Irish financials:
From goodbody
http://www.goodbody.ie/news/morn.html#6
"AIB yesterday completed its second bond issue outside the Government guarantee in six weeks. The previous issue was a 3 year senior unsecured bond that paid 250bps over mid-swaps rates. Yesterday's 5 year issue was priced 285bps over mid-swap rates and was oversubscribed 1.8 times and involved 150 international investors. The higher pricing and lower oversubscription than the previous unguaranteed issue may reflect the longer maturity on the bond. The high cost of terming out funding for the Irish banks, alongside competition for deposits will continue to put pressure on margins at a time when the level of new lending at improved spreads is anaemic. However, once NAMA is up and running, the banks' higher quality balance sheets (with increased liquidity) could see competition for deposits and the relative cost of wholesale funding for Irish banks ease.

Separately yesterday, as would be expected following its downgrade of the Irish sovereign from AA+ to AA- on Wednesday, Fitch downgraded the ratings on senior unsecured debt of the five covered institutions that comes under the Government's guarantee scheme from AA+ to AA-. The support rating floors and long-term issuer default ratings of the five banks were re-affirmed. In its note on the Sovereign, Fitch commented that the Government's action in dealing with the crisis here (from a financial system and fiscal perspective) have been "timely, effective and transparent". It expects NAMA "will go a long way toward restoring the banking sector to health over the next few years", while it also helps offset the threat of deleveraging by the banks further harming the economy (in that it reduces loan to deposit ratios). In relation to NAMA, the legislation to create the agency and its workings was passed in the Dáil (Irish parliament) last night and will now go to the Seanad (senate), before coming before the Dáil again next Thursday and then on to the President to sign. "

Irish economy:
From the Irish times:
http://www.irishtimes.com/newspaper/brea...
"The Irish economy is projected to contract by 7.9 per cent in 2009 and a further 1.8 per cent in 2010, according to the latest Economic Outlook from PricewaterhouseCoopers (PwC).

The Irish economy, which has declined steeply in recent quarters, was unchanged in the second quarter of 2009, due to net exports and stronger investment expenditure offsetting lower Government expenditure and the depletion of stocks by businesses, PwC said.

The labour market continues to deteriorate albeit at a lower rate."

From breakingnews:
http://www.breakingnews.ie/ireland/thous...
"Workers across Ireland are embarking on a mass protest today to fight pay and spending cuts.

Thousands of public and private sector employees are set to take to the streets in eight major towns and cities for a series of regional rallies."