Quarterly Bulletin Q3 2013

Contents
Section 1
Forecast Summary Table 6
Comment7
The Domestic Economy9
Box A: A Monthly Business Cycle Indicator for Ireland 12
Box B: The Impact of Redomiciled PLCs on GNP and the Current Account 16
Box C: Focus on Long–Term Unemployment 21
An Timpeallacht Gheilleagrach31
Financing Developments in the Irish Economy33
Box 1: The Changing Composition of the Irish Banking System 2003-2012 37
Box 2: Overview of Recent Growth in the Irish Investment Fund Industry 42
Developments in the International and Euro Area Economy53
Box A: Correction of Current Account Imbalances: How are the Periphery Economies Progressing? 59
Box B: Comparing Household Saving Patterns in the Euro Area Periphery Against Those in the Rest
of the Euro Area 65
EU-IMF Financial Assistance Programme – Tenth Review71
Developments in EU Financial Services Legislation during the Irish Presidency of
the Council of Ministers January - June 201377
Section 2
Analysis of Recent Monetary Operations & Financial Market Developments84
Eoin McCabe and Donal Hayes
Section 3
Statistical Appendix