Ireland is an island in the North Atlantic. It is separated from Great Britain to its east by the North Channel, the Irish Sea, St George's Channel. Ireland is the second-largest island of the British Isles, the third-largest in Europe, the twentieth-largest on Earth. Politically, Ireland is divided between the Republic of Ireland, which covers five-sixths of the island, Northern Ireland, part of the United Kingdom. In 2011, the population of Ireland was about 6.6 million, ranking it the second-most populous island in Europe after Great Britain. Just under 4.8 million live in the Republic of Ireland and just over 1.8 million live in Northern Ireland. The island's geography comprises low-lying mountains surrounding a central plain, with several navigable rivers extending inland, its lush vegetation is a product of its mild but changeable climate, free of extremes in temperature. Much of Ireland was woodland until the end of the Middle Ages. Today, woodland makes up about 10% of the island, compared with a European average of over 33%, most of it is non-native conifer plantations.
There are twenty-six extant mammal species native to Ireland. The Irish climate is influenced by the Atlantic Ocean and thus moderate, winters are milder than expected for such a northerly area, although summers are cooler than those in continental Europe. Rainfall and cloud cover are abundant; the earliest evidence of human presence in Ireland is dated at 10,500 BC. Gaelic Ireland had emerged by the 1st century AD; the island was Christianised from the 5th century onward. Following the 12th century Norman invasion, England claimed sovereignty. However, English rule did not extend over the whole island until the 16th–17th century Tudor conquest, which led to colonisation by settlers from Britain. In the 1690s, a system of Protestant English rule was designed to materially disadvantage the Catholic majority and Protestant dissenters, was extended during the 18th century. With the Acts of Union in 1801, Ireland became a part of the United Kingdom. A war of independence in the early 20th century was followed by the partition of the island, creating the Irish Free State, which became sovereign over the following decades, Northern Ireland, which remained a part of the United Kingdom.
Northern Ireland saw much civil unrest from the late 1960s until the 1990s. This subsided following a political agreement in 1998. In 1973 the Republic of Ireland joined the European Economic Community while the United Kingdom, Northern Ireland, as part of it, did the same. Irish culture has had a significant influence on other cultures in the field of literature. Alongside mainstream Western culture, a strong indigenous culture exists, as expressed through Gaelic games, Irish music and the Irish language; the island's culture shares many features with that of Great Britain, including the English language, sports such as association football, horse racing, golf. The names Éire derive from Old Irish Eriu; this in turn comes from the Proto-Celtic *Iveriu, the source of Latin Hibernia. Iveriu derives from a root meaning'fat, prosperous'. During the last glacial period, up until about 10,000 BC, most of Ireland was periodically covered in ice. Sea levels were lower and Ireland, like Great Britain, formed part of continental Europe.
By 16,000 BC, rising sea levels due to ice melting caused Ireland to become separated from Great Britain. Around 6000 BC, Great Britain itself became separated from continental Europe; the earliest evidence of human presence in Ireland is dated at 10,500 BC, demonstrated by a butchered bear bone found in a cave in County Clare. It is not until about 8000 BC, that more sustained occupation of the island has been shown, with evidence for Mesolithic communities around the island; these Mesolithic communities lived as hunter-gatherers across the island until about 4000 BC. Some time before 4000 BC, Neolithic settlers arrived introducing cereal cultivars, domesticated animals such as cattle and sheep, large timber building, stone monuments; the earliest evidence for farming in Ireland or Great Britain is from Co.. Kerry, where a flint knife, cattle bones and a sheep's tooth were carbon-dated to c. 4350 BC. Field systems were developed in different parts of Ireland, including at the Céide Fields, preserved beneath a blanket of peat in present-day Tyrawley.
An extensive field system, arguably the oldest in the world, consisted of small divisions separated by dry-stone walls. The fields were farmed for several centuries between 3500 BC and 3000 BC. Wheat and barley were the principal crops; the Bronze Age – defined by the use of metal – began around 2500 BC, with technology changing people's everyday lives during this period through innovations such as the wheel. According to John T. Koch and others, Ireland in the Late Bronze Age was part of a maritime trading-network culture called the Atlantic Bronze Age that included Britain, western France and Iberia, that this is where Celtic languages developed; this contrasts with the traditional view that their origin lies in mainland Europe with the Hallstatt culture. During the Iron Age, a Celtic language and culture emerged in Ireland. How and when the island became Celtic has been debated for close to a century, with the migrations of the Celts being one of the more enduring themes of archaeological and linguistic studies.
The most recent genetic research s
Bank of Ireland
Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional'Big Four' Irish banks. The premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783. Bank of Ireland is the oldest bank in continuous operation in Ireland; the history is. 1783 – 25 June 1783, the Bank of Ireland opened for business at Mary's Abbey in a private house owned by one Charles Blakeney. 1808 – 6 June 1808, Bank of Ireland moved to 2 College Green. 1864 – Bank of Ireland first pays interest on deposits. 1926 – The Bank of Ireland took control of the National Land Bank – a friendly society. 1948 – The Bank of Ireland 1783–1946 by F. G. Hall was published jointly by Hodges Figgis and Blackwell's. 1958 – The Bank took over the Hibernian Bank Limited. 1965 – The National Bank Ltd, a bank founded by Daniel O'Connell in 1835, had branches in Ireland and Britain.
The Irish branches were acquired by Bank of Ireland and rebranded temporarily as National Bank of Ireland, before being incorporated into Bank of Ireland. The British branches were acquired by Glyn's Bank. 1980 - The first Pass card and machine were open known as ATM. 1983 – Bank of Ireland Bi-Centenary. A commemorative stamp was issued; the Bank commissioned the publication of "An Irish Florilegium". 1995 – Bank of Ireland merge First New Hampshire Bank with Royal Bank of Scotland's Citizens Financial Group 1996 – Bank of Ireland buys the Bristol and West building society for €882m, which keeps its own brand. 1999 – Merger talks with Alliance & Leicester were held and called off. 2000 – It is announced that Bank of Ireland is to acquire Chase de Vere. 2002 – Bank of Ireland acquires Iridian, the US investment manager, which doubles the size of its asset management business. 2005 – Bank of Ireland completes the sale of the Bristol and West branch and Direct Savings to Britannia Building Society.
2008 – Moody's Investors Service changed its outlook on Bank of Ireland from stable to negative. Moody's pinpointed concerns over weakening asset quality and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed. 2009 – The Irish government announces a €7 billion rescue package for the bank and Allied Irish Banks plc in February. The biggest bank robbery in the history of the state took place at Bank of Ireland at College Green. Consultants Oliver Wyman validated Bank of Ireland's bad debt levels at €6 billion over three years to March 2011, a bad debt level, exceeded by €1 billion within a matter of months. 2010 – The European Commission orders the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid. 2011 – The Securities Services Division is sold to Northern Trust Corporation.
2013 – Bank of Ireland more than doubles interest rates on mortgages tracking the Bank of England rates, citing the need to hold more reserves and the'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as'having shot the reputation of its mortgages to smithereens' the bank continues to offer competitive mortgages through the Post Office. 2014 – Regulation of the bank will transfer to the European Central Bank. 2014 – Enters marketing alliance with EVO Payments International and re-enters the card acquiring market. BOI Payment Acceptance launches in December 2014; the Bank of Ireland is not, was never, the Irish central bank. However, as well as being a commercial bank – a deposit-taker and a credit institution – it performed many central bank functions, much like the earlier-established Bank of Scotland and Bank of England; the Bank of Ireland operated the Exchequer Account and during the nineteenth century acted as something of a banker of last resort. The titles of the chairman of the board of directors and the title of the board itself suggest a central bank status.
From the foundation of the Irish Free State in 1922 until 31 December 1971, the Bank of Ireland was the banker of the Irish Government. The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, Dublin; this building was designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, it was the world's first purpose-built bicameral parliament building. The bank had planned to commission a building designed by Sir John Soane to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street. However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by the Bank of Ireland in 1803; the former Parliament House continues today as a working branch. Today, visitors can still view the impressive Irish House of Lords chamber within the old headquarters building; the Oireachtas, the modern parliament of the Republic of Ireland, is now housed in Leinster House in Dublin.
In 2011, the Irish Government set out proposals to acquire the building as a venue for the state to use as a cultural venue. In the 1970s the bank moved its headquarters to a modern building on Lower Baggot Street, Dublin 2; as Frank McDonald notes in his book Destructi
Douglas, Isle of Man
Douglas is the capital and largest town of the Isle of Man, with a population of 27,938. It is located at the mouth of the River Douglas, on a sweeping bay of two miles; the River Douglas forms part of main commercial port. Douglas was a small settlement until it grew as a result of links with the English port of Liverpool in the 18th century. Further population growth came in the following century, resulting during the 1860s in a staged transfer of the High Courts, the Lieutenant Governor's residence, the seat of the legislature, Tynwald, to Douglas from the ancient capital, Castletown; the town is the Island's main hub for business, legal services, transport and entertainment. The annual Isle of Man TT motorcycle races finish in Douglas. In the absence of any archaeological data, the origins of the town may be revealed by analysis of the original street and plot pattern; the discovery of a bronze weapon in central Douglas, the large Ballaquayle Viking treasure hoard on the outskirts, both in the 1890s, hint at the early importance of the site now occupied by Douglas.
Scholars agree that the name of the town derives from Early Celtic'Duboglassio' meaning'black river'. Douglas is twice referred to in the monastic Chronicle of the Kings of Man and the Isles: first in 1192, when the monks of St Mary's Abbey at Rushen were transferred there for a four-year stay; these may be references to the site of the Nunnery, a little upstream from the port. The first detailed documentation shows that in 1511 there were only thirteen resident households in the settlement clustered north of the harbour; this suggests. Current speculation links the store buildings with the Irish Sea herring fishery, the import/export trade. In 1681 Thomas Denton described Douglas as "the place of greatest resort" on the Isle of Man, by 1705 a clear picture of the early town emerges, with hints that its residential and military defence functions were growing in importance alongside the port facility; the town thrived in the next 60 years, as imposing merchants' houses, large warehouses, quays and a pier were built to accommodate the burgeoning "running trade": one of the stimuli for the town's expansion.
Other forms of trade grew, after the Revestment Act 1765, Douglas began to reap the benefits of transatlantic trade, due in part to co-operation at a local level with Liverpool. Legitimate merchants who rose to prominence over the period included the Murreys, the Moores, the Bacons; the town's prosperity was facilitated by the low cost of living, the favourable legal status enjoyed by English debtors and half-pay officers. The initial growth and development of the town owed much to its natural harbour, since expanded and improved. Over the 18th century, the town's population rose from about 800 in 1710 to nearly 2,500 in 1784. Throughout the 19th century, the town's demographics followed the same trends as the United Kingdom, due to the Industrial Revolution; the number of holiday visitors grew from the early 19th century, from around 1870 onwards, the town was transformed into a leading holiday resort. But there were unsanitary conditions, poor quality housing; the open sewage and smell from the harbour at low tide all contributed to the town's uncleanliness.
Oil and gas lamps first appeared in the late 1820s and 1830s, the first hospital to join the Dispensary was built in 1850, in 1832 the scenic Tower of Refuge was built in Douglas Bay to offer shelter and provisions for sailors awaiting rescue. Douglas in the first half of the 19th century suffered from the destitution of its population and the many epidemics, in particular cholera; the rise of Douglas as the social and economic stronghold was recognised in 1869, when it became the home of the island's parliament and therefore the capital, an honour held by Castletown, a smaller town in the south of the island. Douglas's political landscape changed in the 19th century, in spite of the conservatism of some townsfolk: in 1844, for example, at a public meeting, the idea of a town council was rejected in favour of retaining the system of Town High Bailiffs. However, an Act passed that decade, which did not include opt-out clauses, was accepted, in 1860, Douglas elected its first town council, predominantly middle class in its makeup.
The Town Commissioners could tackle the town's problems with greater efficiency, by 1869 the sewage problem had been resolved. The Commissioners worked to alter the anachronistic architecture of Douglas, built during the era of fishing and trading, no longer amenable or safe for tourists; the proportion of the total Manx population living in Douglas was expanding, with 35% living there by 1891. The Victorian and modernisation of the town was achieved at the expense of the original maze-like layout of the oldest streets; these were cleared away in the new street schemes and slum clearances of the 1870s to 1920s. The town's infrastructure was radically altered for tourists' convenience, in 1878 the Loch Promenade was construc
Isle of Man
The Isle of Man, sometimes referred to as Mann, is a self-governing British Crown dependency in the Irish Sea between Great Britain and Ireland. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann and is represented by a lieutenant governor. Defence is the responsibility of the United Kingdom; the island has been inhabited since before 6500 BC. Gaelic cultural influence began in the 5th century AD, the Manx language, a branch of the Gaelic languages, emerged. In 627, Edwin of Northumbria conquered the Isle of Man along with most of Mercia. In the 9th century, Norsemen established the Kingdom of the Isles. Magnus III, King of Norway, was King of Mann and the Isles between 1099 and 1103. In 1266, the island became part of Scotland after being ruled by Norway. After a period of alternating rule by the kings of Scotland and England, the island came under the feudal lordship of the English Crown in 1399; the lordship revested into the British Crown in 1765, but the island never became part of the 18th-century Kingdom of Great Britain or its successors the United Kingdom of Great Britain and Ireland and the present-day United Kingdom.
It retained its internal self-government. In 1881, the Isle of Man parliament, became the first national legislative body in the world to give women the right to vote in a general election, although this excluded married women. In 2016, the Isle of Man was awarded biosphere reserve status by UNESCO. Insurance and online gambling generate 17% of GNP each, followed by information and communications technology and banking with 9% each. Internationally, the Isle of Man is best known for the Isle of Man TT competition; the Manx name of the Isle of Man is Ellan Vannin: ellan is a Manx word meaning "island". The short form used in English, Mann, is derived from the Manx Mannin, though sometimes the name is written as Man; the earliest recorded Manx form of the name is Mana. The Old Irish form of the name is Mano. Old Welsh records named it as Manaw reflected in Manaw Gododdin, the name for an ancient district in north Britain along the lower Firth of Forth; the oldest known reference to the island calls it Mona, in Latin.
Latin references have Mevania or Mænavia, Eubonia or Eumonia by Irish writers. It is found in the Sagas of Icelanders as Mön; the name is cognate with the Welsh name of the island of Anglesey, Ynys Môn derived from a Celtic word for'mountain', from a Proto-Celtic *moniyos. The name was at least secondarily associated with that of Manannán mac Lir in Irish mythology. In the earliest Irish mythological texts, Manannán is a king of the otherworld, but the 9th-century Sanas Cormaic identifies a euhemerised Manannán as "a famous merchant who resided in, gave name to, the Isle of Man". A Manannán is recorded as the first king of Mann in a Manx poem; the island was cut off from the surrounding islands around 8000 BC, but was colonised by sea some time before 6500 BC. The first residents were fishermen. Examples of their tools are kept at the Manx Museum; the Neolithic Period marked the beginning of farming, megalithic monuments began to appear, such as Cashtal yn Ard near Maughold, King Orry's Grave at Laxey, Meayll Circle near Cregneash, Ballaharra Stones at St John's.
There were the local Ronaldsway and Bann cultures. During the Bronze Age, burial mounds became smaller. Bodies were put in stone-lined graves with ornamental containers; the Bronze Age burial mounds created long-lasting markers around the countryside. The ancient Romans knew of the island and called it Insula Manavia although it is uncertain whether they conquered the island. Around the 5th century AD, large-scale migration from Ireland precipitated a process of Gaelicisation evidenced by Ogham inscriptions, giving rise to the Manx language, a Goidelic language related to Irish and Scottish Gaelic. Vikings arrived at the end of the 8th century, they introduced many land divisions that still exist. In 1266 King Magnus VI of Norway ceded the islands to Scotland in the Treaty of Perth. In 1290 King Edward I of England sent Walter de Huntercombe to take possession of Mann, it remained in English hands until 1313, when Robert Bruce took it after besieging Castle Rushen for five weeks. A confused period followed when Mann was sometimes under English rule and sometimes Scottish, until 1346, when the Battle of Neville's Cross decided the long struggle between England and Scotland in England's favour.
English rule was delegated to a series of magnates. The Tynwald passed laws concerning the government of the island in all respects and had control over its finances, but was subject to the approval of the Lord of Mann. In 1866, the Isle of Man obtained limited home rule, with democratic elections to the House of Keys, but an appointed Legislative Council. Since democratic government has been extended; the Isle of Man has designated more than 250 historic sites as registered buildings. The Isle of Man is located in the middle of t
Belfast is a city in the United Kingdom, the capital city of Northern Ireland, standing on the banks of the River Lagan on the east coast of Ireland. It is second-largest on the island of Ireland, it had a population of 333,871 as of 2015. By the early 19th century, Belfast became a major port, it played a key role in the Industrial Revolution, becoming the biggest linen-producer in the world, earning it the nickname "Linenopolis". By the time it was granted city status in 1888, it was a major centre of Irish linen production, tobacco-processing and rope-making. Shipbuilding was a key industry. Belfast as of 2019 has a major aerospace and missiles industry. Industrialisation and the inward migration it brought made Belfast Ireland's biggest city and it became the capital of Northern Ireland following the Partition of Ireland in 1922, its status as a global industrial centre ended in the decades after the Second World War of 1939–1945. Belfast suffered in the Troubles: in the 1970s and 1980s it was one of the world's most dangerous cities.
However, a survey conducted by a finance company and published in 2016 rated the city as one of the safest within the United Kingdom. Throughout the 21st century, the city has seen a sustained period of calm, free from the intense political violence of former years, has benefitted from substantial economic and commercial growth. Belfast remains a centre for industry, as well as for the arts, higher education and law, is the economic engine of Northern Ireland. Belfast is still a major port, with commercial and industrial docks, including the Harland and Wolff shipyard, dominating the Belfast Lough shoreline, it is served by two airports: George Best Belfast City Airport and Belfast International Airport 15 miles west of the city. The Globalization and World Cities Research Network listed Belfast as a Gamma global city in 2018; the name Belfast is derived from the Irish Béal Feirsde, spelt Béal Feirste. The word béal means "mouth" or "rivermouth" while feirsde/feirste is the genitive singular of fearsaid and refers to a sandbar or tidal ford across a river's mouth.
The name would thus translate as " mouth of the sandbar" or " mouth of the ford". This sandbar was formed at the confluence of two rivers at what is now Donegall Quay: the Lagan, which flows into Belfast Lough, its tributary the Farset; this area was the hub. The Irish name Béal Feirste is shared by a townland in County Mayo, whose name has been anglicised as Belfarsad. An alternative interpretation of the name is "mouth of of the sandbar", an allusion to the River Farset, which flows into the Lagan where the sandbar was located; this interpretation was favoured by John O'Donovan. It seems clear, that the river itself was named after the tidal crossing. In Ulster-Scots, the name of the city has been variously translated as Bilfawst, Bilfaust or Baelfawst, although "Belfast" is used. Although the county borough of Belfast was created when it was granted city status by Queen Victoria in 1888, the city continues to be viewed as straddling County Antrim and County Down; the site of Belfast has been occupied since the Bronze Age.
The Giant's Ring, a 5,000-year-old henge, is located near the city, the remains of Iron Age hill forts can still be seen in the surrounding hills. Belfast remained a small settlement of little importance during the Middle Ages. John de Courcy built a castle on what is now Castle Street in the city centre in the 12th century, but this was on a lesser scale and not as strategically important as Carrickfergus Castle to the north, built by de Courcy in 1177; the O'Neill clan had a presence in the area. In the 14th century, Cloinne Aodha Buidhe, descendants of Aodh Buidhe O'Neill, built Grey Castle at Castlereagh, now in the east of the city. Conn O'Neill of the Clannaboy O'Neills owned vast lands in the area and was the last inhabitant of Grey Castle, one remaining link being the Conn's Water river flowing through east Belfast. Belfast became a substantial settlement in the 17th century after being established as a town by Sir Arthur Chichester, it was settled by Protestant English and Scottish migrants at the time of the Plantation of Ulster.
In 1791, the Society of United Irishmen was founded in Belfast, after Henry Joy McCracken and other prominent Presbyterians from the city invited Theobald Wolfe Tone and Thomas Russell to a meeting, after having read Tone's "Argument on Behalf of the Catholics of Ireland". Evidence of this period of Belfast's growth can still be seen in the oldest areas of the city, known as the Entries. Belfast blossomed as a commercial and industrial centre in the 18th and 19th centuries and became Ireland's pre-eminent industrial city. Industries thrived, including linen, rope-making, heavy engineering and shipbuilding, at the end of the 19th century, Belfast overtook Dublin as the largest city in Ireland; the Harland and Wolff shipyards became one of the largest shipbuilders in the world, employing up to 35,000 workers. In 1886 the city suffered intense riots over the issue of home rule. In 1920–22, Belfast became the capital of the new entity of Northern Ireland as the island of Ireland was partitioned.
The accompanying conflict cost up to 500 lives in Belfast, the bloodiest sectarian strife in the city until the Troubles of the late 1960s onwards. Belfas
Central Bank of Ireland
The Central Bank of Ireland is the Republic of Ireland's central bank, as such part of the European System of Central Banks. It is the country's financial services regulator for most categories of financial firms, it was the issuer of Irish pound banknotes and coinage until the introduction of the euro currency, now provides this service for the European Central Bank. The Central Bank was founded on 1 February 1943 and since 1 January 1972 has been the banker of the Government of Ireland in accordance with the Central Bank Act 1971, which can be seen in legislative terms as completing the long transition from a currency board to a functional central bank, its head office was located on Dame Street, Dublin from 1979 until 2017. Its offices at Iveagh Court and College Green closed down at the same time. Since March 2017, its headquarters are located on North Wall Quay, where the public may exchange non-current Irish coinage and currency for euros, as well as high value euro banknotes and "mutilated" currency.
It operates from premises at nearby Spencer Dock. The Currency Centre at Sandyford is the currency manufacture and distribution site of the bank; the Central Bank's reputation was damaged in the Irish financial crisis. While the Bank has taken actions to address some of the main criticisms, there is evidence other issues remain, that new controls, such as mortgage limits, are being circumvented by Irish banks and the Irish State; the Central Bank of Ireland’s mandate calls on it to contribute to the well being of the people of Ireland and more in Europe by performing statutory responsibilities which cover a wide range, including: price stability. The Governor of the Bank is appointed by the President of Ireland on the advice of the Government of Ireland. Recurrent criticisms have been made both before and after the Irish banking crisis, of the Central Bank of Ireland; as seen in the Irish banking crisis, when global markets are stressed, several of these issues can occur to amplify the seriousness of the situation.
While the pre-crisis Central Bank of Ireland was judged to fail on all these criticisms, the Irish State had the financial resources to bailout the Irish banking system. Post the 2011–bailout, the Irish State has a debt-to-GNI* ratio of over 100%, will not be able to withstand such a material failing by the Central Bank of Ireland again. A recurrence would place the Irish banking system, the Irish State, into creditor restructuring. In 2016, several Irish bank CEOs testified to being asked by senior officials of the Central Bank during 2007–2011 to follow a "green jersey agenda" in obfuscating the facts of Ireland's deteriorating banking system. After the 2011–bailout by the EU–ECB–IMF of the Irish banking system, a number of non–Irish senior executives were placed in the Central Bank of Ireland, including the Board of the Bank; however by 2017 all these non–Irish executives had departed the Central Bank, some have publicised concerns about the Central Bank's tendency to push aside risk-management in pursuit of political and Government objectives.
The Irish Celtic Tiger era was typified by large, interest-only mortgages, at high levels of loan-to-income values. Post the 2011–bailout, the Central Bank introduced macro–prudential controls on mortgage lending both in terms of loan-to-value, loan-to-income. A limited number of exemptions to these are available to Irish banks for both of these rules on an annual basis. Additionally, the Irish Government introduced a Help To Buy scheme, which allows First Time Buyers to receive 5% of the cost price of a house as an income tax rebate - which loosened the LTI requirements further for eligible first time buyers; the Irish financial crisis showed the small and unusual nature of Ireland's economy, led to foreign banks withdrawing capital from Ireland in times of stress. In 2017, it was shown that brochures of IFSC services firms market Ireland as a "light-touch" regulatory regime... The Central Bank itself was paying rent to a US distressed debt-landlord, using a Central Bank-regulated ICAV structure to avoid all Irish taxes.
In February 2018, the Central Bank expanded the little-used L–QIAIF vehicle to give the tax benefits as Section 110 SPVs but without requiring public accounts for the Irish CRO, how the abuses above were uncovered. In June 2018, the Central Bank reported that distressed debt funds switched €55 billion, or 25% of Irish GNI*, out of Section 110 SPVs, into L–QIAIFs; such actions have been highlighted as those of a "captured state" by tax-experts. Research in June 2018, confirmed that Ireland a "major tax haven", was the world's largest tax haven. In common with all tax havens, Ireland’s economic data is distorted by the BEPS flows from tax management activities; the top–10 GDP-per-capita countries, excluding natural resource countries, are all tax havens (see GDP-per-capita and tax havens
Anglo Irish Bank
Anglo Irish Bank was an Irish bank headquartered in Dublin from 1964 to 2011. It began to wind down after nationalisation in 2009. In July 2011 Anglo Irish merged with the Irish Nationwide Building Society, forming a new company named the Irish Bank Resolution Corporation. Michael Noonan, the Minister for Finance stated that the name change was important in order to remove "the negative international references associated with the appalling failings of both institutions and their previous managements". Anglo Irish dealt in business and commercial banking, had only a limited retail presence in the major Irish cities, it had wealth management and treasury divisions. Anglo Irish had operations in Austria, the Isle of Man, the United Kingdom, the United States; the bank's heavy exposure to property lending, with most of its loan book being to builders and property developers, meant that it was badly affected by the downturn in the Irish property market in 2008. In December 2008, the Irish government announced plans to inject €1.5 billion of capital for a 75% stake in the bank nationalising it.
The Dublin and London Stock Exchanges suspended trading in Anglo Irish's shares, with the final closing share price of €0.22 representing a fall of over 98% from its peak. On 16 January 2009 the Taoiseach Brian Cowen stated that it was "business as usual" at Anglo Irish Bank, people should be reassured that the bank is solvent. Between June and September 2009, the Minister for Finance provided €4 billion in capital. In a statement on 30 March 2010, a day before Anglo Irish Bank reported its financial results, the Minister Of Finance Brian Lenihan announced an injection of €8.3 billion into the bank, noting that a further €10 billion may be required at a stage to cover future losses and ensure an adequate capital base. Since the nationalization of Anglo Irish Bank a number of controversies have arisen over certain business practices and loans, including loans to directors and loans to people associated with Brendan Murtagh, EMPG, the QUINN group. On 31 March 2010 Anglo Irish Bank reported results for the 15 months to December 2009.
Losses for the period were €12.7 billion, with an operating profit before impairment of €2.4 billion and an impairment charges of €15.1 billion driving the overall result. It is the largest loss in Irish corporate history. Total assets declined to €85.2 billion at the end of 2009 from €101.3 billion in September 2008. The European Commission allowed the Irish government on 10 August 2010 to temporarily grant €10 billion to Anglo Irish Bank - this included an additional €1.4 billion sought by Ireland to allow the nationalised bank meet its regulatory capital requirements in light of increased costs associated with transferring loans to the National Asset Management Agency. In 2011 the accounts for UK savers were moved to the Allied Irish Bank. On 15 January 2009, the Government announced that it would take steps that would enable the Bank to be taken into State ownership; the Anglo Irish Bank Corporation Act, 2009 provided for the transfer of all the shares of the Bank to the Minister for Finance and was enacted under Irish law on 21 January 2009.
On the same date, the Bank was re-registered as a private limited company. In order to protect the capital position of the Bank the Minister for Finance provided €4 billion in capital between June and September 2009. A liability management exercise was undertaken in August 2009 and €1.8 billion of equity was realised on the buyback, at a significant discount, of subordinated debt instruments. In December 2009, the Minister committed to safeguard the Bank's regulatory capital position; as a result, the Minister issued of a promissory note for €8.3 billion on 31 March 2010, bringing the government's investment in Anglo Irish bank to €12.3 billion. Since the notes have risen in value to cover €30.6 billion of the €34.7 billion cost of Anglo Irish Bank and Irish Nationwide Bank. In his statement to the Irish Parliament on 30 March 2010, the Minister for Finance stated: "Finding a long-term solution for Anglo Irish Bank is by far the biggest challenge in resolving the banking crisis; the sheer size of the bank means there are no low cost options.
Winding-up the bank is not and was never a viable option."In September 2010, the government announced that it would separate the bank into two entities, an "asset recovery bank" to manage existing loans, a separate "funding bank" holding deposits. On 5 September 2008, a few months before being nationalized, Anglo Irish sold its Anglo Irish Bank Austria division to Valartis Bank. A Transfer Order was made by the High Court in Dublin under the Credit Institutions Act 2010 transferring the assets and liabilities of Irish Nationwide Building Society to Anglo Irish Bank Corporation Limited on 1 July 2011; this achieves the legal merger of the INBS business into Anglo consistent with directions provided to both entities by the Minister for Finance, in consultation with the European Commission. On 31 March 2010, Anglo Irish Bank reported results for the 15 months to December 2009. Loss for the period were €12.7 billion, with an operating profit before impairment of €2.4 billion and an impairment charges of €15.1 billion driving the overall result.
Total assets declined to €85.2 billion at the end of 2009 from €101.3 billion in September 2008. With the substantial capital investment in the Bank by the government offsetting the provisions, the Core Tier 1 and total regulatory capital were €5 billion and €8 billion at the end of 2009 versus risk weighted assets of €73 billion. Anglo Irish Bank is the largest contributor of assets to Ireland's "ba