It is hard to escape the overwhelming sentiment of despondency that is gripping large swathes of the economy. Starting in the financial sector, the feel-bad factor now infects virtually every sector of the global economy – retail, motor industry, IT, general manufacturing, even the public sector are all showing signs of the strain, notably through the announcement of significant job losses. And reading this month’s What Next? by the CIPD’s John Philpott won’t brighten the mood. This year is undoubtedly going to be painful, perhaps even more so than necessary. One treasurer whose company had just announced results which were far from disastrous witnessed the City reaction to the figures and portrayed equity analysts who seemed to be interested only in determinedly hunting for the downside. After the business minister Baroness Vadera was roundly criticised for claiming she could see a few green shoots of recovery in response to a question in a TV interview, it is apparent that there is not a mood of prevailing optimism. As The Treasurer has been assiduous in reporting over the last 18 months, treasurers have had a ringside seat as these unprecedented events have moved from a crisis in the financial services to a sharp slowdown in the economy. Despite all this it must be said that reading the entries for the Deals of the Year (DOTY) and Teams of the Year (TOTY) has been a fascinating exercise in seeing what can be achieved in business and in capital markets, even in difficult times. As well as technical competence in dealing with complex financial issues – still a valuable corporate skill even if it is one taken for granted from the treasurer community – there are a wide range of other admirable qualities displayed by all of those who entered. To do a deal in the conditions that prevailed in the capital and markets last year takes a certain amount of nerve and requires a determination on behalf of everyone involved in the process. And it is clear that teamwork – within treasury teams, the company and with other colleagues such as bankers and other professional advisers – is one of the common characteristics that denote success at any time, but particularly in this market. DOTY and TOTY prove that even in the most testing of times there is an upside of notable achievement. Such a tale may not reflect the present sentiment but that doesn’t take away from the fact that the treasury profession has good news which deserves to be told. PETER WILLIAMS EDITOR
