Loss of Irish Economy

From 1987 to 2000, Ireland experienced an incredible economic boom. It has undergone various stages, such as Celtic Tiger's time, for several reasons. The first factor that helped Ireland's development was that in 1987 the government decided to change its economic policy to stimulate economic prosperity. They wanted some stability, so we made some big decisions, such as reducing government expenditure and lowering payroll tax for employers. This will provide labor to the company with population growth.

The financial performance of major Irish banks reflects the rapid deterioration of the Irish economy. In May 2009, the recently nationalized Anglo-Ireland Bank loses the biggest loss in the history of Irish companies over 1 billion and is expected to reach 5 million by the end of the year. In 2008, AIB's pre-tax profit was EUR 1 billion, a 60% decrease over the previous year. Since 2009 it was difficult to lend $ 24.3 billion from $ 9 billion this year, we announced $ 3 billion in bad debt in 2009. For the year ended March 31, 2009, the Bank of Ireland recorded a pre-tax loss of $ 7 million against the 2008 profit of $ 93 billion. We raised the expected nonperforming loan to 6 billion dollars in the three years until March 2011. In the case of foreign participants, the Bank of Scotland (Ireland) reported that "the damage suddenly increased" due to the fall in the asset value in 2008, and that the serious deterioration of the real estate market was "unprecedented" .

The Irish economy collapsed in 2007/08. The international financial crisis and its credit restrictions reveal Irish bankruptcy, real estate bubble, and unsustainable levels of public expenditure. In November 2010, the Ireland government was unable to fund capital enhancement and day-to-day expenditures of banks due to a decline in revenue, and the Irish Government agreed with the European Union, the European Central Bank and the International Monetary Fund (Troika) We negotiated the loan. This led to the loss of economic sovereignty and greatly accelerated the austerity measures initiated in 2008 to ensure that Troika sets targets for the government's deficit.

Therefore, threatening the "escape from ELA", the ECB actually threatened to destroy the Irish banking system. Our Irish people are obliged not only to bear the losses of international investors but they are forced to pay them the profits they should have unless their investment is worsening. They also paid all the interest. It is difficult to exaggerate the ECB's demand for such outrage. Market rules are very clear - if you invest, if you win, you invest, you lose, and you lose, you can keep your bonus. The European Central Bank replaced it with new rules - if you win, you win, you lost, and if you are strong enough you still win. . . And the Irishman lost.