Loreto College - Coleraine, Co. Derry, Northern Ireland
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Winners of the Northern Ireland round of the Bank of England Interest Rate Target 2.0 competition - View Full Size Image
Winners of the Northern Ireland round of the Bank of England Interest Rate Target 2.0 competition
18/11/2009 ECONOMICS SUCCESS FOR LORETO TEAM

The Loreto College Coleraine Economics Department was celebrating news of an outstanding competition success this week, with the final year students of 2009 keeping pace with their predecessors in the regional heat of a prestigious nationwide competition.

For the eighth time in nine consecutive years, Loreto College, represented by Y14 students Claire Butcher, Megan Cunning, Elizabeth Lane and John Ward took first place in Northern Ireland in the Bank of England Target 2.0 Interest Rate Challenge, held in Malone House, Belfast on 17th 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 0.5% compared with the Bank of Englandís official rate of 0.5% set by the Monetary Policy Committee on 5 November 2009. They also recommended a total of £200bn of asset purchases under the Asset Purchase Facility, compared with the £200bn agreed by the MPC on 5 November 2009.

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