Opening Bell: Leprechaun economics, Apple's Irish tax, fear and the Bank of England

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‘Leprechaun economics’ is now a thing following yesterday's extraordinary figures from the Central Statistic Office (CSO).

The Financial Times uses the phrase and notes that the island is "home to some of the world’s greatest works of fiction," and that the reported 26% growth rate in 2016 is "another memorable opus."

The last moniker attached to the country was the 'Wild West' of capitalism toward the end of the Celtic Tiger boom.

These growth figures are inflated by aircraft purchases, corporate restructuring, and companies moving assets (particularly patents) to Ireland from other territories.

Assets have come into Ireland through so-called capital inversion deals - and one aircraft leasing company redomicilled its multibillion euro balance sheet.


Minister for Finance Michael Noonan met the European Commission's competition chief yesterday in Brussels, adding to speculation that a ruling in its probe into Apple's tax payments in Ireland is about to be published.

Mr Noonan is understood to have reiterated the Government's position that it believes that the EU's case is unfounded and that it will take a case to the European Court of Justice if there is an adverse ruling against the tech firm.

A decision is expected by the end of this month - if Apple is found to have a special tax agreement it could be required to pay up to €8bn in back taxes to Ireland.


Bank of England Governor Mark Carney has denied allegations that the central bank was part of a 'fear' campaign, aimed at manipulating the British public to vote 'remain' in the EU membership referendum.

The bank published a report in May which said that an 'out' vote would push the British economy into recession - at the time Mr Carney was accused of interfering in the referendum debate.

"If we view something as the biggest risk, we have a statutory responsibility to make that clear," he told the UK Treasury Committee hearing.


A major recruitment firm here says demand for corporate buyers and IT professionals remain high.

In their latest employment monitor - Morgan McKinley also reported a marked increase in UK job seekers looking for opportunities in our financial services.

Following the Brexit vote they also expect a range of hiring demands from International firms seeking to locate here - as an English speaking base in the EU.

Karen O'Flaherty is Chief Operations Officer at the firm: