PARTICIPANTS IN the recent Farmleigh economic forum decried the Anglo Irish Bank affair as a public relations disaster for the entire Irish banking system, a new report by the Department of Foreign Affairs reveals.
Although speakers cited extensive negative coverage of the difficult economic situation in Ireland, the department says they also called for a more self-confident image to be projected abroad.
The meeting last month was arranged to bring together a large number of senior figures from the world of Irish and international business and the cultural sector to help develop new means of stimulating an economic revival.
Speakers included former Intel chief Craig Barrett, Qantas chief Alan Joyce, Gerry Robinson of Moto Hospitality and Fox Television president Dennis Swanson.
While participants said there was a pressing need to create a narrative to “entice” journalists and investors, they also underlined the extent to which Ireland’s image abroad had been damaged by the economic situation.
“It was noted that elements of the crisis appeared to be homegrown due to an inadequate financial regulatory system and perceived ‘self-indulgence’ on some issues,” the department says.
“A further negative noted was the perception in some quarters of inadequate ethical standards in public office and the banking sector. In this regard, the Anglo Irish Bank story was described as a PR disaster leading to an unfair view abroad that all Irish banks are corrupt.
“Others suggest that Ireland is seen as ‘just another country with a problem that’s going through a bump’. However, the Irish appeared to outsiders to feel excessively beleaguered and were acting this out. High negative coverage of recent developments in Ireland by domestic media inevitably shaped coverage of the country from outside.”
The department does not name the individuals who highlighted concerns about the reputational damage to Ireland, but says the Government agreed on the need to refocus the message it conveys internationally.
The meetings recognised a “strong need” to refocus and refine the brand or proposition Ireland projects to the world market. “A new ‘playbook for the 21st century’ is required,” the report says.
The meetings also stressed the need to recognise that the global Irish community is “an enormous and unique” asset. There was strong support for measures to build a more strategic relationship between Ireland and its global community.
Publishing the report and a related document by the Irish Management Institute, Minister for Foreign Affairs Micheál Martin said the Cabinet had set up a group of senior officials to “consider and take forward” the work of the forum.
“The overall report contains details of the main themes to emerge, the specific initiatives proposed and the medium-term objectives identified. These initiatives are not formally endorsed by Government, but instead reflect the opinions and suggestions advocated by those who participated at Farmleigh,” Mr Martin said.
Measures backed by participants included the appointment of an “IFSC tsar” to rebrand the IFSC.
This person and the Central Bank governor would “build on work” already undertaken by the Minister for Finance by travelling to main financial markets in order to restore confidence.
“One participant defined March 09 as the turning point in Britain’s perception of Ireland as a ‘basket case’ and attributed this to the visit by the Minister for Finance during which he assured London’s financial community that Ireland would pay back monies owed.
“For Ireland, the cost of funding dropped significantly after the visit,” says the report.
