The financial crisis in Ireland resembles the American-style collapse following the easy money bubble that hit the real estate segment. It arose from the availability of cheap credit available to almost all families wishing to buy and build homes. The process began in the 1980s and 1990s, when Ireland experienced steady economic growth. The rapid economic boom would trigger a mass exodus of people with Irish ancestral roots motivated to return home (Roche et al., 2013, p. 21). Strong economic growth has prompted individuals to seek employment supported by thriving industries internally. The national unemployment rate would decline steadily, from 15.7% in 1998 to 4% in 2004 (Conefrey et al., 2014, p. 18). Strong growth between 1997 and 2007 took Ireland from a poverty-stricken country to one of the wealthiest. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Behind the strong economic growth was massive job creation. The resulting increase in disposable income in the Irish economy attracted foreign investors. The low business tax rate has allowed more foreign companies to establish an operating base in Ireland. The government would provide more attractive opportunities with free higher education accessible to European Union (EU) citizens. The growing number of graduates has created a pool of candidates for the job market (Conefrey et al., 2014, p. 18; Ruane et al., 2010, p. 80). This coincided with the expansion of the commercial market on the international platform, itself attracting more people to work in Ireland. In fifteen years, from 1990, the labor market increased from just over a million workers to nearly two million. Ireland aligned itself with the pillars that ensured sustained economic growth, making it the Celtic Tiger. Increased job creation combined with economic growth has motivated more Irish people to engage in development. Developers began mass house construction, capitalizing on the projected wave of emigration. They predicted that rapid economic growth would support a second wave of immigrants who could eventually purchase the homes (Norris and Coates, 2014, p. 299). Property developers have applied for loans from Irish banks. The increase in lending allowed banks to grant record loans. The high demand for construction funds necessitated massive borrowing by Irish banks themselves to support domestic borrowing (Norris & Coates, 2014, p. 306). This is evident in the foreign borrowing of Irish lenders, which increased from €15 billion in 2004 to €110 billion in 2008, responsible for €148 billion of residential mortgage debt in the EU (Duffy & O 'Hanlon, 2014, p. 329). Irish banks have adopted a three-month rollover approach to obtaining foreign funds. Unknowingly, the real estate boom led to oversupply, leaving most banks strangled by the classic asset-liability imbalance (Hall, 2009, p. 430). The Irish government is said to accept predictions from banks and developers that such loans would provide opportunities to develop the “Celtic Tiger”. Neither party would worry about the debt buildup in 2006, with the then Prime Minister Bertie Ahern saying: "The boom is getting bigger." Before the financial crisis, Ireland experienced fifteen years of sustained economic growth and 2001..