Ireland crisis

  • Ireland announces that it is in recession

    Ireland was the first state in the Eurozone to enter recession as declared by the Central Statistics Office
  • Period: to

    Ireland in recession

    The Irish economy entered severe recession in 2008. Ireland officially left recession in the first quarter of 2010.
  • Ireland announces strong austerity measures

  • 25,000 pensioners and students march against spending cuts

    22 October 2008, at least 25,000 pensioners and students descended in solidarity on government buildings at Leinster House, Kildare Street, Dublin
  • Hidden loans controversy at Anglo Irish Bank leads to drop in share price

    Anglo Irish Bank was particularly exposed to the Irish property bubble. A hidden loans controversy in December 2008 led to a further drop in its share price. The Anglo Irish Bank hidden loans controversy (also known as the circular transactions controversy) began in Ireland in December 2008 when the chairman of Anglo Irish Bank, Ireland's third largest bank, admitted he had hidden a total of €87 million in loans from the bank, triggering a series of incidents which led to the eventual nationali
  • Nationalisation of Anglo Irish bank

  • Recapitalisations of AIB and Bank of Ireland announced

    Goverment announced provision of two €3.5 billion bailouts to AIB and BoI as part of his government's recapitalisation scheme
  • 120,000 people protest on the streets of Dublin over financial crisis

  • ISEQ index falls 3% to stand at 1,987 points

    But on 24 February 2009, it fell over 3% to stand at 1,987 points, a 14-year low (down from over 10,000 in 2007). The last time it stood under the 2,000 level was the middle of 1995. This occurrence followed the unexpected resignation of former Anglo Irish Bank director Anne Heraty from the board of the Irish Stock Exchange
  • 13,000 civil servants start striking over a proposed pension levy

  • Lunch-time protest by 10,000 civil servants

  • Emergency budget announces even more draconion austerity measures

    The government's emergency budget will impose devastating cuts in public spending, while raising large additional amounts through taxes on working people.
  • National Asset Management Agency proposed

    NAMA will function as a bad bank, acquiring property development loans from Irish banks in return for government bonds, primarily with a view to improving the availability of credit in the Irish economy. The original book value of these loans is €77 billion (comprising €68bn for the original loans and €9bn rolled up interest) and the original asset values to which the loans related was €88bn with there being an average Loan To Value of 77% and the current market value is estimated at €47 billion
  • Ernst & Young Economic Eye report announces that Ireland is in depression

    Story Ernst & Young Economic Eye report predicted that the economy of the island of Ireland would contract by almost 8 per cent in terms of gross domestic product (GDP) during 2009
  • Reports start indicating that Ireland out of recession

  • Ireland Plans More Budget Cuts to Reassure Bond Investors

    The Irish government, in its latest step to salvage its fiscal credibility, said on Thursday that it would step up its program to cut the deficit by proposing 6 billion euros ($8.5 billion) in savings for its 2011 budget.
    The adjustment would be part of a package of 15 billion euros in spending cuts and tax increases aimed at bringing Ireland’s deficit — currently 32 percent of gross domestic product — down to the 3 percent level required by the European Union by 2014.
  • Ireland formally requests financial support from EFSF

    21 November 2010, the Taoiseach Brian Cowen confirmed that Ireland had formally requested financial support from the European Union's European Financial Stability Facility (EFSF) and the International Monetary Fund (IMF),[62] a request which was welcomed by the European Central Bank and EU finance ministers.
  • Irish Debt Crisis Forces Collapse of Government

    Prime Minister Brian Cowen said he would dissolve the government after passage of the country’s crucial 2011 budget early in December.