Three short years ago, the economy of Ireland was known as the Celtic Tiger due to its rapid growth and dynamism. But those halcyon days came to a close when the global recession hit.

Because it had expanded so rapidly during the Celtic Tiger years (from 1995-2007), the Emerald Isle was hit especially hard. In just two years, Ireland's GDP fell by 14 percent. Most economists attribute this stunning volte-facie to the decline in the housing market and the billions of pounds in bad loans that were made to new homeowners.

To cut a long story short, the housing market was growing and the banks were handing out cheap loans to just about anyone that applied. But when the recession hit and people could not afford to pay their mortgage bills, the banks were forced to repossess their homes.

Some businesses near solis and harveys point enjoy decent financial situations.

The only problem was that the market was dead and no one was buying real estate. In the end, banks were forced to sell millions of homes at below market value. The larger banks lost billions of pounds, while many of the smaller ones simply filed for bankruptcy.

As a result, mortgage lending in Ireland has fallen to a new record low. Apprehensive banks that were burned in the past have reduced lending by nearly forty percent. And while politicians and residents alike entreat them to lend more, it is unlikely that they will return to the battered mortgage market anytime soon.