Ireland fifth for financial controls

IRELAND RANKS fifth alongside five other countries for its ability to prevent and correct financial troubles, according to a new survey of 52 countries by the international think tank, the World Economic Forum (WEF).

Ireland ranks 14th overall in the index that measures the world's most developed financial systems.

The US and UK top the survey with the most developed financial systems. Venezuela ranks last.

Ireland ranks above G8 countries Italy (22nd), the world's seventh-largest economy, and Russia (36th). It is just ahead of Norway, and behind Sweden.

Ireland comes fifth with the US, Australia, Malaysia, Saudi Arabia and Venezuela when ranked by the capacity of each country's supervisory authorities to prevent and deal with financial crises.

The report identifies Ireland alongside the US, the UK, Spain, and, to a lesser extent, other euro zone countries where housing bubbles and booms in consumer credit were widespread.

Ireland ranks the highest in the index in terms of having the lowest cost involved in setting up a business, the least number of procedures needed to enforce a contract and the least amount of time it takes to close down a business.

Ireland ranks third on "brain drain and the ease of hiring foreign workers" and fourth in terms of protection for investors.

However, Ireland ranks 47th out of the 52 countries in terms of the cost of registering property and comes in at 40th position on the cost of exporting.

Ireland ranks 31st on the quality of its infrastructure and 42nd on the quality of its telephone and fax networks. It is in 21st position for broadband subscribers and 26th for internet users. Ireland ranks 23rd when it comes to the public's trust of politicians.