Vote of confidence - A good deal for Ireland

THE announcement yesterday that world leader Google had bought Dublin’s Montevetro development for a tad under €100 million is a very visible declaration that Ireland is a good place to do business.

It is just the kind of bold statement that will resonate around the world and might do something to counteract the terribly dispiriting assessments published by various ratings agencies.

That the deal will make a profit for the National Asset Management Agency (NAMA) makes it even more welcome. The agency confirmed that it had recovered more than it had paid for the loan on the development plus the funding advanced to facilitate the completion of the project. Let us hope that NAMA will enjoy many more successes like this.