Loreto College - Coleraine, Co. Derry, Northern Ireland
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NI heat winners of the Bank of England Interest Rate Target 2.0 competition - View Full Size Image
NI heat winners of the Bank of England Interest Rate Target 2.0 competition

The Loreto College Coleraine Economics Department was celebrating news of an outstanding competition success this week, with the final year students of 2007 keeping pace with their predecessors in the regional heat of a prestigious nationwide competition.

For the seventh year in succession, Loreto College, represented by Y14 students Ciaran Barclay, Aoife Daly, Stephen McGrath and Kevin OíNeill, took first place in Northern Ireland in the Bank of England Target 2.0 Interest Rate Challenge, held in Malone House, Belfast on 22nd November.

Target Two Point Zero invites teams of 16-18 year old students to take on the role of the Bank of England's Monetary Policy Committee. Each team will assess the state of the economy and the outlook for inflation, and then set the interest rate to meet the Government's inflation target. It will present its analysis and its decision to a panel of Bank of England judges.† The Loreto team recommended an interest rate of 5.75% compared with the Bank of Englandís official rate of 5.75%, set by the Monetary Policy Committee on 8th† November.

The team will now travel to Manchester in February to compete in the Area Finals.† The students and their teacher, Miss Belinda Toner, were congratulated on this tremendous success by Mr Brian Lenehan, College Principal.