Barry O'Neill: Clear Currency was set up in 2008 by two former Anglo treasury employees working in London. The business offers foreign exchange services to companies.

Where did you get the idea for your business?

As markets began to unravel around 2008, we could see that foreign exchange and treasury divisions in banks were becoming sources of profit for banks as other divisions became less profitable. At the same time, staff numbers in banks were falling, so the level of pro-activity once offered to corporate customers in helping them manage their foreign exchange risk was dwindling. We saw a niche where we could offer the same level at a better rate to corporate customers. We set up the business in May 2010. Around 70 per cent of our customers are Irish businesses – everyone from airlines to meat exporters to software companies.

What’s unique about your business?

While we purchase our currency in the interbank market, just like a bank, and are FSA regulated, we offer a much sharper rate of exchange because we’re a streamlined operation with low overheads. Clear Currency has a more proactive than reactive approach than banks and can keep clients informed of movements that are important to their business. For example, if something happens during the day that affects the price of sterling, we can give our client a ring and suggest that we put in an order for them at that level.

What was the best piece of business advice you’ve ever received?

That having an idea is 10 per cent of making a business succeed – application and hard work in making that idea work is 90 per cent.

What’s been the biggest challenge you have had to face?

As a new, growing business, it was convincing larger corporates which had long-standing banking relationships to change. Once they see that we’re an FSA-regulated firm and provide safe, non-speculative services, the relationship develops.

What are the main challenges facing businesses in the current economic climate?

Cash flow seems to be a daily concern for most businesses we deal with. We work in a variety of different industry sectors, so we get a valued insight into their businesses. Most businesses are looking at how they can save money in and free up cash flow. Our service can, in some cases, result in thousands being added to the company’s bottom line each month.

How do you see the short-term future for your business?

Our business is experiencing phenomenal growth as more and more customers come on board. We are also looking at additional treasury products such as commodity hedging for some airlines and meat exporters we deal with. We’ve also just launched a pre-paid currency card that allows a person to load currency onto a card at a preferential rate before they go on holidays or on a business trip abroad.

Who do you most admire in business?

Dermot Desmond and JP McManus have done a lot for the country and given a lot back, but anyone who takes a risk to set up a new business and succeeds deserves credit in any business climate but, in particular, the one we are experiencing.

What are your views on the future of the euro currency?

We do think the euro as a single currency will survive. In saying that, the euro crisis is far from over. The euro is likely to remain under pressure for a sustained period of time. We’d expect to see euro/sterling break below £0.80 level, a level not seen since 2008. We believe that, given the current pressures facing the euro zone, contagion fears and concerns about global growth, we would expect to see the dollar appreciate against the euro over 2012, initially targeting $1.20.

In conversation with SUZANNE LYNCH