Beware The Waves On A Rising Tide!

The performance of the Irish economy in 2014 has received many plaudits.  Our annual GDP growth was reckoned to be the highest in the Euro area.  Unemployment fell by some 1.6% in 2014, contributing significantly to a growth in tax revenues, particularly income tax and vat.  Consumer confidence seems to have improved and with it, though some retailers would disagree, consumer spending.

The perceived wisdom since the downturn began, is that the lack of credit in the economy has been a barrier to Ireland's recovery.  However, 2014 saw both public and private sector efforts to provide more access to credit, for small and medium sized businesses ("SMEs") in particular.  The announcement of initiatives by the banking sector to provide funds for such businesses to grow and innovate was welcomed.  Practically all high street lenders indicated that the amount of funding they provided to business in 2014 had increased from the previous year. Other sources of non-bank finance