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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.
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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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Breaking stories
Quinns get €2k in living expenses as assets frozen
A judge has made an order freezing the assets owned or controlled by the five adult children of bankrupt businessman Seán Quinn, his nephew Peter Darragh Quinn and two sons-in-law — Stephen Kelly and Niall McPartland — below €50m each.
By Ann O’Loughlin
They can have living expenses of €2,000 each up to next week under the interim orders granted after a hearing in the Commercial Court yesterday. The order was made by Mr Justice Peter Kelly after a court move by Irish Bank Resolution Corporation, formerly Anglo. At the request of Paul Gallagher, counsel for the bank, the judge ruled the making of the application could not be notified or publicised to any other party until the hearing had finished.
The orders were sought by the bank on grounds it believes the Quinns have already “misappropriated” assets from their international property group (IPG) as part of a scheme to frustrate IBRC’s efforts to recover loans of up to €2.8bn against them and were prepared to dispose of those assets.
The bank claims the family may have continued to take actions implementing that scheme during High Court contempt proceedings against some of them, on which judgment was reserved last month. Transactions had occurred unexpectedly and were ongoing with one occurring while the contempt motion was at hearing in May, it alleged.
Richard Woodhouse of IBRC said in an affidavit it was not possible to put a precise value on the assets removed to date by the Quinns or others acting on their behalf, but he believed the value of the assets either removed or at risk of removal was about €400m.
He said the bank had obtained information in the past few months demonstrating the extent to which steps have been taken by the family and their agents to appropriate assets in which IBRC has an interest.
This evidence included a distinct pattern of shares in valuable Russian IPG companies being transferred to off-shore companies in recent months and Peter Darragh Quinn’s evidence in the contempt proceedings he requested the purchase of eight off-shore shelf companies for the “Quinn family” at the request of the family’s Russian advisers.
Other information included a High Court ruling in the North last month setting aside a purported assignment by Sean Quinn of a $45.2m debt, he said.
Mr Justice Kelly said the allegations against the defendants were of the “utmost seriousness” and, given the “alleged deviousness”, he considered the court should intervene and make the orders sought.
Ms Justice Elizabeth Dunne last month reserved judgment on those contempt proceedings where the bank alleges contempt by Seán Quinn Sr, his son Seán, and nephew Peter Darragh Quinn of court orders of June and July 2011 restraining them moving assets beyond its reach. The Quinns denied the claims.
Mr Justice Kelly directed the Quinn defendants could apply to vary yesterday’s orders at 24 hours’ notice.
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