Emergency Budget to dominate Cabinet meeting

The upcoming emergency Budget is set to dominate proceedings when the Cabinet holds its regular weekly meeting in Dublin today.

Ministers have already held a special meeting during the weekend to discuss the Budget and are due to meet again next weekend to finalise their preparations.

Spending cuts and tax increases worth several billion euros are set to be introduced, with the Government refusing to increase borrowing beyond the 9.5% target set in January.

Meanwhile, Finance Minister Brian Lenihan will also brief his Cabinet colleagues this morning on the ongoing controversy at Irish Nationwide.

Mr Lenihan met the two Government-appointed directors at the building society last night and is due to meet the board later this week.

Irish Nationwide chief executive Micheal Fingleton is coming under increasing pressure to resign following revelations that he received a €1m bonus after the State agreed to guarantee all bank deposits last September.

The Government is exploring what options it has to retrieve the bonus.