Bank of England competition success for Loreto students

THE Economics Department from Loreto College Coleraine, Specialist School, was celebrating news of an outstanding competition success this week, with the final year students of 2010 keeping pace with their predecessors in the Area Finals of a prestigious nationwide competition.
By The Newsroom
Published 25th Feb 2010, 07:45 BST
Updated 26th Feb 2010, 13:22 BST

For the eighth time in nine years, Loreto, represented by Y14 students Claire Butcher, Megan Cunning, Elizabeth Lane and John Ward, 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.

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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 England’s 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 Government’s inflation target of 0.5%.

A total of 43 teams from throughout the UK, of a total entry of 285 teams, qualified for this stage of the competition.

The students and their teacher, College Vice Principal, Belinda Toner, were congratulated on this tremendous success by principal Brian Lenehan.

Related topics:Bank of EnglandNorthern Ireland