Ireland has a very taxing battle on its hands

DAMAGE done to our reputation could see the level of foreign direct investment drop in a few years time, the American Chamber of Commerce warned during the week.

It could be two to three years down the line before it manifests itself as far as foreign direct investment from the US is concerned, according to the newly elected chamber president Gerry Kilcommins. The reality is that most big firms looking to invest overseas have their plans in place two to three years in advance.

So by the time we fell on our collective national sword and bowed to the ignominy of having to be bailed out by the IMF and our European partners, decisions on investment for 2010/ 11 were probably already taken.