Never far from controversy and often on the front foot, the Irish government has attracted much criticism among the public for its handling of the recession.

First there was Europe-wide condemnation when, immediately after the crash, the Irish finance Minister Brian Lenihan struck out on his own with guarantees to save the country's banks.

Then there was the creation of the National Asset Management Agency (Nama), which bought between e80m and e90m (pound 72.80m- pound 81.93m) worth of development and building loans off the banks' books using taxpayer's money. The plan was to buy the loans at a discount, somewhere between what they were worth at the peak of the property boom compared with their long-term economic value - an undetermined figure known as the 'haircut'.

These loans will then be redistributed back into the market allowing the banks to start lending again. That, or the taxpayer will be crippled under the weight of the debt for decades to come, according to who you listen to.

The ins and outs of Nama have dominated the Republic's newspapers since the scheme was announced, with uncertainty over what the plan might mean for the country's economy, creating a soap opera to rival Irish television's Fair City. But in nationalising Anglo Irish Bank, was Ireland not ahead of the curve? Gordon Brown and other European leaders soon followed suit as the seriousness of the situation became more apparent.

And what of a big economic cheese coming out in support of Nama? In an email circulated to banking clients of Goldman Sachs, the investment bank's chief European economist Erik Nielsen described the creation of the agency as "the latest in a series of impressive steps" by the Irish government to clean up the banking system. He went on to highlight the "huge benefit" to a small economy of being in the euro zone.

Then, in the same month, insurance broker Willis Group Holdings announced plans to move its corporate base from Bermuda to Ireland, citing tax benefits alongside Ireland's trade treaties with other EU states and the US. In doing so, Willis becomes the fifth large organisation to redomicile to the country, following in the footsteps of consultant business Accenture; manufacturer Ingersoll Rand; electrical products manufacturer Cooper Industries; and healthcare firm Covidien.

Bucking the trend

This is meant to be an economy in crisis, one of the hardest hit by the recession. So what's going on?

"It's well known that Ireland has been attracting inward investors for many years and we continue to punch above our weight in terms of the level of foreign direct investment [FDI] we receive across sectors compared with our European counterparts," says David Widger, corporate partner at A&L Goodbody. "It's not just about a 12.5 per cent headline tax figure - it's about an environment that has all the ingredients any large corporation or emerging industry needs to take their business to the next level."

While dissenting voices can be heard from all quarters back in Dublin, it appears that the corporate and banking market is seeing something else.