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Unions opposed to cuts are subject to law, says KennyTeacher unions and others that remain opposed to €300m public sector pay cut proposals will be subjected to laws cutting higher salaries and other work changes, Enda Kenny said yesterday.
UCC plan will save taxpayers millions University College Cork intends to be largely self-funding within five years, saving the Irish taxpayer millions of euro a year.
- WORLD
Woolwich terror killing: Security services face probeThe British parliament is to investigate if security services could have done more to prevent the murder of a soldier hacked to death in a London street after it emerged that his suspected killers were known to intelligence officers.
Woolwich killing: Further arrests as spotlight turns on security servicesBritish police arrested two more people yesterday in a hunt for accomplices of two British men of Nigerian descent accused of hacking a soldier to death on a London street in revenge for wars in Muslim countries.
- BUSINESS
Noonan examining ways to capitalise banks It is believed the Minister for Finance Michael Noonan told the IMF that he will look to Contingent Convertible Capital (CoCo) Notes if the banks need additional capital buffers following the stress tests.
- SPORT
The magic is in the anticipationULSTER SFC QUARTER-FINAL:Donegal v Tyrone For too long, we've been decrying the anti-climactic starts to thevarious provincial championships. Now we have a genuine no-holds barred contest in Ballybofey.
O’Brien out for final as Schmidt takes issue with Gatland Joe Schmidt has opted against speculating whether Sean O'Brien will miss the opening weeks of the British and Irish Lions tour after omitting the injured flanker from his squad of 23 for today's RaboDirect Pro12 decider.
- LIFESTYLE
A woman of mettle: how Iron Lady rose to powerFirst volume of Margaret Thatcher's authorised biography is predictably flattering, but not a hagiography, says Shaun Connolly
Best of the Week's TV (Saturday, May 25 - Friday 31)Highlights include Colin Stafford Johnson's new series on the Shannon, and highly-rated new spy drama The Americans.
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Draghi: Rates may be cut back
By Jana Randow and Gabi Thesing, Bloomberg
ECB president Mario Draghi has signalled that policymakers may be open to another interest rate cut if the economic outlook warrants it.
“We have to look at what the situation is, the data and the developments, and then we will make up our minds on the governing council what to do,” he told politicians in Brussels when asked if the central bank could cut rates again. While the ECB never pre-commits, it will “do everything to maintain price stability — from both sides — in the euro area”.He said EU states were increasingly making the kind of changes necessary to bring their economies into line with the eurozone’s need to prevent major imbalances and generate sustainable growth.
“For example, the Irish authorities have maintained a strong track record for maintaining reform momentum throughout their programme. They have also taken important steps towards the restoring the stability of the financial system.”
Addressing the European Parliament’s economic and monetary affairs committee, the ECB president agreed with Fine Gael MEP Gay Mitchell that banks were not passing on the interest rate cuts to mortgage holders but pointed to the difficulty some financial institutions have with their mortgage rate arrangements.
The ECB last week cut its main interest rates by 25 basis points, taking the benchmark to a record low of 0.75% and the deposit rate to zero. Policymakers next decide on rates on Aug 2. With the debt crisis threatening to tip the 17-nation euro economy into recession, some economists say the ECB may have to resort to unorthodox methods to stimulate growth. ECB staff are “searching for actions that could attenuate the current crisis”, as long as they do not breach the central bank’s inflation-fighting mandate, said Mr Draghi.
He said last week’s rate cut “took account of further dampening of inflationary pressures, as some of the previously identified downside risks to economic activity materialised”,
He said it was “essential” that eurozone governments gave up some sovereignty in order to establish a fiscal union. Common euro bonds “come at the end of this process”, he said.