The Innovation in Business Centre (IiBC ) at the GMIT Castlebar is presenting a seminar facilitated by the Ulster Bank on trading internationally. While this event is primarily aimed at those businesses who are potential or early exporters, anyone with interest in international trade including those businesses that are looking to import are welcome to attend this free seminar.
The seminar will address the options available in managing the currency exchange risks when trading in multiple currencies, and methods of international payment such as letters of credit. The seminar will also give a brief overview of the Single Euro Payments Area (SEPA ) and how businesses will need to get ready for this change. The SEPA is a European Union regulation that promises to simplify financial transactions and make doing business easier and will be in full effect from February 1, 2014.
Jessica Martin, the Ulster Bank regional treasury manager (Midlands ) of the corporate banking division stated: “Conducting international business from Ireland often involves striking a balance between satisfying the requirements of the local business community and understanding the global marketplace. At Ulster Bank, we understand that the environment our clients operate in is constantly changing and evolving. Managing foreign exchange exposure and using trade finance products such as letters of credit and guarantees are two areas in particular which require attention. We are delighted to deliver a presentation to the Innovation in Business Centre in GMIT, offering start-up companies and local entrepreneurs the practical information they need to help mitigate against foreign exchange exposure and trading internationally.”
There will also be an opportunity to engage with the local representatives from Ulster Bank who will be on hand to answer any queries regarding finance and borrowing. Helena Deane, the manager of the IiBC Castlebar stated: “This is a great opportunity for businesses to learn about options available to them to manage their financial risk when trading internationally and I encourage everyone who is looking to deal with businesses in non-EU markets in particular to attend.”