The ruins of an old schoolhouse on the historic Great Blasket Island are soon expected to be in state ownership.

A Milan judge has ordered former Bank of Italy governor Antonio Fazio to stand trial on a charge of market rigging.

The resignation of Italy’s embattled central bank chief has cleared the way for the government to focus on reforming the nation’s scandal-tainted banking industry at a special cabinet meeting today.

Italy is today said to be “paralysed” after the economy minister resigned amid a standoff with the Bank of Italy chief.

Italian Premier Silvio Berlusconi’s Cabinet yesterday approved a reform of Italy’s central bank that includes a seven-year fixed term for its governor - attempting to restore the bank’s credibility after weeks of attacks over its handling of two recent bank takeover cases.