Loreto College - Coleraine, Co. Derry, Northern Ireland
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Members of the Bank of England Target 2.0 team - View Full Size Image
Members of the Bank of England Target 2.0 team

The Loreto College Coleraine Economics Department was celebrating news of an outstanding competition success this week, with the final year students of 2006 keeping pace with their predecessors in the regional heat of a prestigious nationwide competition.

For the sixth year in succession, Loreto College, represented by Y14 students Oonagh Diamond, Meabh McGoldrick, Eoin McWilliams and Liam Morrow,† took first place in Northern Ireland in the Bank of England Target 2.0 Interest Rate Challenge, held in Malone House, Belfast on 23rd 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 5.0% compared with the Bank of Englandís official rate of 5.0%, set by the Monetary Policy Committee on 9 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.