- NEWS
Pictures take you upstairs and downstairs in the ‘Big Houses’ of IrelandAn exhibition of Big House photos reveals some intimate moments in the lives of both the families and staff, says Tommy Barker
Appeal for public help in double murder probeA double murder investigation involving more than 50 gardaí got under way in Killorglin, Co Kerry, after autopsies confirmed a Lithuanian woman and her young daughter had died violently.
- WORLD
Brand divorced me by text, says Perry Pop star Katy Perry has revealed that Russell Brand told her he was divorcing her in a text message.
Ex-hitman: Bulger’s FBI dealings ‘broke my heart’A former criminal associate of James "Whitey" Bulger told jurors at the accused mob boss's trial that he agreed to testify against his old friend after learning that his former gang pals had begun co-operating with law enforcement.
- BUSINESS
Aircraft leasing firm buys 10 Boeing jetsShannon-based aircraft leasing firm GE Capital Aviation Services have bought 10 new Boeing 787-10 Dreamliners for an estimated $3bn (€2.24bn) at list price.
20% of rich see value of assets halved Nearly 20% of Ireland's wealthy people have seen the value of their assets halved as a result of their over-reliance on property.
- SPORT
GPA may get involved over Friday night championship dictatThe GPA could yet act on the behalf of the Carlow and Laois football panels as they have confirmed neither they nor the players were consulted about Friday week's All-Ireland round one qualifier.
Kearney keeps eyes on main prize Rob Kearney might not have felt like putting his best foot forward today as the Lions continued to prepare for Saturday's all-important first Test against Australia but he is experienced enough to know that after this midweek defeat by the Brumbies, it is essential for the main mission of the tour.
- LIFESTYLE
Bradley bares his soul Soul singer Charles Bradley found fame late in life, but is haunted by his past, writes Ed Power
Our history of shame about sex laid bareSPECTATORS of the live dance-art show, Witches, will have to wake early or stay up late to watch it.
16-19C
Breaking stories
Noonan seeks ‘ambitious’ move on bank debt
By Ann Cahill, Europe Correspondent
The Government hopes to have a deal in place by budget day that would see most if not all the country’s bank debt taken off the books, and refinanced with cheap, long-term money.
Finance Minister Michael Noonan made his pitch at last night’s meeting of eurozone finance ministers in Brussels, asking for further talks in the autumn.He said while it would be ideal if agreement was reached by budget day in early December, it could not be finalised until a European banking supervisor was in place.
However, the minister said the country was under pressure from the IMF to show it is funded for the following 12 months as under their rules they cannot lend to countries that are not solvent.
Budget day “would suit our domestic agenda and it would also suit the IMF time frame of having to adjudicate on whether we are funded for 12 months ahead or not and they need to do that sometime in the autumn but the communique says to be resolved by the end of the year so that is the stated time frame at present”, he said on his way into last night’s meeting.
He did not discuss the amount of money the Government was hoping to borrow — whether it would be the full amount to replace the €64bn put into the banks, including the promissory notes for Anglo Irish Bank, or part of it.
“We do not want to get into talking numbers yet because it has not got that far, but we will be ambitious in our ask.”
If the full €64bn is refunded and taken off the State’s debt, it would reduce it from 120% of GDP, which is considered not to be sustainable, to 80%.
The minister has said in the past that any rearrangement of the massive bank loans would not affect this year’s budget as the State must cut about €3.8bn, but it could ease future budgets.
Spain was the main issue on the agenda and the ministers spent a lot of time discussing the conditions under which they would agree to provide up to €100bn to recapitalise their banks.
Details such as what would happen to the troubled banks, whether they would have to be sold or merged, a timeline and how they would be supervised were discussed in detail as some countries are insistent on tough conditions for the memorandum of understanding.
The money, due to a decision taken by EU heads 10 days ago, will not have to go on the Government’s debt — a change to the terms of the ESM, the new bailout fund which is expected to come into force later this month.
However, there was some debate about whether the sovereign would in fact be on the hook for the money but that the sum would not be added to the Government’s debt — described by some as “an accounting trick”.
However, once the banks come under a single supervisor, the sovereign guarantee would not be required.
The European Commission is to give Spain an extra year, until 2014, to cut its deficit to 3% of GDP, because of the deteriorating economic situation in the country. They missed their target reduction last year and that is expected to reach 6.4% this year.
The euro rose from a two- year low on the markets in expectation that the finance ministers would clear up some of the uncertainty surrounding the decisions taken by EU leaders that pledged to create a banking union and to stop making government liable for loans to banks.
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