In 1994, at Morgan Stanley, he wrote the “Celtic Tiger” report on the Irish economy, still the fastest-growing economy in Western Europe.
The phrase you provided perfectly describes the origin of the Celtic Tiger. Coined by a Morgan Stanley economist in 1994, it likened Ireland's rapid, export-driven economic catch-up in the 1990s and 2000s to the phenomenal boom experienced by the Four Asian Tigers (Hong Kong, Singapore, South Korea, and Taiwan).
Other major companies that established a strong foothold in Ireland leading up to the 1990s include:
- Pfizer: Opened in Cork in 1969 (followed later by massive facilities in Grange Castle, Dublin and Newbridge).
- Abbott: Established its first Irish nutritional plant in Cootehill in 1975, expanding to medical diagnostics and devices.
- Apple: Opened its first European manufacturing facility in Hollyhill, Cork in 1980.
- Boston Scientific: Established its roots in Ireland with early MedTech manufacturing before the 1990s.
- Intel: Arrived in Kildare in 1989, anchoring Ireland’s expanding semiconductor and technology footprint.
Technology & Electronics
- Intel: Officially landed in 1990 (after securing the deal in 1989), opening its massive silicon wafer fabrication plant in Leixlip, Co. Kildare.
- Dell: Established its major European manufacturing and customer support hub in Limerick in 1991, which quickly grew into one of the country's largest employers.
- Hewlett-Packard (HP): Set up a massive manufacturing campus in Leixlip, Co. Kildare in 1995 to produce inkjet cartridges.
- Gateway 2000: The major U.S. personal computer brand opened its European headquarters and manufacturing facility in Clonshaugh, Dublin in 1993.
Pharmaceuticals & Healthcare
- Boston Scientific: Opened its first Irish manufacturing facility in Galway in 1994, anchoring what would become a globally recognized medical device hub in the West of Ireland.
- Bausch + Lomb: Established its landmark contact lens manufacturing facility in Waterford in 1992.
Financial Services & Consulting
- International Financial Services Centre (IFSC): While designated in 1987, the Dublin docks saw a flood of global banks and fund managers (such as Citibank and Merrill Lynch) build out their massive corporate footprints here between 1990 and 1995.
Originally projected to cost €650 million with a 2022 opening date, the total cost has ballooned to over €2.24 billion, with the main contractor issuing further multi-million euro claims. As of mid-2026, the construction has missed its completion deadline 19 times.
This project is not an isolated incident; it reflects systemic issues within Ireland’s procurement, planning, and management of large-scale public works.
The New Children's Hospital: A Timeline of Delays
The initiative to merge Dublin's three existing children's hospitals (Crumlin, Temple Street, and Tallaght) into a single, world-class facility began decades ago. However, its execution has faced severe bottlenecks:
Procurement and Design Creep: A major factor highlighted by an independent PwC Review was that the contract was greenlit before the final design was fully complete. This led to thousands of late-stage design modifications and major cost inflation.
The 19 Missed Deadlines: The construction firm, BAM Ireland, has continually revised its substantial completion dates. The latest target slipped from April 2026 to August 2026 due to extensive "snagging" issues, including dust contamination in the critical theatre ventilation ducts.
The Winter Risk Delay: Because moving highly vulnerable pediatric patients from old facilities to the new campus is a massive logistical challenge, health officials have ruled out a move during the high-demand winter months (November to March). Consequently, the facility is not expected to see patients until mid-2027.
Other Troubled Public Projects in Ireland
The procedural paralysis and budget overruns seen at the children's hospital are mirrored across several other massive public infrastructure plans:
| Project | Original Estimate | Current/Projected Cost | Status / Issues |
|---|---|---|---|
| MetroLink (Dublin) | Initial estimates under €3bn | Projected up to €9.5bn – €12.3bn | Decades of planning; pending final planning board approvals and delayed tunnelling. |
| National Broadband Plan | €500 million (initial) | Expected €3 billion | Highly criticised procurement process; slow initial rollouts but progressing. |
| National Maternity Hospital | €150 million | Expected over €1 billion | Mired for years in political, legal, and ownership disputes regarding its relocation to Elm Park. |
