You know the world has changed when a small bank from the periphery of Europe feels it has a right to call on the richest in the continent to fund its growth.

The shift becomes even more evident when the Irish call comes in a rather plush garden room in the most iconic of Parisian hotels, the Ritz.

The potential French investors sit patiently, listening to three very enthusiastic men from Bank of Ireland asking for their money. They take in the offer of a bond investment, mull it over, ask a few searching questions.

At the end of it all, there is an acceptance that this is now how things work: the Irish economy deserves to be taken seriously.

This becomes particularly stark when one recalls the current state of the French economy. Forecasters are expecting growth of just 1.4 per cent or so for this year, compared to Irish forecasts of up to 6 per cent. Figures from EU statistical agency Eurostat also make illuminating reading.

They show that in 2004, the Republic's GDP per capita (essentially a measure of purchasing power) stood at 139 per cent of the EU average. In France, it stood at just 111 per cent.

Analysis such as this goes a long way towards explaining why the French population is feeling a little bit disgruntled at the moment. It also helps to enlighten the foreign observer on one of the probable reasons behind the very loud "non" voiced in last month's EU constitution referendum.

When you feel like the economy is barely stumbling along while others prosper and you have the chance to punish the government, it makes sense for you to go for it. And if you're wavering, the feeling that "Europe" is somehow being imposed from above without any real consultation will help to reinforce your gloomy mood.

There is of course little evidence of this downbeat backdrop on the bustling Parisian streets, which continue to attract more than their fair share of the international tourist trade. The imperial grandness of the city also distracts from the melancholy which - the "non" vote tells us - is bubbling somewhere beneath the surface. From the Arc de Triomphe to the Eiffel Tower, it informs the observer that even if France is going through a bit of a rough patch right now, there have been centuries of wealth in the past.

It is these centuries of wealth that attracted Bank of Ireland to Paris (among several other traditionally wealthy locations and some new ones such as Dublin) with this week's roadshow for its new asset-covered security (ACS), or giant bond.

The bank wants French investors to buy into the product with some of their historical financial might so that it can get cheaper funding for its domestic business.

In short, the huge growth in mortgage borrowing recorded over the past couple of years (annual growth of almost 30 per cent at times) has required lenders such as Bank of Ireland to find more money than ever before. Traditionally, this funding came from the domestic savings market, but the vast surge in loans has left this source somewhat dry.

For Bank of Ireland, the solution has come in the ACS, which essentially allows the bank to issue a bond on the back of its mortgage book and thus access long-term funding at low cost and from the finest global sources.

Which brings us back to the Ritz, where the potential investors are of the very serious variety. One rather unremarkable gentleman, for example, manages a cool €16 billion of French savings in a single bond fund.

It is thus not hard to understand why Mick Sweeney, chief executive of Bank of Ireland Global Markets, tries his best to impress the audience of about 20 by introducing his roadshow presentation in word-perfect but heavily-accented French. It's important to smooth-talk them before asking them to sign any dotted lines.

It is also crucial that they choose this offering over comparable vehicles being hawked by German and Spanish banks.

Then, joined by Bank of Ireland's chief economist, Dr Dan McLaughlin, he talks the group through the offering and paints them an extremely positive picture of the Irish economy and the Irish housing market.

A third presenter, Vincent Digby, head of funding with the Global Markets division, then talks them through the technicalities, which include the establishment of a separate bank within Bank of Ireland to issue the bond and ringfence the mortgages which back it.

Then follow the questions, which are enlightening in their brevity and directness. One potential buyer asks about the biggest risks to the Irish economy.

Dr McLaughlin acknowledges that the open nature of activity means that a sneeze in the US can upset things. He also accepts that the biggest risk to Bank of Ireland's business (and thus the bond) is with the Irish property market. Should house prices go kaput, it wouldn't be the best thing, he admits.

The French respond well to the honesty, and they like the preferential treatment they would get in the event of a collapse (they could claim before the Revenue Commissioners), even better.

When it's over, the three bankers appear encouraged by the reception they have received and start to look to Milan, the next stop on the roadshow.

The path on this circuit was eased last year when the bank issued its inaugural ACS and successfully raised €2 billion in a five-year offering. This time round, the aim is also to get another €2 billion, but over 10 years (apparently, this is what the market wants) with additional issues planned over coming years to create a benchmark curve.

"Everyone likes a good bond story," Sweeney told the Ritz, as he outlined the pricing of last year's bond (mid-swaps plus three) and where it is currently trading (swaps minus two).

The new issue will be priced on Monday, but early indications suggest a pricing of between mid-swaps plus five and mid-swaps plus seven (about 16 basis points above equivalent German government bond yields).

The Bank of Ireland boys say €2 billion is more than achievable, despite whispers in the market (not from them) that Asian investors who took 11 per cent of last year's ACS are not so enthusiastic this time round because of currency movements in the interim.

Whatever happens, the nature of the roadshow proves that this is a high-level business, with the plush backdrop sitting well with the magnitude of the deal. The Ritz will have been happy to get the business too, with the rest of the hotel lacking the buzz of the garden room. It seems it takes the Irish to add a bit of spark to the Parisian economy these days.