The 13th conference, which took place in London in February 2013, attracted more than 240 delegates from 15 countries across Europe and beyond. Treasurers came from far and wide to network and share best practice with peers and to learn from the expert speakers who took to the podium over the two-day event to deliver a series of insightful case studies, panel discussions and workshops.
I often describe treasury as the ‘heart of a company’ and companies themselves are increasingly coming round to this point of view. They rely on treasurers to ensure liquidity, manage cash as efficiently as possible and source diverse and cost-effective funding options. Given the macroeconomic challenges we face and the constraints of the low interest-rate environment, this can be a heavy burden. In addition, treasurers must navigate an ever-changing regulatory landscape and continually assess its impact on their businesses.
Fortunately, treasurers are resilient and they are largely undeterred by the pressures put upon them and the obstacles that lie in their paths. Instead, they are constantly looking to the future, trying to find ways to improve, invigorate and innovate. As their long-standing partner and service provider, we enjoy a privileged glimpse into their world. We learn from them and they learn from us.
At this year’s conference, Jeremy Warner, assistant editor of The Daily Telegraph, made the opening keynote address on the topic of growth. “Pent-up demand is sitting there, waiting on corporate balance sheets to be put into action,” he said.
Indeed, companies have saved vast sums of money over the past few years. The US Federal Reserve put the figure sitting on US companies’ balance sheets at $1.73 trillion as at 30 September 2012. EU corporate cash was €1.93 trillion at 30 June 2012, according to the European Central Bank, with UK companies sitting on some £690bn. There is growing expectation among politicians and the public that companies will soon start to spend, generating economic growth in the process.
Whether this happens in practice remains to be seen, since economic uncertainty and concerns over access to credit mean that companies are using their cash as an insurance buffer. In the meantime, treasurers have a lot of money to manage.It is my great pleasure to welcome you to this review of the ACT’s 2013 cash management conference. I hope that the stories of best practice that you read will help and inspire you in your work.
Maurice Cleaves
Global co-head of product, corporate banking, Barclays
