- NEWS
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.
Breaking stories
Government faces weeks of talks to get EU on side
THE Government is facing weeks of delicate negotiations to convince the EU to share the crippling cost of the banks and reduce the interest rate being charged for the bailout loan.
By Ann Cahill and Paul O’Brien in Brussels
Discussions on easing the cost of Ireland’s bailout was shelved at the EU summit in Brussels as the Portuguese crisis took centre stage. Portugal moved closer to becoming the third EU state to require a bailout when its government collapsed after failing to push through austerity measures.
Taoiseach Enda Kenny had been expected to look for the interest rate on the bailout loan to be cut from 5.8% to 4.8% but decided the time was not right.
He spoke with European Council president Herman Van Rompuy on Wednesday and they agreed to postpone consideration of the issue.
The results of stress tests next week will make clear the scale of the black hole in the banks and the government would prefer to resolve that issue and the interest rate cut together.
“Obviously from an Irish point of view, I’d prefer to deal with substance rather than theory... I’d like to have a much clearer picture of the outcome of the bank stress tests which are going on,” Mr Kenny said.
He explained the banking situation to EU leaders and the fact that there are sensitive discussions ongoing between the Government and the European Central Bank.
They hope to convince the ECB to provide liquidity for Irish banks in the medium term — up to seven years — to improve market confidence in them.
Separately, the EU leaders agreed changes in the ways governments manage their budgets allowing the EU oversight and agreeing to penalties for failing to make changes deemed necessary.
As the summit concludes today, they are also expected to sign off on a new €700bn rescue package, to which Ireland will be expected to contribute up to €11bn when it comes into force in 2013.
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