The Treasurer June 2002

Fever

Mindful of the competition with the World Cup, the June edition provides a wealth of informative and practical advice and insight which can fill that gap between breakfast and kick-off. Our squad opens with Jonathan Loynes, who queries whether the (alleged) escape from recession is luck or judgement. Ian Fitzgerald examines what the underlying trends are in the corporate loans market in the light of this (alleged) recession. Mohammed Amin ensures that treasurers are not caught offside by the budget. Key players in the Bank of England’s Gilt-Edged and Money Markets team outline the inner workings of their operations and procedures in the sterling money markets.

Despite the bursting of the dot.com bubble, the internet still has a role to play at the heart of treasury, and the next two articles reflect this. David Rankin examines how the banks are developing their internet-based cash management services, while Peter Crouch acquaints treasurers with the different methods of obtaining online finance.

Captive insurance is the subject of June’s mini-feature. With this tactical equivalent of having a playmaker on the bench, Mark Downey looks at what captives offer and where the tax pitfalls lie. Simon Plumridge runs with the internet theme again, examining how web-based solutions can help management of captives. This feature links up neatly with the excellent Spotlight on Risk Management, commissioned by Andrew Grant Duff. With the treasurer as the company’s goalkeeper, we seek to look beyond the traditional parameters of risk to ensure all areas of exposure are covered. Andrew introduces the line-up on page 43.

Now for a couple of requests for assistance from the sidelines. The International Cash Management Survey for 2002 launches this month; members and readers are encouraged to take part so they can find out whether their practices are Premier League, or ‘just’ First Division – see page 42 for details. Another major project for the ACT is The Treasurer’s Handbook, which we are about to start commissioning. A questionnaire is being circulated to a small selection of readers, but if you are interested in providing us with some very useful feedback, please contact Nicola Harvey at nharvey@treasurers.co.uk.

The current economic and jobs environment seems to be having a dual effect – many treasurers are so busy that they have little time to get involved in off-the-field activity, while others may have additional time on their hands for coaching. I address my next comment to the latter in particular (once the World Cup is over, naturally). I am keen for us to be providing ever more practical advice, whether through The Treasurer, the Handbook or any of our series of publications. If you would consider writing a book, or chapter, please let me know, indicating your area of expertise. The financial rewards are not great, but think of the glory, or at least the benefit to treasury as a whole, of sharing your wisdom.

Finally, in an important development for all members and for those of us working in Ocean House, Richard Raeburn has been appointed CEO of the Association in succession to David Creed. You can read more about Richard and the selection process on page14.

MICHAEL HENIGAN
Managing Editor