Kick-starting the Cypriot recovery

Jun 03, 2019
Baker Tilly’s Diarmaid Guthrie ACA divides his time between Ireland and Cyprus, where he helps Cypriot banks manage their non-performing loan portfolios.

What does your current role involve?

My current role is divided between Dublin and Nicosia, Cyprus where I was on secondment for 12 months in 2018. In Dublin, I am responsible for managing and overseeing the progression of cases such as examinerships, liquidations and advisory projects together with training and development of other team members as they progress through their own careers. I am still involved with a number of projects in Cyprus, particularly restructuring and advisory services to Cypriot banks, which requires me to travel regularly to Cyprus.

How did the secondment opportunity come about?

After qualifying as a Chartered Accountant in early 2017, I made the decision to travel and experience different cultures around the world. I didn’t travel after college; I instead jumped straight into my training contract with Baker Tilly so this was the perfect opportunity to combine work and travel. I approached Neil Hughes, Managing Partner in Baker Tilly, in mid-2017 and expressed an interest in going on secondment to another firm within the Baker Tilly International network. Neil’s response was: “tell me what you need me to do”, which was exactly what I wanted to hear.

I explored a number of options for the secondment but I settled on Cyprus as it recently enacted examinership legislation, which is almost a verbatim copy of the Irish legislation. Our department had also worked on a number of projects with our Cypriot colleagues and from my research, it was also interesting to see that the Cypriot economy was where Ireland was five or six years ago. So, I thought I could bring some of our experiences from the last five years to Cyprus to help kick-start the recovery there

How did your average day pan out in Cyprus?

Similar to the Dublin office, every day at Baker Tilly Cyprus was different – different challenges, meeting different people. One of our contracts in Cyprus required me to spend three days per week in a bank providing them with restructuring advice in relation to their non-performing loan portfolio, which was around €500 million. I spent the other two days in the Cyprus office working on liquidations and other restructuring projects and meeting potential new clients.

Do you have any habits or routines to help you get the most out of your day?

One routine I certainly find helpful is taking five minutes at the start of each day to plan or map out what I need to get done; it’s kind of like a mini ‘work-in-progress’ list. I might not get to every item on the list as other emergencies may arise and need to be dealt with first, but at least I know I’ve made a note of matters to be addressed and they won’t be left to one side.

Another good habit is managing my mail inbox. Once I’ve dealt with an email or read it, I immediately move the email to a specific folder for that case. I aim never to have any more than 10 emails in my inbox at any one time.

What’s the most interesting thing about you, which we wouldn’t learn from your CV?
I have a great memory for remembering pointless details and nuggets of information. This comes in very handy for charity table quizzes here and there.