Ireland's economy

Ireland
currency	€ Euro (EUR)
Trade organizations	EU , WTO , OECD
Key figures
Gross domestic product (GDP)	€ 296.1 billion (nominal) (2017) € 315.4 billion (PPP) (2017)
GDP per capita	€ 61,700 (nominal) (2017) € 64,300 (PPP) (2017)
GDP by economic sector	Agriculture : 1.0% (2010) Industry and energy : 25.9% (2010) Construction : 5.5% (2010) Trade, transport, communication: 16.9% (2010) Financial services : 26.8% (2010) Other services: 22.4% (2010)
growth	▲ + 7.8% (2017)
inflation rate	1.7% (2012)
Employed	1.84 million (2012)
Employed persons by economic sector	Agriculture : 4.7% (2012) Industry : 12.6% (2012) Financial services : 5.4% Construction : 5.4% Trade, transport, communication: 24.0% (2012)
Activity rate	40.1% (real, 2012)
Unemployed	323,000 (2012)
Unemployment rate	5.3% (2018M05)
Foreign trade
export	€ 90.9 billion (2012)
Export goods	Machines and equipment, computers, chemicals, medical devices, medicines, agricultural products
Export partner	USA 23.2%, UK 15.4%, Belgium 14.3%, Germany 8.1%, France 5%, Switzerland 4% (2010)
import	€ 48.7 billion (2012)
Import goods	Computer accessories, machines and equipment, chemicals, petroleum products, textiles, clothing
Import partner	GB 32.1%, USA 14.1%, Germany 7.7%, China 6.4%, Netherlands 4.9% (2010)
Foreign trade balance	€ 42.4 billion (2012)
public finances
Public debt	68.0% of GDP (2017)
Government revenue	25.7% of GDP (2017)
Government spending	26.1% of GDP (2017)
Budget balance	−0.4% of GDP (2017)

The Irish economy is heavily dependent on exports , major trading partners are the United States and the United Kingdom . Until the financial crisis there was in Ireland above-average economic growth , but since 2008/09, the economic situation deteriorated dramatically. However, Ireland's gross domestic product grew by 7.8% in 2015, making Ireland the largest economic growth in Europe and the sixth largest economic growth in the world.

Economic structure

Finance industry

The financial system is dominated by the banking group Allied Irish Banks , the Bank of Ireland , Ulster Bank (subsidiary of the Royal Bank of Scotland Group) and the National Irish Bank (subsidiary of Danske Bank ). The Irish Life and Permanent is significant not only in banking but also in the insurance business. Dublin is the seat of a stock exchange , the Irish Stock Exchange , on which around 50 companies are listed.

aviation

Irish-based airlines, for example Ryanair , Aer Lingus , Aer Arann , Air Contractors and the subsidiary Cityjet of Air France . In particular, Ryanair, founded in 1985, rose to become Europe's  leading low-cost airline with increasing deregulation of civil aviation within the EU  - for example in the course of the Open Skies Agreement .

Agribusiness

Beef and dairy products are the most important agricultural export products at around 60% . In 2002, 445,000 tonnes of beef worth € 1,185 million were exported, making Ireland the largest exporter of beef in the EU and one of the largest in the world.

The Irish Dairy Board , founded in 1961, the Irish dairy industry's marketing organization, promotes Irish dairy products around the world under the name “ Kerrygold ”.

The Kerry Group is Ireland's premier food company. It is the world leader in food additives and flavors , but also a major manufacturer of branded products for the Irish and UK markets.

Mining and gas extraction

Be in Ireland important European mines where zinc and lead are promoted (Galmoy, Lisheen and Tara). Important natural gas fields are the Corrib gas field and the Kinsale natural gas field, which has been exploited for a number of years. The Barryroe gas / oil field was found in the Celtic Sea in 2012 and is located near the exploited Kinsale natural gas field. It is uncertain whether funding will ever be given there. In addition, some smaller, internationally operating natural resources companies are based and listed in Ireland.

energy

The only refinery in Ireland is in Whitegate near Cork. The Whitegate refinery is with 3 million tons per year a small refinery in international comparison and is operated by the Canadian Irving Oil .

tourism

With over 9.5 million tourists, Ireland was the 39th most visited country in the world in 2016. Tourism revenue for the same year was $ 5.2 billion. The most important destination is the capital Dublin. Most of the tourists come from the UK, US and mainland Europe. There are a total of two UNESCO World Heritage Sites in the country .

Pharmaceutical Industry

The pharmaceutical industry accounts for over half of Ireland's exports.

Irish company

→ Main article : List of the largest companies in Ireland

Economic data

The Irish economy recovered from a slump during the financial crisis. The unusually high economic growth of 25.6% in 2015 is based in large part on the acquisition of the Irish medical technology company Covidien by its US competitor Medtronic , with the future company headquarters being in Dublin. The reason for choosing where this company and other multinational corporations are based in Ireland is tax avoidance called “ Double Irish With a Dutch Sandwich ”. As a result of this company acquisition, Ireland's sovereign debt ratio also fell significantly in the same year. How the Irish economic situation will look without such business decisions is largely unclear and much debated in Ireland.

Change in gross domestic product (GDP), real Eurostat

year	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Change in% yoy	5.5	5.2	−3.9	−4.6	1.8	3.9	0.0	1.6	8.3	25.6	5.1	6.7

Development of GDP (nominal), Eurostat

absolute (in billion euros)				per inhabitant (in thousands of euros)
year	2014	2015	2016	year	2014	2015	2016
GDP in billions of euros	194.5	262.0	275.5	GDP per inhabitant (in € thousand)	42.2	56.4	58.8

Foreign Trade Development (GTAI)

in billion euros and its change compared to the previous year in percent
	2014		2015		2016
	Billion euros	% yoy	Billion euros	% yoy	Billion euros	% year-on-year
Exports	60.7	+11.8	69.0	+13.7	69.5	+0.7
Imports	91.8	+4.5	111.7	+21.7	116.4	+4.2
balance	+31.8		+42.7		+46.9

Main trading partner of Ireland (2016), source: GTAI

Export (in percent) to		Import (in percent) of
United States	26.2	United Kingdom	29.3
United Kingdom	12.8	United States	15.5
Belgium	12.7	France	12.7
Germany	6.7	Germany	10.3
Switzerland	5.5	Netherlands	4.8
Netherlands	5.1	People's Republic of China	4.0
France	4.2	Belgium	2.4
other countries	26.8	other countries	21.1

National debt and budget balance 2005–2017

year	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
National debt	26.1%	23.6%	23.9%	42.4%	61.7%	86.3%	109.6%	119.5%	119.5%	105.3%	78.7%	75.4%	68.0%
Budget balance	1.6%	2.8%	0.3%	−7.0%	−13.8%	−32.1%	−12.6%	−8.0%	−5.7%	−3.7%	−2.0%	−0.9%	−0.4%
Source: Eurostat

Economic history

The first 10 years

With the Anglo-Irish Treaty of December 1921, the Irish Free State was created . William Thomas Cosgrave (from 1922 to 1932), chairman of the Cumann na nGaedheal party , pursued a relative free trade policy . Ireland was largely an agricultural state at the time. The Irish Sugar Manufacturing Company was founded in 1926 to support agriculture and the Agricultural Credit Corporation in September 1927 . The Irish currency was pegged to the British pound, even during the Great Depression , when the country's few industrial companies got into trouble.

The self-sufficient state

From 1932 the governments were more concerned with the country's economic and political independence. Taoiseach Éamon de Valera introduced high import tariffs during the Anglo-Irish trade war (1932 to 1938), which massively damaged the agricultural industry. The average customs duties rose from 9 percent in 1931 to 45 percent in 1936. On the other hand, the urban population benefited from these measures; industrial production rose by 46.1 percent between 1931 and 1938. However, the 1932 Control of Manufactures Act required that the majority of the capital in companies be in Irish hands. Up until the 1970s, companies were also bought up by the state and continued to run or a state stake was acquired. These included, for example, the agricultural bank ACCBank (1927), Irish Sugar (1933) Aer Lingus (1936), the life insurer Irish Life (1939), Irish Steel (1947) and the natural gas company Bord Gáis (1975). The economic policy of the alternate Prime Ministers Éamon de Valera and John A. Costello (from 1932 to 1959) was not very successful. In the years 1948 to 1952 Ireland received by the Marshall Plan technical assistance, loans and grants worth a total of 146.2 million US dollars .

The changing Irish economy

In the 1950s, economic growth was below 2 percent and over 400,000 Irish (3 million residents) emigrated.

Efforts to attract foreign investments into the country began in 1955 in order to facilitate exports from Ireland to Great Britain and the other Commonwealth countries. German companies were among the largest investors at the time. In 1958, the Control of Manufactures Act was amended so that the majority of export-oriented industrial companies no longer had to be under Irish control. The government of Seán Lemass (from 1959 to 1966) promoted economic relations with foreign countries, since in 1959 75 percent of all exports went to the United Kingdom. Ireland joined the General Agreement on Tariffs and Trade (GATT) in 1960 and the Anglo-Irish Free Trade Agreement was signed on December 15, 1965.

The first application for membership on July 31, 1961 to join the European Community (EC) failed. The application to join the European Community on May 10, 1967, however, was successful and contract negotiations could begin in June 1970. The contract with the EC was signed on January 22nd, 1972 and confirmed in a referendum . Ireland, Great Britain and Denmark joined the EC on January 1, 1973.

The fixed exchange rate between the Irish pound , the Irish currency that existed until 2001, and the British pound of one to one (since 1928) was abolished on March 30, 1979 when Ireland became a member of the European Monetary System . This was problematic for Ireland, as in 1978 the United Kingdom still accounted for around 50 percent of all exports and imports.

In the late 1970s and early 1980s, the second oil price crisis (1979/80) led to a decline in economic growth. In 1977 and 1978 the economy had grown by over 7 percent, until 1982 it grew by 2 to 3 percent, in 1983 the GDP fell by 0.24 percent. The inflation increased from about 10 percent in 1979 to about 20 percent, where it remained until the 1983rd As of 1985 it was below 5 percent. Due to the weak economic development, ineffective spending and the abolition of the wealth tax in 1978, the national debt rose sharply under the government of Jack Lynch and her successors. In response to the crisis, his successors, Charles J. Haughey and Garret FitzGerald, cut spending and significantly increased tax rates on employee incomes. The lowest income tax rate was abolished, which meant that even low- wage earners had to pay 35 percent tax on their income. The tax revenue also financed large educational programs, especially in the communications technology sector, which later became economically important .

Celtic tiger

(Source: Eurostat )

Between 1995 and 2007 Ireland's GDP grew by an average of 6 percent per year, which is why Ireland was referred to as the "Celtic Tiger" in analogy to the tiger states of Southeast Asia, the collective term for South Korea , Singapore , Hong Kong and Taiwan , sometimes also for Malaysia and the Philippines . The development of the GDP was strongly influenced by foreign direct investment in Ireland. Investments in Ireland were made in particular from the USA in search of a location for exporting to the European economic area. From 1989 onwards, companies such as Dell , Intel and Microsoft invested in Ireland and from the early 1990s onwards, clusters in the communications technology industry were formed. The Irish government was also able to use the new revenue to reduce the national debt. It fell from over 90 percent of GDP in 1993 to below 50 percent in 1999. In the 1990s, corporate taxes were also significantly reduced to attract foreign companies. The standard tariff fell from 40 percent (1995) to 12.5 percent in 2003. In addition, a reduced tariff of 10 percent was introduced for production facilities (today standardized to 12.5 percent, which is still one of the lowest values ​​within the EU means).

However, the GDP was artificially increased, as profits from the companies are only shifted to Ireland for accounting purposes due to the low tax rates and do not actually flow into the country. Adjusted for inflation, GDP per capita rose to one of the highest levels in the EU. The gross national income rose less strongly, but among other things unemployment actually fell (2000–2007 it was around 5 percent). As a result of the statutory minimum wage introduced in 2000, the monthly income of full-time adult employees is not less than 1,183 euros.

There was major immigration to Ireland from the late 1990s . Many Irish went back to Ireland and, especially after the EU's eastward expansion , many immigrants came from Eastern Europe . The population increased from 3.789 million in 2000 to 4.339 million in 2007.

As a result of the persistently low interest rates and poor bank regulation , there was increasing investment in loan-financed real estate from the mid-1990s . The subsequent expansion of the finance and construction industries led to a real estate bubble . The number of new houses built every year rose from 33,600 (1996) to over 93,000 (2006). At the same time, the national average prices rose almost fourfold. Ireland became one of the countries with the highest home ownership rates in the world.

Economic crisis from 2007 to 2013

Rating of Ireland by rating agencies

date	Fitch	S & P's	Moody's	source
April 29, 2010		AA
July 2, 2010			Aa1
July 19, 2010	AA-	AA	Aa2
October 10, 2010	A +
November 24, 2010		A.
December 10, 2010	BBB +
December 17, 2010			Baa1
February 1, 2011		A-
April 1, 2011		BBB +
April 15, 2011			Baa3
July 13, 2011			Ba1
17th January 2014			Baa3
17th May 2014			Baa1
5th August 2014	A-
5th December 2014		A.
5th June 2015		A +
May 14, 2016			A3
April 24, 2018	A +		A2

Long-term Irish government bond yields have declined significantly since mid-2011

Ireland has been particularly hard hit by the global financial crisis and the subsequent euro crisis , because the long-term successful real estate industry and the dependence on foreign direct investment have become negative factors. Due to falling real estate prices (2009: −20.7 percent to 242,033 euros), many Irish households are over-indebted.

The total of outstanding loans, derivatives and mortgage loans from the poorly regulated Irish banks is nearly four times the gross domestic product. At the end of 2009, the state-run National Asset Management Agency (NAMA) was founded as a bad bank and has so far (June 2010) taken over from the five participating companies (Allied Irish Banks, Anglo Irish Bank , Bank of Ireland, Irish Nationwide Building Society and EBS Building Society) Liabilities worth 81 billion euros. Some companies received state guarantees, other companies received state capital aid, and in return the state bought shares in them. The Anglo Irish Bank was even completely nationalized. As the Irish government spent a great deal of money on the financial support of Irish banks and building societies, the national debt rose sharply. The national debt rose from 43.9 percent at the end of 2008 to 64.0 percent at the end of 2009 and is expected to be around 83.9 percent by the end of 2010.

The conservative Irish government under Brian Cowen decided to implement an austerity policy against the massive rise in national debt . Ireland has been in a recession since the first quarter of 2008, and in 2009 GDP shrank by 7.1 percent. The unemployment rate was over 8 percent at the end of 2008 and rose to over 13 percent in 2010, and the number of long-term unemployed (= more than 1 year out of work) has more than doubled to 5.3 percent. Ireland was also in deflation . In October 2009 prices fell by 4.4 percent compared to the same month last year.

Since the beginning of 2010, the rating agencies have been gradually downgrading Ireland. Ireland's debt burden at the end of June 2010 totaled US $ 731.2 billion, of which US $ 508.6 billion was with European creditors. In the fourth quarter of 2010 rumors arose about Ireland's impending insolvency and an impending application for EU aid, which the Irish government initially categorically rejected. However, due to the Irish financial and banking crisis (particularly the Anglo Irish Bank ), Prime Minister Brian Cowen asked the European Union and the International Monetary Fund for help on November 21, 2010 . The EU finance ministers decided on November 28, 2010 a three-year aid package of 85 billion euros from the European Stability Mechanism , of which Ireland raised 12.5 billion euros from the reserves of the state pension insurance and 5 billion euros from cash reserves. The United Kingdom (EUR 8 billion), Sweden (EUR 1 billion) and Denmark offer bilateral financial assistance. 10 billion euros are to be spent immediately to increase the banks' equity, with a further 25 billion euros available. The other 50 billion are earmarked for the state budget if needed. The Irish government also decided to take further drastic austerity measures: the increase in VAT , cuts in social benefits, savings in the public sector and an increase in various fees.

In the course of the euro crisis , the interest rate to be paid by Ireland for EU aid was reduced from initially 5.83 percent per year to around 3.5 percent and the term of the bonds was extended to 15 years.

After Ireland was last active on the capital market in September 2010, Ireland issued a bond of 500 million euros with a term of 3 months for the first time on July 5, 2012. The average interest rate was around 1.8 percent, slightly cheaper than comparable Spanish bonds.

The Irish government of Enda Kenny gave December 15, 2013 as the date for the exit from the euro rescue package. From this point on, Ireland should again finance itself completely through the capital market. This plan was also successfully implemented. The economic recovery also led to fiscal consolidation , so that some spending increases in the budget for 2015 became possible again.

Individual evidence

1. ↑ Euro zone: comparison of gross domestic product (GDP) and national debt in selected member states in 2013. Eurostat, accessed on October 23, 2014 . 
2. ↑ Gross domestic product at market prices At current prices in millions of euros (from 1.1.1999) / millions of ecu (up to 31.12.1998). Eurostat, accessed March 30, 2013 . 
3. ↑ Gross domestic product, current prices EUR million - seasonally adjusted. Eurostat, accessed March 30, 2013 . 
4. ↑ Gross domestic product at market prices At current prices purchasing power standard per inhabitant. Eurostat, accessed March 30, 2013 . 
5. ↑ Gross value added - agriculture, forestry, fisheries% of the total value of all economic sectors. Eurostat, accessed March 30, 2013 . 
6. ↑ Gross value added - raw materials industry, production of goods, energy, water% of the total value of all economic sectors. Eurostat, accessed March 30, 2013 . 
7. ↑ Gross Value Added - Construction% of the total value of all economic sectors. Eurostat, accessed March 30, 2013 . 
8. ↑ Gross Value Added - Commerce, Transport and Communications% of total value of all industries. Eurostat, accessed March 30, 2013 . 
9. ↑ Gross Value Added - Business and Financial Services% of total value of all industries. Eurostat, accessed March 30, 2013 . 
10. ↑ Gross value added - other services% of the total value of all economic sectors. Eurostat, accessed March 30, 2013 . 
11. ↑ Real GDP growth rate - volume: change from previous year (%). Eurostat, accessed March 30, 2013 . 
12. ↑ Inflation Ireland 2012. inflation.eu, accessed March 30, 2013 (English). 
13. ↑ Employment, domestic concept - a total of 1,000 people. Eurostat, accessed March 20, 2013 . 
14. ↑ ^{a b} Employment and Unemployment (ILO) '000s. Central Statistics Office of the Republic of Ireland, accessed March 30, 2013 . 
15. ↑ Harmonized unemployment rate% (seasonally adjusted). Eurostat, accessed March 20, 2013 . 
16. ↑ International trade, according to the declaring country, total product, millions of EUR, exports in millions of ECU / EURO. Eurostat, accessed April 5, 2013 . 
17. ↑ International trade, according to the declaring country, total product, millions of EUR, imports in millions of ECU / EURO. Eurostat, accessed April 5, 2013 . 
18. ↑ Eurostat - Foreign Trade Balance. Accessed October 17, 2010
19. ↑ Government debt (Maastricht debt) as% of GDP - annual data. Eurostat, accessed March 30, 2013 . 
20. ↑ Total government revenue% of GDP. Eurostat, accessed March 30, 2013 . 
21. ↑ Total general government% of GDP. Eurostat, accessed March 30, 2013 . 
22. ^ Government deficit (-) / surplus (+) - annual data. Eurostat, accessed March 30, 2013 . 
23. ↑ Statista: The 20 countries with the greatest growth in gross domestic product (GDP) in 2015 (compared to the previous year)
24. ↑ Sean D. Barrett: Exporting Deregulation - Alfred Kahn and the Celtic Tiger  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.  
25. ↑ teagasc.ie: Agriculture in Ireland ( Memento from April 28, 2015 in the Internet Archive )
26. ↑ UNWTO 2017. World Tourism Organization, accessed August 14, 2018 . 
27. ↑ Eurostat - Tables, Graphs and Maps Interface (TGM) table. Retrieved July 25, 2017 . 
28. ↑ Database - Eurostat. Retrieved July 25, 2017 (UK English). 
29. ↑ Germany Trade and Invest GmbH: GTAI - Compact economic data. Retrieved September 10, 2017 . 
30. ↑ Germany Trade and Invest GmbH: GTAI - Compact economic data. Retrieved September 10, 2017 . 
31. ↑ Eurostat - Tables, Graphs and Maps Interface (TGM) table. Retrieved June 14, 2017 . 
32. ↑ ^{a b} Irish Historical Studies: Protection, economic war and structural change - the 1930er in Ireland ( Memento of January 30, 2012 in the Internet Archive )
33. ^ Mervyn O'Driscoll, The Irish Times: " Rewriting the history of Ireland's economic revolution, " February 28, 2018
34. ↑ ^{a b} eumatters.ie: Why did we want to join? ( Memento from October 6, 2011 in the web archive archive.today )
35. ↑ ^{a b} centralbank.ie: The Irish Pound: From Origins to EMU by John Kelly
36. ↑ ^{a b} OECD: Statistics on Ireland
37. ^ ^{A b} Hardiman, Niamh: Taxing the Poor: The Politics of Income Taxation in Ireland. Policy Studies Journal, Vol. 28-4 (2000); P. 826; 828-829
38. ↑ Ireland, the "Celtic Tiger": A role model or warning for a growing Europe? - Michael Dauderstädt: Ifo Schnelldienst , 2001, vol. 54, issue 06, pages 34-41.
39. ^ Quarterly National Household Surveys, Central Statistics Office
40. ^ House Price Index 2007 Review. (PDF) Permanent TSB Group Holdings plc, February 2008, accessed June 29, 2013 . 
41. ↑ cso.ie: Construction and Housing in Ireland - 2008 Edition
42. ↑ n-tv.de
43. ↑ n-tv.de
44. ↑ boersen-zeitung.de
45. ↑ Rating agency downgrades Ireland's creditworthiness , tagesschau.de, news from October 10, 2010
46. ↑ godmode-trader.de
47. ↑ Rating: Ireland Credit Rating
48. ↑ Moody's rating agency lowers credit rating: Ireland continues to lose creditworthiness ( memento of December 19, 2010 in the Internet Archive ), tagesschau.de, message of December 17, 2010
49. ↑ Ireland - S&P downgrades its credit rating again. derStandard.at, February 2, 2011, accessed on February 22, 2011 . 
50. ↑ n-tv.de
51. ↑ nzz.ch
52. ↑ Outlook "negative": Moody's downgrades Ireland to junk status. Welt online, July 13, 2011, accessed July 13, 2011 . 
53. ^ Arthur Beesley, John McManus: Ireland regains investment grade rating from Moody's. The Irish Times, January 17, 2014, accessed October 1, 2015 . 
54. ^ Moody's upgrades Ireland's credit rating by two notches. The Irish Times, May 17, 2014, accessed October 1, 2015 . 
55. ↑ Colm Kelpie: Ireland's credit rating upgraded to A- by Fitch. August 5, 2014, accessed October 1, 2015 . 
56. ↑ Ireland Raised by S&P as Economy Strengthens, Banks Recover. Bloomberg Business, December 5, 2014, accessed October 1, 2015 . 
57. ^ Standard & Poor's raises Ireland's credit rating to A +. RTÉ, May 17, 2014, accessed October 1, 2015 . 
58. ↑ Rating Action: Moody's upgrades Ireland's sovereign rating to A3, outlook remains positive. Moodys.com, May 14, 2016, accessed June 5, 2017 . 
59. ↑ Sovereigns Ratings List 2018 . In: countryeconomy.com . ( countryeconomy.com [accessed April 24, 2018]).
60. ↑ ^{a b} finance.gov.ie: Monthly Economic Bulletin - June 2010 ( Memento from February 22, 2011 in the Internet Archive ) (PDF; 903 kB)
61. ^ Zeit.de: unemployed and burned down in Dublin
62. ↑ NAMA: NAMA business plan - June 30, 2010 ( Memento of July 14, 2010 in the Internet Archive )
63. ^ NYTimes: In Ireland, a Picture of the High Cost of Austerity , June 28, 2010
64. ↑ DLF - Europe today The anger is boiling
65. ↑ The Debt Burden of the Green Island - Who's Ireland in Chalk , tagesschau.de, news from November 17, 2010
66. ↑ Ireland rejects rumors about application for EU aid , NZZ Online, November 12, 2010
67. ↑ Speculation about application for EU financial aid: Will Ireland be the next Greece? , tagesschau.de, news from November 13, 2010
68. ↑ Ireland presents savings plan: billion mix of more taxes and cuts , tagesschau.de, news from November 24, 2010
69. ↑ n-tv: Pension fund is plundered - Ireland saves itself too
70. ↑ Irish Central: Ireland gets more time for bailout repayment and interest rate cut
71. ↑ Successful auction: Ireland is back on the capital market. Spiegel Online, July 5, 2012, accessed March 13, 2013 . 
72. ↑ Zeit.de: Ireland leaves the euro rescue package in mid-December , 13 October 2013
73. ↑ Ireland 'right' in clean bailout exit - ESM chief. RTÉ, December 4, 2013, accessed October 1, 2015 . 
74. ↑ Budget Key Points. RTÉ, accessed October 1, 2015 . 

Web links

• Foreign Office: Economy of Ireland