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June 21st, 2012 @ 11:50

Accounting Technicians Ireland appoints Eithne O'Sullivan as New President

Dublin, IRELAND - June 20th 2012: Accounting Technicians Ireland, the leading professional body for accounting technicians on the island of Ireland, has appointed Eithne O’Sullivan FIATI as its new President for 2012/13. The appointment was officially made at the organisation’s 29th Annual General Meeting held in Dublin.

Ms. O’Sullivan succeeds Bernadette Costello FCA as President, who now assumes the position of Immediate Past President and remains on the organisation’s three person Officer Group. The other Officer is newly elected Vice President Peter Johnson FCA.

In her inaugural comments, O’Sullivan said: “Accounting Technicians are trained to the highest standards of financial management and contribute strongly to the achievement of robust governance and financial management procedures in businesses throughout Ireland. They have particular strengths to offer small and medium enterprises where qualified accounting expertise plays an important role for hard pressed management in understanding the underlying and recurring financial trends within their businesses.”

Noting that SME’s account for well over 90% of all businesses and over 70% of all employment in Ireland, Ms. O’Sullivan said, “The boom to bust saga which Ireland has experienced had at least one very positive effect in the establishment of larger numbers of indigenous SMEs, many of which have remained as a bedrock of our domestic economy. We now look to these businesses to be an engine of growth for the future and they need every incentive to be extended to them by Government and by the banking sector.”

“It remains the case that Irish SMEs face credit conditions that are much tougher than the European average with higher interest rates, increased costs of finance, lower credit availability and higher collateral requirements.” Citing a recent Central Bank study in this area, O’Sullivan said that “rejection rates for loan applications are 48% per cent compared to 21% on average in the euro area - the second highest rejection rate in Europe.”

“The SME sector must of course take its share of correction from the previously credit rich environment that existed, however it is very important that SMEs should not be discriminated against by a banking sector that has now become inert in this space due to a misplaced paranoia around smaller scale businesses.”

Ms. O’Sullivan has over 20 years experience in the finance sector in Ireland and is currently a Partner in D.A. O'Sullivan & Co, Register Auditors, in Westport, Co Mayo. She has been a member of Accounting Technicians Ireland since 1993 and is also one of the first Fellows of the professional body.

She is also an Associate Member of The Institute of Incorporated Public Accountants and currently serves as Chair of the Audit Committee for Accounting Technicians Ireland.

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