March 19, 2012

Ireland Economic Turnaround Gathering Momentum, According to BNY Mellon


Standish CEO Optimistic on Ireland's Deficit Reduction and Growing Economy

NEW YORK and LONDON, March 19, 2012 — Ireland's ability to begin reducing its deficit and restore growth has enabled it to separate itself from European countries with more troubled economies such as Portugal and Greece, according to Desmond Mac Intyre, chairman and chief executive officer of Standish Mellon Asset Management Company LLC, the fixed income specialist for BNY Mellon Asset Management.

Mac Intyre made the comments at this morning's event, An Overview of the Irish Economy, hosted by BNY Mellon at its New York headquarters.  Approximately 100 clients, consultants and others in the financial services attended the event, which was timed to coincide with St. Patrick's Day.  Joan Burton, Irish minister for social protection and a member of the Irish parliament, was a guest.

Among the reasons for optimism cited by Mac Intyre were the reduction of the government deficit below 10 percent in 2011 and the estimated expansion of its economy by 0.9 percent in 2011, the first growth since 2007. 

"Standish expects this growth to continue into 2012, with medium to high expectations ranging from between negative 0.1 percent to positive 1.0 percent," he said.  "While the country is clearly not yet firing on all cylinders, there is likely to be growth nonetheless."

Other positive signs include exports rising above previous peaks, the savings rate of approximately eight percent, and the success by government and business leaders to encourage foreign direct investment, he said.  Mac Intyre added, "Standish views foreign direct investment as a key building block behind Ireland's success, its quest for job generation, and its export-led recovery."

While Mac Intyre noted that unemployment remains too high and further reductions are necessary in the budget deficit, he said Standish was optimistic that Ireland will overcome these challenges.  He added, "It is our view that the Irish economy has the ability to grow out of recession."

Standish Mellon Asset Management Company LLC, with approximately $86 billion of assets under management, provides investment management services across a broad spectrum of fixed income asset classes. These include corporate credit (investment-grade and high-yield), emerging markets debt (dollar-denominated and local currency), core / core plus and opportunistic (U.S. and global) strategies.  Standish also offers full service capabilities in Insurance and liability driven investing. The firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon.

BNY Mellon Asset Management is one of the world's leading asset management organizations, encompassing BNY Mellon's affiliated investment management firms and global distribution companies. Information about BNY Mellon Asset Management can be found at www.bnymellonam.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team.  It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

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