Loreto College - Coleraine, Co. Derry, Northern Ireland
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Bank of England Target 2.0 competition finalists - View Full Size Image
Bank of England Target 2.0 competition finalists

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 Area Finals 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, qualified for the Area Finals of the Bank of England Target 2.0 Interest Rate Challenge, having taken first place in Northern Ireland in the local heat, held in November.

The team travelled to Manchester this week to compete in the Area Finals, at which they finished in second place, winning high praise from the judges for their excellent presentation and expertise.† Their prizes included a generous cash award for the Loreto Economics Department.†† This round of the competition saw the team competing in a field of seven teams from Scotland, Northern Ireland and the North of England, during which they were required to take on the role of the Bank of Englandís Monetary Policy Committee and to make a presentation to a panel of Bank of England judges. Each team was asked 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%. A total of 42 teams from throughout the UK, of a total entry of 265 teams, qualified for this stage of the competition.

The students and their teacher, Miss Belinda Toner, were congratulated on this tremendous success by Mr Brian Lenehan.