However, apart from the NTMA's settlement system for Exchequer Notes, Ireland actually has no domestic securities settlement infrastructure. Trades in Irish Government bonds are settled in the Belgium-based Euroclear Bank, while trades in Irish equities settle in CREST which is located in the UK.
D. Increased Robustness to Changes in External Demand Another structural change I should point to is the increased robustness of the economy to changes in external demand.