Loreto College - Coleraine, Co. Derry, Northern Ireland
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Qualifiers to the final of the Bank of England Interest Rate Target 2.0 competition - View Full Size Image
Qualifiers to the final of the Bank of England Interest Rate Target 2.0 competition

A team from Loreto College Coleraine has taken first place in the Area Final of the annual Bank of England Interest Rate Target 2.0 competition, held in Manchester on 26th February 2008.

Team members Ciaran Barclay, Aoife Daly, Stephen McGrath and Kevin OíNeill swept aside competitive opposition from six other schools drawn from throughout the North of England as well as from Scotland in this round of the competition, to bring home the top prize, an impressive trophy, as well as the honour of representing the area in the UK Finals of the competition, to be held at the Bank of England, London, on 13th and 14th March.†

This is an historical achievement for the 2008 Target 2.0 team from Loreto: although the students were the seventh team in seven consecutive years to take first place in Northern Ireland and qualify for this round of the competition, they have made history by being the first Loreto team to break through the final barrier and reach the last six, qualifying for the UK Final.† From an initial field of 279 teams, 42 qualified for the area finals; in the UK final, the Loreto team will join the other five area winners to compete for the Challenge trophy and a £10,000 prize.†

At the area final, the team took on the role of the Bank of Englandís Monetary Policy Committee and made a presentation to a panel of Bank of England judges. In the course of the presentation, the team had to assess economic conditions and the outlook for inflation, and decide what level of interest rate they would set to meet the Governmentís inflation target of 2.0%.† Following a detailed presentation, the team then faced close and complex questions from the panel.†

The students and their teacher, Miss Belinda Toner, were congratulated on this tremendous success and wished well for the UK Final by Mr Brian Lenehan, College Principal, on behalf of all the staff and students of Loreto College.