Man from the ratings agency proves star of the show

Positive mood prevails at get-together

THE GREAT and the good of the Irish business community were gathered at Ibec’s Ceo conference in the Convention Centre, Dublin, yesterday, as Ireland put its best foot forward to the international community.

CNBC was broadcasting live yesterday morning from the conference, adding a bit of razzmatazz to events, while members of the international media, including Le Monde, were assiduously taking notes, eager to hear how Ireland was faring as the euro zone drama continued to unfold on mainland Europe.

The conference had a list of heavy hitters, headlined by Minister for Finance Michael Noonan, the chief executives of some of Ireland’s biggest plcs and multinationals , with a heavy splashing of representatives from the country’s top accountancy and law firms.

The star of the show, however, was the managing director of sovereign ratings at Standard and Poors, David T Beers.

Introducing Beers, Brian Dobson quoted assiduously from various media reports of the man who has been described as one of the most important people in the world, including Reuters’ colourful evocation of Beers as a moustachioed, heavy-smoking American, a figure unknown to most people, but known intimately by every finance minister in the world.

While the cool, imperturbable Beers refused to be definitive on some of the knottier questions such as whether S P would rate “euro bonds”, or if credit rating agencies had been slow off the mark in predicting the crisis, he was unequivocal about the extent of the present euro zone difficulties. “We already are at a crisis . . . It is very hard to see how a number of countries in the euro zone will avoid a recession next year.”

Although Beers did put the brakes on the overall mood of positivity to some extent, the “can-do” attitude reflected in the title of the conference “Going for Growth” was more or less prevalent throughout the day.

Outside the conference’s formal sessions, the mood was upbeat among delegates, although the under-representation of small to medium-sized businesses was evident in the profile of the 400-plus attendees.

Nonetheless, for those smaller companies that did attend, all agreed that forums such as these are worthwhile. “When you’re working with your own business, it’s good to get honest feedback about what’s happening in terms of the bigger financial picture” said one delegate. Michael Noonan’s unique, no-nonsense communication style was also singled out for particular praise by attendees as they chatted over coffee. “He was very honest and very sincere about the problems facing us,” said one delegate. Another business owner, who employs almost 400 people, agreed. “He spoke to us rather than at us. That makes a change.”