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| John Hannaway appointed President of Chartered Accountants Ireland |
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By
Chartered Accountants Ireland
May 17, 2011 |
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Mr John Hannaway FCA has succeeded Mr Paul O’Connor FCA as President of Ireland's largest and oldest professional accountancy body, Chartered Accountants Ireland, at its AGM held in Dublin today. Mr Hannaway is a partner at PwC Belfast and becomes the 84th President of the Institute, founded in 1888.
Mr Austin Slattery FCA, Slattery & Partners, Ennis, Co Clare becomes Deputy President while Mr Brendan Lenihan FCA, Group Finance Director, O’Flynn Group becomes Vice President. Mr O'Connor assumes the position of Immediate Past President and remains on the four man Officer Group of the Institute.
Addressing the AGM, Mr Hannaway said “Repairing reputations and rebuilding confidence are essential for economic recovery”.
“Rebuilding confidence in our financial institutions and restoring a steady flow of risk capital are essential if we are to stimulate the private sector and restore national pride.
“Elections on both sides of the border now offer both jurisdictions the opportunity to deliver policies to capitalise on global recovery and stimulate exports, inward investment and the availability of risk funds to back expansion and growth.”
Mr Hannaway committed the Institute’s 20,000 members and 5,000 accounting students to a five-year plan to revitalise the profession and its clients.
“We know what we need to do and now is the time for the profession to do what it knows best.
“We must rebuild our reputation, ensure the highest levels of corporate governance for business, be fearless in leading the debate on regulation and accountability and become even more engaged with the communities we serve”, he said.
Referring to the financial crisis he said that this was not solely an Irish phenomenon, but the banking crisis still needed to be resolved.
“In the five years prior to 2008 eleven American banks collapsed, but, in 2009 alone, a staggering US 140 banks failed, with a further 139 going under in 2010.
“Around 53 percent of US banks have now failed stress tests, as compared to just 8 percent throughout the EU.
“We must fix the Irish banks; we must regulate to ensure there can never be a recurrence; and we must ensure a return to prudent lending policies that inject much needed risk finance into the economy.
“Public sector spending restraint on both sides of the border, combined with a lack of consumer confidence means that, in the short-term, the private sector will be the main driver of recovery.
“This profession is pledged to support the Irish government and the new Stormont Assembly in delivering on those elements of their Programmes for Government that will regenerate the respective economies, drive wealth and job creation and foster close and harmonious cross-border collaboration.”
Chartered Accountants Ireland
T: +353 1 637 7268
F: +353 1 668 0842
W: www.charteredaccountants.ie
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