Irish Message Board - Msg: 4508706

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Strategies & Market Trends : Irish

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To: Patrick Slevin who wrote (4)	5/19/1998 5:25:00 AM
From: Liam Kilmartin	Read Replies (1) of 12

Hi Patrick, I would suggest that many of the Irish companies traded on Nasdaq (IONAY, ELN, tc.) do NOT have significant Irish markets and hence really follow the market trend and do not react to the performance of Irish economy or issues with punt\sterling. Perhaps, ESATY would be the exception to this given that its operations are primarily within Ireland. The punt issue really only comes into it when the company has a large Irish exposure. On the issue of monetary union, I am not really qualified to answer that question but, from my understanding, the aim of EMU for Ireland would be to try and tie it to the stronger European currencies (DM in particular) rather than following sterling (as it always has). It really all depends on whether the Euro is a hard or weak currency. The other issue with EMU is that it will cause a significant fall in interest rates in Ireland. Currently, rates are at "similar" levels to the UK (6%) but by EMU (1-2 years) it is expected that these will fall to German levels (2-3%). This has the potential to add to the many potentially inflationary ingredients currently existing in the Irish economy. LK

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