Irish institutes' merger called off
A planned merger between two of Ireland's largest accountancy bodies has been abandoned after soundings among members indicated that the proposed terms would not gain sufficient support.
Link: Irish Institute in merger talks
It is the second time in three years that efforts to unite the Institute of Chartered Accountants in Ireland (ICAI) and the Institute of Certified Public Accountants (CPA) have failed.
Now, according to CPA vice-president Daragh Solan, the merger proposals, which had been worked out by a joint steering group over the past year, ‘have been taken off the table’.
The creation of a single Irish body was intended to give the profession a more effective lobbying voice with government at a time of increasing regulation, as well as improving services to members and achieving significant cost savings.
However, the respective memberships appeared to value more highly the independence and sense of identity offered through having their own organisations than the benefits promised by a new body.
For the merger to go ahead, a two-thirds majority was required from the ICAI, and the CPA, had to show a 75% vote in favour. Despite the setback, Solan insisted that the two bodies, would continue to work closely together on issues of common concern.