...By the weekend of the 13th September the finance department, government and NTMA had already decided on the main course of action to take, meetings and notes indicate that the sequencing and execution of how it would happen was taking shape, with the coming weekend session being used to finalise all streams. The communication and sequencing of the government actions was finalised on the 18th September at a meeting between the separate state institutions, this included the raising of the guarantee. Presentations and meetings organised by the government around this time, with the other significant players in the banking crisis, sought reassurance that the suggested course of action was viable and indeed the correct one to choose. However these other players (the Irish banks and international investment banks advisors) appear to have a quite clear vested interest in the government bank guarantee coming to fruition. Time pressures may have played a part in the lack of diversity in the pool of advisors from which the government based their decisions. Indeed on the 18th of September Anglo Irish Bank presented a misleading state of health for the bank. It’s distorted viewpoint consisted of metrics showing Anglo as class leading in it’s market when the reality could not have been further from the truth. Statements such as “Even at this level the bank continues to be highly profitable” presented a delusional state of thinking that was either intended to hoodwink those present into...
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...“Celtic Tiger”: The rise of Ireland to an economic successful country for foreign investment K. Siebeneicher ENG 240 Communications for Business and the Professions Ireland’s improvement from a country dominated by poverty and violence into an economically as well as financially successful country has not only turned it into one of the most successful countries in the European Union but also into an attractive choice for foreign investors from all over the world. If somebody is asked what Ireland is famous for most likely the answer will be Guinness- beer or Saint Patrick’s Day. Most people know Ireland as a popular tourist destination located in the western part of Europe. Well-known for its beautiful landscape, historical remnants and ruins of its fascinating history Ireland attracts millions of tourists every year. Whether tourists plan to visit some of the several ancient Castles, such as Trim Castle, ancient monuments such as the Beaghmore Stones or enjoy themselves playing golf, going fishing or watching horse racing Ireland offers anything a person is looking for in a vacation. (History & Heritage, 2008) Although its history and landscape it interesting and beautiful, Ireland is also branded for its troubled and violent history which includes diseases, starvation, wars and terrorism. Not many people are acquainted with the fact that after the period of violence and struggle, around 1990, crucial changes in the government were made and strategies...
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...What caused the economic boom in Ireland over the last two decades? Was it a case of real development, or was it in some way illusory as has been suggested by some commentators? Introduction Ireland is a trading nation with a global perspective. Its economy is perceived as one of the most globalised in the modern world. The country has benefited enormously from foreign direct investment and extensive external trade. Ireland is in a fortunate position as having one of the world’s most dynamic open economies. It has boasted annual economic growth rates during the “celtic tiger” boom years in excess of averages for the rest of the developed world. (Enterprise Ireland 2006) By the end of the year 2000, Ireland could boast fourteen years of continued economic growth. (Burnham 2003) This translated into an economy that boasted one of the lowest unemployment rates in the EU. The ruling government were in a position of a growing government surplus and a low inflation rate. (Burnham 2003) Record growth was recorded during the 90’s, and with a 10% average rate for the years 1997-2000. (Enterprise Ireland 2006) This has catapulted Ireland from being one of the poorest economies in the EU, to one of the wealthiest. GDP per capita for the year 2005, was equivalent to €38,000. This was only second to Luxembourg in the EU. This is in contrast to the mid 1980’s when Ireland’s unemployment rate was 17%, the government’s finances were chaotic and many Irish citizens saw emigration as the...
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...senior Government officials considers the current issue of the EU treaty and the impact the outcome will have on Ireland. A referendum will be held to decide this outcome but it is noted that the political parties will have a strong influence on the public’s decision. As with all the EU countries, Ireland’s economy retracted sharply with the global financial crisis in 2008. They have recovered better than most of the EU but the major economic issue still facing Ireland is the unemployment rate which currently sits at over 14 per cent. Signing this EU treaty will impose tighter fiscal discipline on members by entrenching tougher tax regulations and limiting government spending (Halpin 2012). The overall aim of the treaty is based on the Keynesian theory of using monetary policy to create budget surplus. EU countries will reduce their budget deficits by the strict spending regulations outlined in the treaty. The downside to signing the treaty is the lack of control Ireland will have over the country. The primary avenue for government spending will be limited to tax increases. Ireland has been criticised for having one of the lowest personal and company tax rates in the EU. The benefit of the low corporate tax rate is the large foreign multinational corporations that create employment in Ireland. Increasing taxes could have a negative effect on the economy. If Ireland do not sign the treaty, although they will still be a member of the EU they will not be entitled to further financial...
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...provides a critical assessment of the labour market of a particular country. You will be allocated the country in the seminar in week 1. If you have not attended this seminar, then you need to consult the module leader to obtain the country you will cover. Part 1 of the report (worth 40% of the marks) requires you to provide a statistical profile of your allocated country’s labour market and present an overview of the most important trends and developments in this country’s labour market over the past decade. Part 2 of the report (worth 60% of the marks) requires you to provide a critical review of the particular situation in your country of NEETs – young people not in employment, education or training. Specifically, using appropriate economic concepts, you should analyse the causes and consequences of being NEET. Your analysis should also critically comment on existing policy solutions and make relevant proposals to improve future policy directions. Part 1: ‘A labour market can be understood as the mechanism through which human labour is bought and sold as a commodity and the means by which labour demand (the number...
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...Ireland: The Place to Grow your Business Tom Cain Indiana Wesleyan University ADM 549 January 22, 2013 Rick Saint-Blancard Abstract Relations between the United States and Ireland have historically been based on shared values and common ancestral ties. Emigration has been a foundation of the U.S.-Irish relationship. Besides consistent dialogue on economic and political issues, the United States and the Irish Governments have official exchanges in areas such as education and medical research. With Ireland's membership in the European Union, discussions of EU trade and economic policies as well as other aspects of EU policy have also become key elements in the U.S.-Irish relationship. This long-term relationship, some cultural similarities and a strong educated workforce makes Ireland a good place to go international with a U.S. based business. Ireland Ireland is a nation emerging as a great place for the United States to conduct business. The relationship of the United States and Ireland are deeply based on shared values and common ancestral ties. These ties help breakdown communication issues that could occur in other dissimilar countries when trying to negotiate business. In addition to shared values, these two countries have similar cultures, as well as similar needs and wants in relation to consumer purchasing history, which makes the exchange of business easier, more lucrative and less risky. Economic Overview Ireland is a small, modern, trade-dependent...
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...------------------------------------------------- Ireland & Iceland: ------------------------------------------------- Who made the better choice? ------------------------------------------------- Contents 1. Introduction to the financial crisis 2 2. Conditions leading up to the Irish and Icelandic economic crisis 3 2.1 The business cycle 3 2.2 The era of the Irish ‘Celtic Tiger’ 4 2.3 The ‘Financial Vikings’ of Iceland 5 3. Financial crisis response 6 3.1 Government response to the financial crisis 6 3.2 The default decision 10 4. Economic outlook and long-term repercussions 14 5. Conclusion 18 1. Introduction to the financial crisis The Great Recession began in 2007 as the United States housing market fell into a sharp decline. Many economists consider the resulting financial crisis to be the worst financial crisis since the Great Depression. While the crisis can be traced back to a variety of economic origins, the volatility that existed in the world economy from the 1990’s undoubtedly played a large role (Roubini, 2010). The Asian Crisis that arose after the fall of car manufacturer Kia in 1997 and the burst of the Dotcom Bubble in the early 2000’s resulted in many wealthy countries decreasing interest rates to all-time lows to encourage growth in their economies (Roubini, 2010). These low interest rates led consumers, particularly those in the US, to borrow more money than they could afford to repay (Roubini, 2010). During...
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...1969, violence erupted in Northern Ireland. The Northern Ireland Riots of August 1969 was quickly described as a civil disturbance, and was at first regarded as a nuisance more so than a significant problem. Not long after however, the situation had escalated into a full blown conflict, which forced the Northern Irish government Stormont to ask the British government in Westminster to deploy troops to the conflict area. By the end, thirty years later, the “civil disturbance” had amounted to almost 50,000 casualties. The conflict can be broken down into fighting between the Protestant Unionists and the Catholic Nationalists. The Troubles did have other parties fighting, such as communists and anarchists, however, their input...
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...Young Adults’ Irish Identity: Relationship between Time in Ireland and Emigration University of Limerick College Students Hannah Davis Hastings College In partial fulfillment of the requirements for PSY370 Dr. Stephanie Furrer February 28th, 2012 Abstract In an attempt to explore Irish national identity, the researcher distributed 100 questionnaires at the University of Limerick, examining national identity and the current economic effects (i.e., Ireland’s struggling economy) on citizens’ attitudes toward emigration. Specifically, analyzing if there is a correlation between participants’ national identity and the likelihood of emigration during economic crisis. Although past research has focused on 10-15 year olds, the economic boom experienced in 1995-2007 has caused a shift to examine college-aged participants, the ones who are experiencing the effects of Ireland’s current economic downfall. With high unemployment and over 400,000 people on the dole, emigration has become a reality for many in Ireland. The findings presented suggest the longer participants have lived in Ireland, the stronger they associate with the Irish Identity. Young Adults’ Irish Identity: Relationship between Time in Ireland and Emigration Historically, Ireland has always been a country divided; the division between the Republic of Ireland and the six counties in the North, within those areas, the division of religion, Catholic...
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...Introduction In Ireland during the 1990s the labour market started to grow exponentially and between the late 1980s and 2002 total employment in Ireland grew by more than 65%, the majority of which was in non-agriculture employment which accounted for more than 78% of the total employment. During these times the unemployment rate was below 4%, there was little or no long term unemployment, which was more in line with the EU average. The issues surrounding mass emigration and the decline of the population had reversed and a surge in immigration and a rise in the population; one of the fastest growing populations in the EU. This was a time of boom for Ireland, caused mainly by the buoyancy of the global economy and the expansion of the US economy. This was prevalent with the amount of foreign direct investment that was coming from the US. A major period of economic expansion caused an increase in the construction industry. At the start of 2008, the construction industry accounted for 25% of Irish GDP and 20% of Irish jobs. At this time, the Irish government was in a false budgetary position where it ran significant exchequer surpluses. As a result, the then Fianna Fail government, which was in power at the time began a process of cutting taxes, increasing tax incentives for developers to build homes, increased the size of the public sector including increasing the public sector wage through a benchmarking processes that was deeply flawed and even encouraged people to save...
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...Macroeconomics Term Paper: Wells Fargo in Ireland | | | | | | Wells Fargo was founded in 1852 by Henry Wells and William G. Fargo and opened for business in the gold rush port of San Francisco. Wells Fargo offered banking (buying gold and selling paper bank drafts as good as gold) and express delivery of the gold and anything else valuable. By the 1860s, Wells Fargo earned everlasting fame and its corporate symbol, the stagecoach. In 1888, Wells Fargo became the country’s first nationwide express company. By 1918, Wells Fargo was part of 10,000 communities across the country, however that year the federal government took over the nation’s express network as part of its effort in the First World War and Wells Fargo was left with just one bank in San Francisco eventually expanding in 1923 to two banking halls. In the 1980s, Wells Fargo expanded into a statewide bank, became the seventh largest bank in the nation, and launched its online service. In the 1990s, Wells Fargo returned to its historic territory throughout the Western, Midwestern and Eastern states. Today, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. According to Forbes.com, as of May 2013 Wells Fargo’s market cap was $201.35 billion. Wells...
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...UCD CENTRE FOR ECONOMIC RESEARCH WORKING PAPER SERIES 2011 Ireland’s Sovereign Debt Crisis Karl Whelan, University College Dublin WP11/09 May 2011 UCD SCHOOL OF ECONOMICS UNIVERSITY COLLEGE DUBLIN BELFIELD DUBLIN 4 Ireland’s Sovereign Debt Crisis Karl Whelan University College Dublin 1 May 2011 1 This paper was presented at a workshop on "Life in the Eurozone With or Without Sovereign Default?" that took place at the European University Institute in Florence on April 14, 2011. 1 1. Introduction Among the countries currently experiencing sovereign debt crises, Ireland’s case is perhaps the most dramatic. As recently as 2007, Ireland was seen by many as top of the European class in its economic achievements. Ireland had combined a long period of high economic growth and low unemployment with budget surpluses. The country appeared to be well placed to cope with any economic slowdown as it had a gross debtGDP ratio in 2007 of 25% and a sovereign wealth fund worth about €5000 a head. Fast forward four years and Ireland is shut out of sovereign debt markets and in an EUIMF adjustment programme. Its debt-GDP ratio has soared over 100% and the sovereign wealth fund is effectively gone. In this short paper, I provide a brief review of how this rapid change came about and discuss potential future developments in relation to Ireland’s sovereign debt situation. 2. The Rise and Fall of the Celtic Tiger It is now well known that Ireland’s famed “Celtic Tiger” ended...
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...Financial Crisis in the European Union: The Cases of Greece and Ireland Sara F. Taylor Thesis submitted to the faculty of the Virginia Polytechnic Institute and State University in partial fulfillment of the requirements for the degree of Master of Arts in Political Science Scott G. Nelson, Chair Karen M. Hult Deborah J. Milly September 7, 2011 Blacksburg, Virginia Keywords: EUROPEAN UNION, EUROZONE, GREECE FINANCIAL CRISIS, IRELAND BANKING CRISIS, EUROPEAN CENTRAL BANK Copyright 2011 Sara F. Taylor Financial Crisis in the European Union: The Cases of Greece and Ireland Sara Frances Taylor ABSTRACT The 2008 eurozone financial crisis has only worsened as of summer 2011 raising questions about the economic future of the eurozone and sending shock waves through economies around the world. Greece was the first state to receive a bailout from the European Union and the International Monetary Fund, surprisingly followed only six months later by Ireland. The goal of this thesis is to analyze the challenges posed to smaller, weaker economies within the eurozone, specifically Greece and Ireland, since the recent eurozone financial crisis. This study is based on the experiences of both Greece and Ireland as very different members of the single currency. How and why did these states meet the criteria for euro convergence? To what extent was there support for the euro in both countries in the past? To what extent is there support today after the near collapse...
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...Historians estimate that Ireland was first settled by humans at a relatively late stage, about 10,000 years ago. Around 4000 BC it is estimated that the first farmers arrived in Ireland. Farming marked the arrival of the new Stone Age. Around 300BC, Iron Age warriors known as the Celts came to Ireland from mainland Europe. The Celts/Celtic inhabitants had a huge influence on Ireland. Many famous Irish myths stem from stories about Celtic warriors. The current first official language of the Republic of Ireland, Irish comes from Celtic language. At the end of the 8th century and during the 9th century Vikings, from where we now call Scandinavia, began to invade and then settle into and mix with Irish society. The Vikings founded, Dublin,...
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...Socio-evolutionary identity plays a fundamental role in the building of the character of any nation, with Northern Ireland being no different. The constellation of discursive issues that demarcate Irelands conflicted history, are complex and multifarious. The conflict is steeped in the historical context of religious conviction, monarchical dispossession of territory and rights, a distrust of government and the impact of socio-economics on its people. Scholars, politicians and men of the cloth, from all sides of the political floor and religious faiths have assessed and reviewed the Irish ‘troubles’ and all remain convinced that they have the answer, the defining commitment or the epiphany that will or would have restored the island to peace and unity. However like all protracted conflicts the original catalyst is often lost or manifests into a raft of idiosyncratic reasons to fight. When we dissect the conflict down to base elements, there remains two strategic themes, the first being the alignment of faith between the Protestant minority and the Catholic majority and the second base element is the alignment of allegiance of country. The Catholic Nationalist desire for a unified Irish nation and the Unionist commitment to a fractured island with a northern annex, controlled by the United Kingdom is at the essence of the conflict. Whilst this might seem a myopic view of the struggle, it is difficult to reframe the conflict beyond its ethno-nationalist agenda and “Irishness...
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