Morgan Stanley: Ireland has 'turned corner'

One of the world's biggest investment banks has said Ireland's economy has "turned the corner".

Morgan Stanley Bank said the Government's plans for Anglo Irish Bank will alleviate some concerns, even though the final bill for the nationalised bank is still unclear.

In a report, it agrees the country's challenges are "somewhat bigger than elsewhere".

However, it said Ireland can master those challenges, pointing to gross domestic product growth of 2.7% in the first quarter of the year.