Latest news with #Mazars
Irish Times
09-07-2025
- Business
- Irish Times
Is the Help to Buy scheme fit for purpose or should it be abolished?
Help to Buy is marketed as a scheme that assists first-time buyers to bridge the gap between their savings and the 10 per cent deposit required by Central Bank mortgage rules. It has survived for almost a decade despite widespread criticism by experts, and its continued existence reflects the power of Ireland's construction lobby and the political cynicism around housing. The first criticism of Help to Buy is that it has become a money pit. Initially conceived as a modest scheme that would cost €130 million over its 2016 to 2019 lifetime, Help to Buy has been extended multiple times, and will now remain in place until at least 2029. It has gained weight since its introduction, with the maximum subsidy rising from €20,000 (or 5 per cent of the home purchase price) to €30,000 (or 10 per cent of purchase price). Consequently Help to Buy has become much more expensive than originally envisaged; Claims amounted to €225.5 million last year , and the cumulative sum of claims approved has reached almost €1.3 billion . This might be palatable if Help to Buy was well designed and working effectively. However reports by the Parliamentary Budget Office (PBO) ( 2019 and 2022 ), Mazars and the Central Bank give rise to many concerns. Evaluations highlight that the scheme carries considerable 'economic deadweight'. According to the PBO a third of recipients did not need Help to Buy to achieve their 10 per cent deposits. Meanwhile Mazars , which was commissioned by the Department of Finance to review the scheme, found almost half of the funds spent played no part in achieving its objectives. READ MORE A further critique is that Help to Buy is socially regressive. Both Mazars and the Central Bank found that it mainly benefits richer households. This is not surprising as higher incomes are almost a prerequisite for considering home purchase in Ireland. However the Central Bank's analysis showed that the average income of Help to Buy households was €15,500 greater than that of other first-time buyers. Help to Buy also funds more expensive homes. The PBO established that 63 per cent of claims relate to properties whose prices exceed the national average. Meanwhile the Central Bank found that Help to Buy properties were €62,800 more expensive than those purchased by other first-time buyers. Reinforcing the perception that this scheme finances luxury rather than supporting necessity, the Central Bank noted that homes bought using Help to Buy were also bigger. Mazars, the consultant employed to evaluate Help to Buy, found it unfit for purpose and recommended its withdrawal in 2024. Instead the Government doubled down and extended it for five years Despite these problems, successive governments have persevered with Help to Buy. This is because it stimulates home building. Indeed, the words of then minister for finance Michael Noonan when he announced the scheme reveal that this is its real purpose; 'There is an acute shortage of new houses being built in Ireland and I am introducing a Help to Buy scheme to address this problem.' Unfortunately, the way in which Help to Buy achieves increased supply exacerbates rather than mitigates our housing problems. People believe and have been led to believe that increasing housing output will automatically bring down house prices and rents. But this is not necessarily so. Construction activity follows the profit margins that are available, and the outcome for consumers depends on whether these margins are driven by low costs or high selling prices. With a low cost base, developers can earn a profit while delivering homes at an affordable price. However the policies required to suppress development costs involve difficult, slow-acting interventions that lack voter appeal. Examples include planning reforms which reduce delays and deliver more predictable outcomes for developers, regulation of professional services such as solicitors, architects and estate agents, the encouragement of competition to drive down professional fees, and financial sector initiatives to reduce development finance costs. Although Irish governments have done some of this, they have favoured the easier approach of subsidies such as Help to Buy, the First Home Scheme and the local authority home loan. These 'supports' enable consumers to pay higher prices, and this is what creates the development margin that draws out more supply. Clearly, higher prices are hard-wired into this process. The International Monetary Fund , the European Union and the National Economic and Social Council have all warned that Help to Buy could drive up prices. However senior figures from the property industry have denied this, referencing the Help to Buy and First Home Scheme price caps as a safeguard against inflation. Clearly, such caps can contain price growth only if they are set at an appropriate level and implemented firmly. Neither seems to be the case in Ireland. The Help to Buy cap stands at €500,000. This is well above the €417,680 median price paid by first-time buyers of new homes, and is exceeded in only two local authorities – so it is hardly binding. Nevertheless, estate agent Savills is campaigning for it to be raised to €621,000. Last week The Irish Times reported that agents Sherry FitzGerald offered to circumvent the Help to Buy cap by unbundling the cost of flooring from the official price of a new home in Wicklow. The company said it had begun an internal investigation. Days later, the First Home Scheme price caps were raised, chasing up the market for the fourth time in three years. Mazars, the consultant employed to evaluate Help to Buy, found it unfit for purpose and recommended its withdrawal in 2024. Instead the Government doubled down and extended it for five years. This is because it ticks two political boxes. Firstly, Help to Buy is popular, as it is perceived as free money. But the benefits to consumers are illusory because the subsidies result in higher house prices, and everybody pays more tax to fund them. Secondly, by drawing out more supply, the scheme helps the Government to meet its housing targets. Somehow, this has become an objective in itself. But, as we have seen, increased housing output achieved in this way will not deliver the lower prices that consumers expect. Dr John McCartney is a lecturer in property economics at TU Dublin and adjunct associate professor at UCD.
Irish Times
12-06-2025
- Business
- Irish Times
Eason spends €2.7m buying back shares from investors
Irish books and stationery retailer Eason has spent €2.7 million buying back shares from its investors. This included 43 shareholders (some 20 per cent of investors in the company) selling their entire holdings in the retailer. Filings in the Companies Registration Office show that a total of 62 shareholders (about 30 per cent of Eason's shareholder base) chose to participate in the buyback scheme. Some chose to sell only part of their holdings in the business. It is understood that none of Eason's largest investors and shareholder families participated in the buyback of stock. READ MORE Some 1.37 million shares in Eason were purchased at €2 apiece. This represented 7 per cent of the total issued shares in the company, stock that has now been cancelled. This scheme was part of a wider move by the board of Eason to return up to €14 million to shareholders, via share buy-backs and dividend payments. A special interim dividend of €4 million was paid out in December 2024. Permission for the buybacks covers 18 months, so the company might yet seek to purchase additional shares in further tranches out to late 2026. In September 2024, Mazars valued the trade of Eason at €39.9 million, reflecting its Ebitda and applying industry multiples The buyback scheme was designed to provide an exit mechanism for shareholders wishing to realise the value of their shares in what is a privately-owned company. In a letter to shareholders in advance of an extraordinary general meeting in April to approve the buybacks, Eason chairman David Dilger said the share scheme was the 'best and most effective strategic option' for shareholders to obtain some value from their holdings. He said a number of options had been considered by the board over the past two years, including a trade sale of the business. In September 2024, Mazars valued the trade of Eason at €39.9 million, reflecting its Ebitda (earnings before interest, tax, depreciation and amortisation) and applying industry multiples. In addition to the near-€40 million value of the trade, the documents noted that the two remaining properties owned by Eason – its flagship store on O'Connell Street in Dublin city centre and an outlet in Blanchardstown – were valued at €22.5 million by Mazars, while it also has €9.2 million in surplus cash. 'In the future, there is always a possibility that the Eason business will be strategically acquired by a third party, but the board are not in a position to provide an insight into the probability or timing of such an event,' Mr Dilger told shareholders at that time. He added that Eason now has a level of surplus capital that is unlikely to be required, with the business expected to generate Ebitda of about €8 million a year, and cash flow of €3 million to €4 million annually.
Irish Examiner
30-05-2025
- Business
- Irish Examiner
Accountability and clearer government strategies key to incentivise action
Ireland's sustainable future is at a crossroads. For businesses, sustainability has moved from a niche topic to a crucial factor directly influencing their financial health and operational future. As tough EU regulations loom, Irish companies are wrestling with complex legal requirements, financial risks, and the urgency of meaningful action. Liam McKenna, partner at Forvis Mazars, actively guides Irish businesses through this intricate sustainability landscape. The firm itself has evolved to meet global business demands. Initially known simply as Mazars, the Irish operation was part of a vast international network but lacked visibility in the critical US market. The strategic merger with Forvis, the eighth-largest financial advisory firm in the United States, filled this gap. Liam McKenna, partner at Forvis Mazars. 'US clients frequently needed international expertise, but Mazars had a relatively low profile stateside," says McKenna. "On the other hand, Forvis had substantial recognition in the US but lacked global reach. The network made perfect sense because of our aligned geographic interests and similar corporate cultures." Since June 2024, Forvis Mazars has leveraged this combined strength, helping clients navigate increasingly rigorous global sustainability requirements. EU regulation and the Omnibus Shift Central to current business anxieties is the EU's Corporate Sustainability Reporting Directive (CSRD), originally designed to increase corporate transparency. However, McKenna highlights that it has been controversial, particularly due to heavy burdens placed on SMEs. The Omnibus Directive, inspired by Mario Draghi's EU competitiveness report, seeks to ease these burdens by significantly scaling back and delaying reporting obligations. Initially, CSRD requirements applied to companies with over 250 employees; this threshold will now rise to over 1,000 employees, and enforcement timelines will extend by two years. Yet McKenna warns against complacency. 'Yes, the reporting obligations were tough, but they brought clarity and urgency,' he says. 'Without them, there's a risk companies will lose momentum toward real sustainability.' The bigger picture: Financial enalties and Irish Preparedness Ireland faces broader sustainability obligations under the national Climate Action Plan, closely tied to EU climate goals. With stringent emission targets approaching, McKenna points out the genuine risk of massive financial penalties. "Current estimates suggest Ireland could face fines ranging between €12 billion to €26 billion," McKenna says. "The irony is clear, taking action now would be considerably cheaper than paying huge fines later." Despite this logic, both Irish businesses and government actions have lagged. McKenna emphasizes the need for accountability and clearer government strategies to incentivise action. Gross EU consumption of renewable energy per type, figures supplied by the South East Energy Agency. Source: European Commission "The question we need answered is how the government intends to pass potential EU penalties onto businesses to encourage meaningful sustainability changes," he says. One discussed measure is significantly increasing carbon taxation. Currently at €63 per tonne, the tax could rise dramatically if Ireland faces EU fines. "We could see carbon taxes soar to €300 or €400 per tonne, drastically impacting business costs," McKenna says. From reporting to action: Genuine sustainability strategies With reporting pressures potentially easing, McKenna sees an opportunity for businesses to focus more on real sustainability initiatives. He advocates practical measures such as 'double materiality' assessments, a key CSRD element, which help businesses understand both their environmental impact and how climate change could affect their operations. "Double materiality assessments offer genuine business insights, far beyond ticking compliance boxes," McKenna says. "They guide strategic planning, help businesses anticipate climate-related impacts, and uncover efficiencies and growth opportunities." Voluntary standards and business opportunities Despite regulatory shifts, many companies are adopting voluntary sustainability frameworks aligned with CSRD principles. Forvis Mazars advises clients on such adopting standards tailored to their specific business needs and stakeholder expectations. "Many companies voluntarily report sustainability data because their stakeholders including banks, investors, and customers, value sustainable credentials," McKenna says. "Increasingly, sustainability translates directly into competitive advantage, lower costs, and stronger market positions." McKenna stresses that Irish businesses, although behind their international peers, must urgently shift from reactive compliance toward proactive sustainability strategies. "Even if sustainability seems a lower priority right now, global market expectations are rapidly shifting. Companies that fail to adapt will soon face serious disadvantages," he says. Time to act is now Ireland's approach to sustainability remains inconsistent, frequently distracted by immediate crises rather than addressing the underlying urgency of climate action. McKenna sees this as deeply problematic, suggesting Ireland has lost around five critical years due to delays. "Climate change doesn't pause for economic or political convenience," McKenna says. "We're already experiencing significant impacts, from extreme weather events to soaring insurance claims and infrastructure damage. Every delay makes solutions more expensive and complicated." He urges immediate action from businesses, independent of regulatory timelines, arguing sustainable practices aren't just ethically necessary, they're financially prudent. "Sustainability isn't just a regulatory hurdle; it's essential to future-proofing businesses," McKenna says. As Irish companies navigate uncertainty around regulation, McKenna's message is straightforward: sustainability must become a competitive advantage, not just a compliance obligation. "The risk of inaction isn't hypothetical," he says. "It's a certainty of future financial pain and operational challenges. Irish businesses face a stark choice, and the moment to act decisively is now.'
Associated Press
06-05-2025
- Business
- Associated Press
Forvis Mazars Announces More Than 60 New Partners and Managing Directors
NEW YORK--(BUSINESS WIRE)--May 6, 2025-- Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, is pleased to announce the election of 33 new partners and the promotion of 28 new managing directors, effective June 1. This outstanding group of leaders assume their new roles as the firm approaches the one-year anniversary of the formation of the Forvis Mazars global network on June 1. With more than 7,000 team members and over 600 partners and principals in the United States, Forvis Mazars continues to enhance its leadership capacity while reinforcing its long-term commitment to its people, clients, and communities. 'As we approach this milestone, we're seeing the strength of our model come to life,' said CEO Tom Watson. 'Being partner-owned and partner-led is more than an ownership structure, it's a mindset that prioritizes stewardship, mentorship, and long-term success. This class of newly promoted leaders embodies the future of our firm, and we're proud to invest in their growth as we continue to build a firm that is becoming stronger with each generation.' Those advancing to partner include: Chris Bartell, Saint Louis, Missouri Jeremy Berger, Charlotte, North Carolina Ricky Brough, Fort Wayne, Indiana Dodge Docheff, Tulsa, Oklahoma Johnny Dowbak, Greenville, South Carolina Alex Eggers, Boca Raton, Florida Alicia Faust, Chicago, Illinois Michael Flaxbeard, Kansas City, Missouri Melissa Frank, Charlotte, North Carolina Dustin Haywood, Kansas City, Missouri Kevin Ives, Saint Louis, Missouri Nick Keener, Evansville, Indiana Jessica Kinnard, Denver, Colorado James Liechty, Charlotte, North Carolina Troy Lindsey, Saint Louis, Missouri Kayla Marsh, Dallas, Texas William Mustian, Birmingham, Alabama Adam Neporadny, Birmingham, Alabama Austin Perkins, Louisville, Kentucky Vincent Rambaux, Chicago, Illinois Miranda Repsher, Houston, Texas Casey Sanderson, Oklahoma City, Oklahoma Andrea Sartin, Dallas, Texas Jason Smith, Memphis, Tennessee Mike Sufczynski, Tysons, Virginia Allison Tanju, Atlanta, Georgia Nathan VanDiggelen, Denver, Colorado Ben Walters, Asheville, North Carolina Nate White, Kansas City, Missouri Courtney Whitt, Knoxville, Tennessee Scott Yandle, Greenville, South Carolina Cody Zavadil, Lincoln, Nebraska Joshua Zellerman, Saint Louis, Missouri Those promoted to managing director include: Stephanie Bostick, San Antonio, Texas Karen Cardillo, Raleigh, North Carolina Koren Chen, New York, New York Katie Dettmann, Lincoln, Nebraska Kyle Elmore, Little Rock, Arkansas Heather Flabiano, Dallas, Texas Mandy Garvie, Oklahoma City, Oklahoma Jenna Hauschild, Kansas City, Missouri Josh Howell, Tampa Bay, Florida Andy Kaempfe, Springfield, Missouri Steven Khoury, Fort Worth, Texas Stephen Kitterman, Greenville, South Carolina Laura Knight, Indianapolis, Indiana Don Larsen, Chicago, Illinois (Wealth Advisors) Eric Lopata, Kansas City, Missouri Susanne Muenow, Charlotte, North Carolina Holly Reavis, Winston Salem, North Carolina Emily Reese, Springfield, Missouri Brad Snider, Nashville, Tennessee Brian Singleton, Chicago, Illinois Amanda Sterwerf, Asheville, North Carolina Zach Swartz, Charlotte, North Carolina (Wealth Advisors) Chad Tysdahl, Kansas City, Missouri Jenine Vincent, Springfield, Missouri Debbie Watts, Decatur, Illinois Elizabeth Wilson, Springfield, Missouri Angie Yarbrough, Springfield, Missouri Tom Yonchak, Charlotte, North Carolina About Forvis Mazars Forvis Mazars, LLP is an independent member of Forvis Mazars Global, a leading global professional services network. Ranked among the largest public accounting firms in the United States, the firm's 7,000 dedicated team members provide an Unmatched Client Experience ® through the delivery of assurance, tax, and consulting services for clients in all 50 states and internationally through the global network. Visit to learn more. View source version on CONTACT: Mike Brothers, PR Manager [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: CONSULTING ACCOUNTING PROFESSIONAL SERVICES FINANCE SOURCE: Forvis Mazars, LLP Copyright Business Wire 2025. PUB: 05/06/2025 10:30 AM/DISC: 05/06/2025 10:32 AM
