Bank of Ireland Mortgages

Agencies: Cawley Nea\TBWA and Carat

Introduction & Background

In December 2013 Ireland became the first Eurozone country to successfully exit an EU / IMF support programme. After three years, public finances had met fiscal targets set by the 'troika' who had taken control of the economy. The general government deficit fell under target and would continue to do so in 2014 & 2015.

A pivotal part of this recovery was the input of the banks. Bailed out by taxpayers, several Irish banks owed the country a fortune. Bank of Ireland was the first to repay Irish taxpayers' investment, returning c.€6billion to the State versus original investments of €4.8 billion.

Recovery was evident in the improvement in the labour market where numbers employed increased and unemployment fell sharply during the year from 14% to 12.1%[1]. Residential property prices rose 6.4% in 2013, the first increase since 2007. And for the first time since 2007 domestic demand contributed to economic growth.