|
Report Date : |
08.10.2012 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
No Trace |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Ireland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IRELAND - ECONOMIC OVERVIEW
Ireland is a small, modern,
trade-dependent economy. Ireland was among the initial group of 12 EU nations that
began circulating the euro on 1 January 2002. GDP growth averaged 6% in
1995-2007, but economic activity has dropped sharply since the onset of the
world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009,
and less than 1% in 2010. Ireland entered into a recession in 2008 for the
first time in more than a decade, with the subsequent collapse of its domestic
property and construction markets. Property prices rose more rapidly in Ireland
in the decade up to 2007 than in any other developed economy. Since their 2007
peak, average house prices have fallen 47%. In the wake of the collapse of the
construction sector and the downturn in consumer spending and business
investment, the export sector, dominated by foreign multinationals, has become
a key component of Ireland's economy. Agriculture, once the most important
sector, is now dwarfed by industry and services. In 2008 the COWEN government
moved to guarantee all bank deposits, recapitalize the banking system, and
establish partly-public venture capital funds in response to the country's
economic downturn. In 2009, in continued efforts to stabilize the banking
sector, the Irish Government established the National Asset Management Agency
(NAMA) to acquire problem commercial property and development loans from Irish
banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the
Irish Government introduced the first in a series of draconian budgets in 2009.
In addition to across-the-board cuts in spending, the 2009 budget included wage
reductions for all public servants. These measures were not sufficient. In
2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as
a percentage of GDP - because of additional government support for the banking
sector. In late 2010, the former COWEN Government agreed to a $112 billion loan
package from the EU and IMF to help Dublin further increase the capitalization
of its banking sector and avoid defaulting on its sovereign debt. Since
entering office in March 2011, the KENNY government has intensified austerity
measures to try to meet the deficit targets under Ireland's EU-IMF program.
Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of
GDP, although the recovery is expected to slow in 2012 as a result of the
euro-zone debt crisis.
Source
: CIA
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