When the history of Ireland's economic boom, bust and revival is finally written, the role of US investors in the recovery phase will be duly noted. Wilbur Ross was one such, investing in Bank of Ireland in 2011, when few other private investors would. Recently, Mr Ross tripled his investment return when he sold part of his substantial shareholding in the bank. A brisk revival in the Irish commercial property market followed the initial vote of confidence in Bank of Ireland, led largely by the investment activity of US private equity and hedge funds. And US interest in Irish assets has accelerated, with some high profile American billionaires buying castles and golf courses at bargain prices.
John Malone, America's largest landowner bought a castle, Humewood in Co Wicklow, and some hotels. He hopes to buy a golf course. And last February, Donald Trump, the controversial New York businessman, bought Doonbeg golf course and hotel in Co Clare for €15 million, a deep discount to its price a year ago.
Mr Trump's investment in Ireland has been warmly welcomed at the highest level, where he has been shown some deference. Minister of Finance Michael Noonan, accompanied by a harpist and a singer, rolled out the red carpet on the tycoon's arrival at Shannon this week. The official seal of approval contrasts with his more troubled experience in Scotland. There the Scottish government rejected his objections to a wind farm development near his luxury golf resort. This prompted a piqued Mr Trump to scale back investment and to turn his attentions to Doonbeg, boasting: "We're bringing the Trump factor to Ireland."
At Doonbeg, a rare species of snail residing on the links and protected by the EU Habitats Directive, remains a concern. Planning regulations will make further development in the area difficult. Mr Trump nevertheless notes that his organisation enjoy “ a very good relationship with the people involved with the snail”. Quite what the Trump factor amounts to in the Irish context, remains to be seen.