Enda Kenny could not hide his glee. Ireland’s premier took up a pair of scissors, beamed for the cameras, and cut through a long blue ribbon.

The taoiseach was opening a new office at Dublin’s financial district, a flashy complex on the north bank of the river Liffey on the site of a former railway yard.

In January, Credit Suisse decided to base a new trading floor in the Irish capital, to serve its burgeoning roster of hedge fund clients in London and across Europe.

The outpost will employ about 100 people, including 40 handsomely paid traders and risk managers. For Kenny, every euro of tax revenue is a gift from heaven. Eight years after financial armageddon struck, the country still owes €204bn (£158bn) to