Brian Cowen has broken his silence to offer his thoughts on the economic crash that toppled his government. The following is an edited extract of the speech he gave at Georgetown University in Washington DC, entitled ‘Some Reflections from Ireland on the Road Thus Far’

The ECB’s 0.25% rate rise will have a big impact on variable mortgage holders and investment mortgage holders, writes Frank Conway

US bank Lehman Brothers was using an off-balance sheet company to mask the true extent of its exposure to risky investments for up to seven years prior to its collapse, it has emerged.

Hundreds of works from the art collection of failed US banking giant Lehman Brothers will go under the hammer at Freeman’s auction house in Philadelphia.

Each passing week we add €400m to the national debt to keep the show on the road. We’ll be lucky if the fiscal outcome for 2009 is limited to an appalling gaping deficit of €20bn. Political decisions alone are responsible for this madness. We can’t blame Lehman Bros, subprime lending or the credit crunch

Lehman Brothers, one of the world’s largest investment banks, announced today it plans to file for bankruptcy protection – a move expected to rock global financial markets.

The FTSE 100 Index dropped back into negative territory after more volatile trading today as persistent US recession fears held back a London recovery.

Lehman Brothers, the fourth-biggest US securities firm by capital, cut its forecasts for US economic growth, inflation and interest rates after consumer spending and job growth slowed in June and July and oil prices rose to a record.

THE largest US telephone-equipment maker, Lucent Technologies Inc, had first-quarter net income of $338 million as sales rose for the first time in more than three years on demand for wireless-network gear.

US stocks ended a volatile day in positive territory yesterday with a late-session tech rally, helping markets extend the previous session's SEC certification deadline rally, despite mixed economic data.