• Photo of traffic lights

    SEPA: where are we now?

    It has not been an easy journey for the SEPA initiative. In truth, SEPA has been dogged by an array of disagreements, issues and confusion. And despite heavy investment from a number of large banks in many European countries, the true benefits of the payment scheme are yet to be seen. So, will the regulatory proposal for end-date implementation mean that the initiative truly gets out of the starting blocks? Also, is SEPA under threat from the Eurozone crisis?

  • Satellite orbiting the Earth

    Mobile technology: friend or foe

    Some see mobile treasury technology as a blessing which gives the modern treasurer convenience and flexibility. But the ability to undertake treasury tasks from any location is a dream to some, a nightmare to others.

  • Close up of detailed watch

    Counting the minutes

    While Basel III and other new liquidity regulations will require banks to focus on attracting longer-term deposits, post-crisis treasurers continue to prioritise liquidity over yield and as a result are taking a short-term approach to their cash. But how short is short-term? With real-time visibility over corporate cash positions becoming a reality, could treasurers have anything to gain by paying closer attention to intraday liquidity management?

  • Deep sea oil platform

    Care to speculate?

    Profit centre treasuries had their heyday in the 1990s – but treasurers have long since turned their back on this model. Or have they? While the number of profit centre treasuries has certainly dwindled, a few of them are alive and well today – and this model could even be poised for something of a comeback.

  • Track runner crossing the finish line

    How well are you doing? Benchmarking treasury

    Performance and efficiency in any aspect of treasury operations can only be reasonably evaluated when that function’s output has been measured. But in practice, how many treasurers use any form of benchmarking or system of key performance indicators? And how can they know they are measuring the right things?

  • Brass barometer pointing to change

    The challenges of cashflow forecasting

    Predicting the future is always going to be a struggle, and in reality a cashflow forecast is almost never 100% accurate – no surprise, then, that many treasurers view forecasting as one of the more problematic challenges of the job. Furthermore, when it comes to forecasting no two treasuries are alike and the differences extend to the crucial question of how accurate a forecast needs to be. However, by keeping a clear view of the objectives of the exercise and by managing subsidiaries’ reporting requirements, many of the difficulties treasurers face can be overcome.

  • Rugby players tackling

    Tackling FX risk: volatile is the new norm

    The start of the financial crisis marked an abrupt reversal in currency markets and the current volatility levels look to be here to stay. Treasurers are looking to re-evaluate their hedging strategies and in some cases are starting to revisit the types of structured product which fell out of fashion during the crisis. Meanwhile, the ways in which the largest multinationals hedge FX risk is increasingly diverging from the hedging strategies of smaller MNCs.

  • Thunder clouds and lightning over the sea

    Price hikes inevitable as Basel III looms

    The new requirements of Basel III are already forcing banks to reassess every aspect of their relationship with corporates. In core funding, trade finance and transaction services products will change and pricing will rise. It is possible that some relationships will not survive the turmoil.

  • Giant Trojan horse

    Banks bearing gifts

    A new banking tongue-twister is doing the rounds – ‘behaviouralisation’. In an effort to reconcile the needs of banks, which are focusing on longer term, stable deposits for regulatory reasons, and treasurers, who want the flexibility to move money about as and when needed, banks are encouraging desirable corporate deposit behaviour by developing products which may provide enhanced yield or other rewards for the ‘right’ deposits. Should treasurers be monitoring their own behaviour to make the most of this – or should they be wary of banks bearing gifts?

  • Photo of life buoy

    How safe are the banks?

    Although many on the world stage have begun to speak of the crisis in the past tense, there are some indicators suggesting the downturn, at least, is far from over. With efforts underway to stabilise the Irish banking sector, and with banks still failing every week in the US, it is critical for treasurers to keep vigilant when monitoring risk in the banking market and managing counterparty risk.