Chartered Accountants Ireland Elects New President

Feargal McCormack has been elected President of Chartered Accountants Ireland at its 130th Annual General Meeting in Belfast.

Addressing the Chartered Accountants Ireland AGM in Belfast today (18 May 2018), Mr McCormack highlighted the current political and economic uncertainty and expressed his view that delivering political stability is the vital factor in securing a positive economic future on the island.

He said: “At present the uncertainty around Brexit and the lack of a functioning Executive are very challenging. Put plainly, businesses are unlikely to make significant investment decisions in an uncertain environment. This uncertainty is putting jobs, economic growth and prosperity are at stake.

“We must recognise that the one factor which will make the biggest contribution to the international competitiveness is political stability. Stability should naturally incorporate an agreement on any Brexit arrangements going forward, given the evolution of the island economy and the land border.

“We have recently acknowledged the 20th Anniversary of the Good Friday/ Belfast Agreement which attempted to draw a line under the past and to set a vision for the future based on partnership, equality and mutual respect.

“Despite the best efforts of political parties and the British and Irish Governments, the reality is that the journey of implementation has been just a complex as Chairman of the peace negotiations, George Mitchell, envisaged they would be.

“Huge progress has been made, not only in terms of lives saved, but the economic and quality of life on the island has been transformed. Therefore, we must support and encourage our politicians to grasp the current opportunity to deliver political stability. We owe it to our, and to future generations, to ensure that political stability and mutual understanding are the norm.