StudentShare solutions
Triangle menu

Economy of Ireland - Essay Example

Not dowloaded yet

Extract of sample
Economy of Ireland

Inflation rate is a low two percent (2.7%). Ireland has chalked up a strong annual growth in Gross National Product and Gross Domestic Product.
The National Development Plans are giving the economy a boost. Ireland can be considered as a small, open, trade-dependent economy and is one of the fastest growing economies in the developed world. Its openness is reflected in the international mobility of capital and by encouraging levels of foreign direct investment. With low tax rates, Ireland presents a very attractive economic climate for international and local businesses.
In the field of international trade, the UK is the most important exporter to Ireland accounting for thirty-seven percent (37.1%) of all the Irish imports. The second biggest exported is the US at three percent (3.8%). The third exporter is Germany at nine percent (9.2%). Finally, the Netherlands accounts for more than four percent (4.5%.)
The Central Bank and Financial Services Authority of Ireland (CBFSAI) consists of two entities. The first entity is the Central Bank, which carries responsibility for the monetary policy functions, financial stability, economic analysis and currency, and payment systems. The second entity is the Irish Financial Services Regulatory Authority, which has the mandate of safeguarding the financial sector and providing consumer protection. The CBFSAI has a supervisory responsibility for over 1000 financial entities in Ireland, of which more than 80 are banks and around 400 are credit unions.
The banking sector is a reliable contributor of the country's economic growth. The banking sector contributed six percent (6) to the Irish GNP in 2005 compared to three percent (3%) in 1998. Employment in banking has risen from 29,400 in 1998 to 37,700 in 2005, of which 82% represents retail banking. These retail banks have over a thousand branches and satellite offices.
The two major Irish banks, AIB Bank and Bank of Ireland, are both publicly listed companies. These companies have generated their capital through the Irish Stock Exchange. In each case, ownership is widely diversified, with over 100,000 shareholders, most of whom are private individuals with relatively small holdings. In the case of AIB Bank, 41 per cent of shareholders own fewer than 1,000 shares each, while in the case of Bank of Ireland this figure is 54 per cent. Taken as a whole, these small bank shareholders own only 1 per cent of the total bank shares.

Moreover, the Irish clients normally transact with the bank branches for retail banking services. They continue to be the predominant form of access to banking services. The growth of new suburbs and the emergence of suburban shopping malls has led to the opening of bank branches in or near these centres.

The top four banks in Ireland are Allied Irish Bank, Bank of Ireland, the National Irish Bank and Ulster Bank. Allied Irish Banks p.l.c. was formed in 1966 when three banks merged. The three banks had been established in 1825. The AIB's emphasis is on business banking in Britain in the 1970s. In the 1980s, the AIB formed a subsidiary, the FMB, which marked the ...Show more


Ireland is an industrial and service based country, with one of the highest GDPs per capita in the European Union (EU). Ireland has the second highest GDP with more than 39,000 per head. The Irish government has planned and established several national economic reform programs to decrease inflation and government spending and to widen foreign investment.
Author : goyettealverta
Economy of Ireland essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Economy of Ireland"
with a personal 20% discount.
Grab the best paper

Related Essays

Microsoft and its investment in Ireland
The objective of this research is to acquire a better insight the history of investments made by Microsoft in order to identify the type of investments made by Microsoft in Ireland. The prospects of Ireland in terms of being a host to foreign investment has also discussed in this paper. The paper also demonstrates what benefits Ireland and Microsoft get from their strong partnership.
12 pages (3000 words) Essay
The Economic Lessons for Canada from Ireland's Success Story
The focus is more on the trade, investment, service sectors and the high technology industries. Ireland is considered as one of the wealthiest economies among the OECD countries. According to the reports of PWC, the economy is expected to have a GDP growth rate of 0.8% in the year 2011 (BBC news, 2011).
5 pages (1250 words) Essay
How successful have the Irish Government and the European Central Bank been in running the Irish economy over the last two years
Ireland’s implementation of the corrective program continues to be strong and has yielded fruitful results. Thus in sum, it can be said that the Irish Government has been successful in repairing its economy and returning it to the economically viable state it was in before the financial crisis hit it in 2008.
3 pages (750 words) Essay
Why did so many people emigrate from Ireland to Britain and the USA between 1850 and 1914
Irish Emigration Between 1850 And 1914. Why did so many people emigrate from Ireland to Britain and the USA between 1850 and 1914? Throughout the course of history people have witnessed large scale movements of populations from Ireland to other countries. There are a lot of factors which resulted in this mass scale emigration.
7 pages (1750 words) Essay
History of Ireland
Since 1921 the island has been divided politically into two parts. The independent twenty-six county area, comprising 70,282 sq. km, has a population of 4.2 million residents. Northern Ireland, which is part of the United Kingdom and contains six of the nine counties of the ancient province of Ulster, has a population of 1,569,971 (1991).
11 pages (2750 words) Essay
Planning in Ireland. Does Planning Ensures Economic Growth
Ireland's Urban Planning is the key mechanism that transcended several aspects of the built and social environments of municipalities and communities since World War II. Other associated areas of infrastructural development that took place during the recent years namely architecture, landscape architecture, transport, industry sector.
4 pages (1000 words) Essay
Southern Ireland
The high mountains and the open seas, surrounding Ireland, seem to have held the Basques, under their spell right from pre-historic times. It is no wonder then, that there has been a lot of movement in and out of Ireland since early civilization. Traditionally, it is believed that St.
4 pages (1000 words) Essay
Great Famine in Ireland
Apart from political and socio-economic reasons, a close scrutiny of the of the country before the famine reveals that the burgeoning population and a plethora of problems in agricultural production constitute the major basis of the prevailing assumption that Ireland was poor even before the Great Famine occurred.
8 pages (2000 words) Essay
International business environment
Globalization involves internationalism, which in a number of cases can be misleading as global generally means ‘one world’ whereas international can be construed
6 pages (1500 words) Essay
How successful have the Irish Government and the European Central Bank been in running the Irish economy over the last two years
The Irish economy is member of the European Union and controlled by the European Central Bank (ECB) and thus does not have perfect autonomy when it comes to making its economic policy. The ECB has a vested interest in
4 pages (1000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation