|
Report Date : |
05.10.2013 |
|
|
|
|
Tel. No.: |
0033531 8239200 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Ireland |
B1 |
B1 |
|
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 former 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 new
KENNY government has intensified austerity measures to try to meet the deficit
targets under Ireland's EU-IMF program. Ireland achieved moderate growth of
1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery
slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to
trim the deficit to about 8.5% of GDP.
|
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