The greatest difficulty posed by the Republic's recent success was coping with the concept of success, according to Fianna Fail TD Mr Conor Lenihan.
"For far too long the Irish people have been far more comfortable, in a psychological sense, with the concept of failure. Despite our success, there is persistent negativity around," he told the Humbert School.
Commenting on the negative impact on politics of the tribunals at Dublin Castle, he considered the work of the tribunals "a positive thing which will lead to a cleansing of Irish politics".
Progressive Democrats senator Mr John Dardis said he was especially disappointed the Humbert School found it necessary to even consider the downside of the Celtic Tiger. He could not identify one conference which had ever discussed the benefits of the current economic success.
"All of this is very strange when you think of where we have come from. Cast your mind back 12 or 15 years and remember the issues that so troubled us then.
"We lamented the crippling scourge of unemployment and the tide of emigration of our bright young people. Some believed long-term employment might never be cured. Rural society was dying and the countryside was emptying," he said.
Ms Sally Ann Flanagan, director and fund-raiser with Cairde, an organisation for HIV children, suggested if there was a downside to the Celtic Tiger it was HIV. As much as people liked to pretend HIV and AIDS were not an Irish problem, figures of those affected continued to rise and women were most at risk.
"Since January of this year, the newly-introduced HIV test as a non-compulsory part of ante-natal care in Ireland has recorded 34 women with HIV. These were normal family women, not women from marginalised communities, who had been shocked to learn they are HIV positive."
She said the public had already shown its feelings on blood-related illnesses by its reaction to the Lindsay tribunal. One victim had been spat at in the street; a school principal said he would have to name publicly a child whose parent had been infected.
Mr Paddy Walley, a public analyst and author, said racism was probably the most serious threat of all to the Celtic Tiger as it was multinational people who were skilled in the large industries such as information technology. "If these people are not going to get the respect they deserve when they come to Ireland they are not going to stay here."