The impact of MNCs on the interpretability of Irish macroeconomic data is extremely complicated and contains many very important traps for policy analysis. For example, see FitzGerald (2013). 4  BIS central bankers’ speeches  efforts of the IDA and other agencies, combined of course with the tax structure, have played a powerful role.
For instance, the Common Equity Tier 1 (CET1) ratio in the EU banking sector – a key indicator of financial soundness – rose from 9% in 2009 to nearly 15% in the fourth quarter of 2019, well above the Basel III regulatory requirements.