing requires patience, a long-term view, and the ability to stay calm when markets are anything but. The Employment Investment Incentive Scheme is the bedrock of what they do at Quintas Capital, he explains. 'We currently invest over €10m annually through EIIS, and that figure is rising steadily. What makes our approach different is that we focus on social infrastructure — projects like solar energy, childcare centres, sports facilities, and hotels. These not only offer compelling returns and 50% tax relief upfront for investors, but they also provide real community impact. In the main, I believe anyone earning over €100,000 annually should be exploring EIIS. "Yet current participation rates are far too low — just €50m to 60m is invested in the scheme each year. That number should be closer to €100m, and we really believe we can make that happen.' The fact significant amounts of money remain in bank deposit accounts earning next to nothing is a complex topic best looked at through the prism of banking fundamentals. 'Banks operate by taking depositors' money and lending it out to borrowers, with their profit in the margin between what they pay depositors and what they earn from loans. However, depositors are indirectly exposed to the risk profile of the bank's lending decisions and in the event of a failure, any deposits over €100,000 may not be protected.' A growing alternative, both in Ireland and globally, is private credit. 'This essentially bypasses the bank, allowing investors to lend directly to borrowers such as real estate developers or SMEs. Investors can potentially earn returns in the region of 8%-15% per annum, without exposure to the banking system. At Quintas Capital, this area is growing rapidly. We originate capital for these deals from high-net-worth individuals and family offices — some of whom operate private credit as a core part of their business model.' Despite the ongoing global geo-political turbulence, Kevin remains very optimistic about Ireland's economic outlook overall, and particularly for Cork. 'While there are valid concerns about our reliance on US multinationals, global supply chains can't shift overnight, and Ireland remains a strategic location. Our sovereign wealth fund, the Ireland Strategic Investment Fund, continues to grow and play a vital role in long-term national development.' It is essential investment continues in critical infrastructure projects like the Cork Docklands regeneration and the proposed Cork Luas. 'Supporting homegrown investment firms is also crucial — no one cares more about Ireland's long-term success than Irish-owned businesses rooted in the local economy.' Read More My Job: Paul Sheridan on 25 years of the Tour de Munster
Irish Examiner
28-05-2025
- Business
- Irish Examiner
LYQD Cask Exchange: A platform geared to support the rise in Irish whiskey
Whiskey has become a big business in recent years, and James Jardella intends making it more accessible and transparent for investors. Along with his partner Ernest Cantillon, their LYQD Cask Exchange platform is designed to open up an industry steeped in tradition, created to capitalise on the boom in Irish whiskey over recent years and the dozens of new distilleries now operating across the country. 'As it stands today, there isn't a single centralised exchange for cask whiskey anywhere in the world,' Chief Executive Jardella explains. 'This restricts liquidity, limits the flow of capital into the industry and reduces the potential returns for cask owners through a lack of pricing transparency. Our aim is to change that,' he says. The startup has already raised €1.2m in seed capital to secure its launch later this year, leaving €250,000 still available to investors in the current funding round. This is a limited-time opportunity to invest in LYQD at the maximum 50% Employment Incentive Investment Scheme (EIIS) tax relief rate in Ireland. KPMG found that whiskey is the most popular form of luxury asset, ahead of art, jewellery and wine. Backed by Enterprise Ireland's High-Potential Start-Up (HPSU) programme after an exhaustive investigative process, LYQD Cask Exchange will operate as a secure and transparent platform for trading Irish whiskey casks and bulk. 'The initial response from investors has been extremely supportive and I'm really impressed by the eco-system in Ireland that surrounds new businesses,' Jardella said. 'Irish whiskey has seen strong growth over the past decade, but the traditional cask and bulk whiskey market remains fragmented and complex. This funding milestone will enable us to bring a much-needed solution to the market.' Investing in an asset primed for growth cask Whiskey is a valued asset, with an estimated 44 million casks worth €79 billion currently stored for ageing worldwide. Historically cask whiskey has been shown to appreciate in value at 12% to 18% per year with the potential for inflation beating returns making it an increasingly popular alternative asset. 'Cask whiskey, unlike other assets, typically appreciates over time rather than depreciates the longer the whiskey spends in a cask, the rarer it becomes and it's flavour profile is enhanced,' Jardella explains. 'The LYQD Cask Exchange marries an age-old asset with modern technology to improve outcomes for people who are trading whiskey, be they distilleries, wholesalers or individual cask owners and investors.' KPMG recently surveyed hundreds of high-net-worth individuals and investment advisers to discern attitudes and knowledge of whiskey as an investment class. It found that whiskey is the most popular form of luxury asset, ahead of art, jewellery and wine with 27% of respondents indicating that they are planning to invest in whiskey within the next 3 years. Historically cask whiskey has been shown to appreciate in value at 12% to 18% per year. The volume of global sales of Irish whiskey increased by 100% from 2014 to 2024, making it the fastest growing spirits category in the world. This growth is driven by a confluence of trends, including young adult drinking habits, the growth of the middle class in developing countries, and renewed investment in Irish production. An appreciating asset guided by trust & transparency The funding of the LYQD Cask Exchange comes from a variety of mainly Irish sources, including private investors, Enterprise Ireland and a prominent family investment office. The imminent launch of the platform is significant given the potential reintroduction of US tariffs on European alcohol, with Irish distilleries facing renewed uncertainty around exports exploring new ways to reach consumers and maintain production levels. 'For investors, this could present attractive opportunities to enter the whiskey market at favourable valuations.' At the same time, a recent BBC Disclosure programme into the mis-selling of Scotch whisky casks has put a spotlight on the need for greater transparency in alternative asset trading. While similar issues have not been reported in the Irish market, LYQD's platform will allow only authenticated casks be listed thus ensuring safer and more reliable transactions. 'LYQD will make transactions smoother, safer, and more accessible for all stakeholders.' The platform has been further bolstered by the arrival to the team of investor and advisor Tim Murphy, former MD of BNY and CFO of Waystone. In addition, Ronan McDonnell, experienced CTO leads the area of technology innovation to LYQD. All of which boosts the firm's credentials for investors. Trust is a key driver underpinning the LYQD Cask Exchange. The ability to trade safely requires verification to ensure all people on the platform have gone through the necessary checks and balances. 'Trust as a business is earned through transparency by showing origin, pricing, and ownership history. That is how we plan to build trust and through good user experience over time.' Artificial Intelligence will also play a role in the platform navigating data to help investors learn about whiskey and understand the price position of an asset at any given moment. 'AI should be able to help with decision making, not replace it,' Jardella explains. 'We're already on our AI journey but it will need to be able to deliver value for people before it becomes a core functionality.' As LYQD Cask Exchange embarks on its mission to democratise the whiskey market, James Jardella remains focused on bringing investors the opportunity for growth in an asset whose value increases with age. 'Whiskey is valued for rarity and taste - a tangible asset for people to invest in. People like investments they can relate to, and whiskey is ripe for that.'
Irish Examiner
23-05-2025
- Business
- Irish Examiner
Black Emerald: Bringing Irish Whiskey to a new generation
Simon Zebo always had an unerring eye for a spectacular score. Back in his high-flying rugby career with Munster and Ireland, his split-second timing and quicksilver speed ensured his iconic status as a legend of the game. Having finally hung up his boots in 2024, the ever-enthusiastic Simon has quickly found a new field of dreams for his talents as the face of Black Emerald Whiskey on its journey to conquer the world. Initially targeting the fastest-growing international Irish whiskey markets of Nigeria and South Africa, Black Emerald is bringing Simon back to many of the same territories he visited as a player. 'This is an amazing time for me to be involved with Black Emerald and going back to places like South Africa, where I have such great memories of my rugby days. It feels very right to be going full circle, and this time as part of the team behind such a tremendous Irish product. It's partly a trip down memory lane from my playing career, and also opening a new chapter in helping to bring a new story of Irish whiskey to the world.' The connection between Black Emerald and rugby will also be enhanced in 2025 with plans to launch in Australia during the upcoming Lions tour, as well as making its debut in Chicago this November when Ireland play the All Blacks at Soldier Field the stadium where history was made when the boys in green beat the Kiwis for the first time in 2016. As Simon looks to his new career horizon, the connection to his beloved rugby will never be far away especially with the addition of an old comrade in arms now added to the Black Emerald board. Simon's former Munster and Ireland rugby player, Denis Hurley, is now a member of the whiskey team, joining as Commercial Director. He brings extended experience in the spirits industry already, in particular with West Cork Distillery. 'To have somebody like Denis as part of Black Emerald is just magic. He is a guy I have so many great sporting memories with. We have played together going back to my Cork Con days. He was always fully committed in every game that he played with Munster and Ireland and will no doubt bring that same dedication to this enterprise. Denis has such an extensive knowledge of the industry into the bargain, it really adds to the enjoyment and buzz off being on this business journey we are together on.' Simon Zebo, Ernest Cantillon, and Finian Sedgwick, founders of Black Emerald are inviting investors to join them. Picture: Taylor Siggins O'Brien An opportunity to invest in future growth Black Emerald Irish Whiskey is currently raising funds through the Employment Investment Incentive Scheme (EIIS) offering investors a unique opportunity to be a part of the future of Irish Whiskey and to benefit from 50% tax relief on their investment. 'It really is a great opportunity for investors, and Black Emerald has been developed over the past number of years with exactly that in mind. We have had great support already on the investment side, and this current investment round is a chance to be part of the EIIS scheme looks to be similarly well supported.' The coming months will see Black Emerald launch on the world stage with close connections to a number of major rugby games. 'The next six months will be huge for Black Emerald, and are a real incentive for EIIS investors to join us on this journey.' Irish whiskey has experienced extraordinary growth over the past two decades, transitioning to becoming one of the fastest-growing spirit categories globally. Between 2000 and 2023, the number of operational distilleries in Ireland increased tenfold from just four to over 40. Spirit production in Ireland is projected to grow significantly, with an expected increase of 35% by 2028. 'South Africa is the fifth biggest market for Irish whiskey, and Nigeria just went into the top ten last year. These countries are no longer fringe markets, they are now places whose consumers know what they want. Nigeria is the fastest growing market for Irish whiskey, bar none, and joins South Africa in showing tremendous opportunity for a product like ours.' Nigeria will be one of the most populous countries in the world by 2050, and with an emerging middle class. The stars have aligned for Black Emerald and rugby in 2025 Simon notes that Black Emerald is the result of careful planning and expertise at all points of its development particularly for the growing new generation of Irish whiskey drinkers. 'Black Emerald an exciting new Irish Whiskey for a modern generation and getting that message out there will be helped hugely in how well our launches go over the coming months. It is very much like the stars have aligned with our launch in Australia during the upcoming Lions tour - and will be my first time going there since I played on the last Lions tour to Australia.' Simon Zebo has always brought the full weight of his ambition and dedication to every enterprise. Picture: Dan Linehan A similar launch is planned for South Africa in September - another nation with strong rugby connections to Ireland. Capping off what promises to be a hugely successful 2025 will be the November launch in Chicago, coinciding with the Ireland v All Blacks game. 'That match will really attract all the eyes of the rugby world given the incredible memories of 2016 when we beat the All Blacks for the first time. The buzz around that game is already huge, and having the Black Emerald launch be part of all that excitement is a master stroke.' Simon Zebo has always brought the full weight of his ambition and dedication to every enterprise he's been involved with from Munster and Ireland on the sporting field, and now as a key part of the Black Emerald team. 'Being part of Black Emerald feels to me like moving from one hugely motivated rugby team to another dynamic business team that is just as dedicated to success. I'm really enjoying my role in Black Emerald and feel very much at home in this new phase of my career.' For more information visit Black Emerald.
