-
Ireland falls into recession
Ireland becomes the first country in western Europe to officially fall into recession in the wake of the global financial crisis, after it's property bubble bursts. -
Guarantee covering liabilities of €400bn approved
In response to the collapse of US investment bank Lehman Brothers, Irish parliment enacts legislature for a full-scale rescue of the countries financial system, approving a guarantee covering liabilities of €400bn at six Irish-owned banks. This package is later increased to €485bn to cover foreign-owned banks with significant operations in Ireland. -
The Irish Government announces plans to inject €5.5bn into the country’s three main banks.
Ireland agrees to inject €5.5bn into its three main lenders, taking Anglo-Irish Bank under government control. -
Anglo Irish Bank is nationalised.
Plans to inject €1.5bn into Anglo Irish Bank are abandoned, and instead the Irish government nationalises the country’s third largest lender amid fears it could collapse. -
Ireland's unemployment rate reaches 11% - the highest since 1996
As Ireland's unemployment rate reaches 11%, the highest since 1996, over 100,000 people take part in protests in the capital, rallying against the government's handling of the economic crisis. -
Ireland loses AAA debt rating
As public finances deteriorate and the country sinks deeper and deeper into recession, Ireland loses its AAA debt rating. -
Spending cuts of €10.6bn are announced in emergency budget
The government unveils its second budget in six months to deal with Ireland's rapidly contracting economy. Finance Minister Brian Lenihan outlines over €10bn in spending cuts for 2010-2011 and forecasts an additional €3.25bn from taxation in an emergency budget. -
Ireland hit by deflation as prices fall by 4.4%
Ireland is officially hit by deflation, with prices falling by 4.4% cent. -
Welfare and public pay cut in 2010 budget
Ireland's 2010 budget includes savings of more than €4bn, achieved by cutting welfare and public pay. -
Official figures show Irish GDP fell by 7.6% in 2009
Official figures show Irish GDP (gross domestic product) fell by 7.6 per cent in 2009, and Irish sovereign debt for 2009 rose to 65.5% of GDP, from 44.3% the previous year. -
Anglo Irish Bank reports loss of €12.7bn
Anglo Irish Bank reports a loss of €12.7bn, the biggest in Irish corporate history. -
Ireland discloses a worst-case bank bail-out price tag of €50bn
Ireland discloses a worst-case price tag of more than €50bn for bailing out its banks. -
The cost of rescuing Ireland's striken banks rises to €45bn
Ireland's central bank reveals that the cost of rescuing Ireland's stricken banking system has risen to €45bn euro, pushing the country's budget deficit up to around a third of GDP (gross domestic product). -
Plans are put in place to bail out Ireland's banking sector.
Euro zone finance ministers agree to lay the groundwork for bailing out Ireland's banking sector with the IMF (International Monetary Fund), but say Dublin has to decide whether to request the aid. EU, IMF and European Central Bank technical experts are granted permission to visit Ireland. -
Brian Cowen confirms IMF bail-out negeotiations are underway
Irish Prime Minister Brian Cowen (pictured) confirms for the first time that negotiations are under way with the European Union and International Monetary Fund on a bail-out package to save the countries ravaged economy. -
A four-year €15bn plan to restore Ireland's crippled finances is unveiled.
The Irish Government reveals a €15bn four-year austerity plan, imposing spending cuts and tax increases to help meet the rising costs of the banking crisis and the terms of the EU/IMF bailout. The plan includes thousands of public sector job cuts, VAT rises from 2013 and huge social welfare savings by 2014. -
Irish Government confirms it will seek an IMF/EU bail-out.
The Irish Government confirms it will seek an International Monetary Fund/European Union bail-out. -
Official figures show Ireland fell back into recession in late 2011
Official figures show that Ireland fell back into recession in the last three months of 2011, following return to growth for first time since 2007.
