Half of accountants undecided on fiscal treaty

Nearly half of the country’s professional accountants are undecided over how they will vote in the upcoming referendum on the European Fiscal Treaty, while most feel Ireland will require a second bailout, according to a survey.

A lack of objective information about the treaty and its long-term consequences for Ireland were cited as the main reason for 40% of respondents remaining on the fence, according to survey author, the Institute of Certified Public Accountants in Ireland.

CPA president Gail McEvoy said that the survey proves the vital need for the Government to fill the information vacuum with accurate and impartial information to assist voters in making a decision.

“The fact that almost 40% of those surveyed are still undecided about which way to vote illustrates the ambiguity that exists in the public discourse about this issue,” she said.

“The majority of our members believe it is in Ireland’s interests to remain in the eurozone, and almost 90% appreciate the benefits of the eurozone, in terms of doing business,” she added.

The survey, however, still shows that 50% of accountants intend voting Yes, with just 12% definitely voting No. Of those supporting the treaty, 86% said that it should improve and tighten Ireland’s relationship with the European Commission, giving us guaranteed access to bailout funds if required.

However, the notion that a passing of the referendum would lead to more jobs and investment for the country is not widespread, with less than half of the Yes respondents agreeing with this sentiment.

The survey also found that as many as 60% of accountants feel Ireland will need a second monetary bailout.

Nearly three quarters of all respondents said that the new treaty should include a measure for debt reduction in its conditions.

However, more than 90% of those surveyed said that they feared the European Union will have more control of Irish budgets in the future as a consequence of the treaty being passed.