TAILIEUCHUNG - Irish Economy Deleveraging, banks and economic recovery

Transportation demand refers to the amount and type of travel people choose given specific prices and service options. Current trends are changing travel demands in ways that increase the value of alternative modes (walking, cycling, ridesharing, public transit, and telecommunications) and more accessible, multi-modal communities. Described differently, the last century was the period of the ascendency of automobile transportation so it may have made sense to invest significant public resources in developing roads and parking facilities, but now the roadway system is mature and various demographic and economic trends make other types of transportation investments more appropriate to meet the. | Goodbody STOCKBROKERS Irish Economy Deleveraging banks and economic recovery Ireland making progress but significant challenges remain -Ireland has recently been rightly lauded for its efforts on fiscal consolidation its return to economic growth and re-emergence of a current a c surplus which makes it stand out from other peripheral countries. That growth however is all down to net exports while domestic demand continues to contract sharply. If current policies are maintained the latter trend will continue while threats to the former are manifesting themselves by way of a general slowdown internationally and the prospect of fiscal consolidation in the euro-zone in particular exacerbating that trend. Policy considerations for Ireland - For a paper prepared and presented at the 34th Annual Policy Conference in Kerry Ireland on the 14th October 2011 we analysed the policy implications of the current direction being taken in Ireland. Simplistically the Irish economy now has a high stock of private public and banking debt. The goal is to reduce these stocks to more sustainable levels over the coming years. We believe that not enough focus has been placed on the damaging interactions between simultaneous deleveraging in these three sectors of the economy. In our view these make it unlikely that the goals will be achieved. We therefore recommend a different course of action. Irish household net worth Q4 2012 - simulation Households need to repair balance sheets - Too little focus at European level has been placed on the role of private sector credit in the current crisis. This is particularly important for Ireland which saw the largest credit boom in the 2003-2009 period. A collapse in asset prices of up to 60 is expected to lead to an unprecedented fall in household net worth of over 250bn 280 of disposable income . Households will thus need to repair balance sheets by paying down debt. Given the high level of debt relative to disposable income 220 versus international

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