Celtic Tiger loses its bite

THE currency losses at Allied Irish Banks dealt a further blow to the Irish economy just as its 'Celtic Tiger' period of supergrowth had come to an end - the second successive hammer blow to the Irish stock market after drugs group Elan's price crashed last week. AIB and Elan are two of the largest stocks in the ISEQ index.

Economic growth, which hit 10.5% in 2000, is expected to slow to 3%-5% this year as the technology slump hits Ireland's previously booming computer/software sector.

Any regulatory changes after the AIB affair may tighten scrutiny of Dublin's International Financial Services Centre.