Loreto College - Coleraine, Co. Derry, Northern Ireland
Loreto Crest

News & Events Archive

The team with teacher Miss Toner and Mervyn King, Governor of the Bank of England - View Full Size Image
The team with teacher Miss Toner and Mervyn King, Governor of the Bank of England
The Loreto College Economics Team - View Full Size Image
The Loreto College Economics Team

A team from Loreto College Coleraine has taken second place in the National Final of the annual Bank of England Interest Rate Target 2.0 competition, held in the Bank of England, London on 13th and 14th March 2008.

Team members Ciaran Barclay, Aoife Daly, Stephen McGrath and Kevin O’Neill put in a tremendous performance at the event, impressing the judging panel, comprised of Rachel Lomax, the Bank’s Deputy Governor for monetary policy and member of the MPC, Charles Bean, the Bank’s Executive Director and Chief Economist and member of the MPC, Anatole Kaletsky, Associate Editor of ‘The Times’ and MPC member Andrew Sentance.  With first place going to The Tiffin Girls’ School (Kingston-Upon-Thames), Loreto College took second place, winning an impressive £5000 for the school in addition to valuable individual prizes of pocket PC computers.

This is an historic 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 had already 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 took its place among the top two teams from the entire field of competitors on a national scale.

At the final, the team took on the role of the Bank of England’s 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 Government’s inflation target of 2.0%.  Following a detailed presentation, the team then faced close and complex questions from the panel. 

Speaking at the presentation of awards, the Governor of the Bank and Chairman of the Monetary Policy Committee, Mervyn King, said,'Whatever the outcome each and every school should feel immensely proud for getting this far. This year, a record number of teams have taken part, and it’s a great achievement to be in the last six. Like the manager of a football club watching the youth teams, I am excited about the future of the Bank having seen the rising stars pushing for the first team.'

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