Consequently, we may see Basel II implementation as a part of a spectrum of frameworks within which there can be progressive enhancement of quality amongst different categories. It is likely that on implementation of Basel II, some banks might adopt the IRB Approach for credit risk while some other banks in the same jurisdiction, might adopt the Standardised Approach.
The sectoral pattern of growth is broadly based across both export-orientated sectors and domestically-orientated sectors, with both Irish-owned firms and multinational firms contributing to job creation and new investment. As a result, there has been significant increases in employment and income, which has fostered an uptick in consumer spending. Domestic demand is further supported by the ongoing recovery across the various investment categories.