Imminent bank merger sees initial share rise

Saturday/ Sunday

Saturday/ Sunday

The announcement of a merger between Bank of Ireland and Alliance and Leicester is reported to be imminent. Financial analysts predicted a rise of 10 per cent in the value of shares in Bank of Ireland in expectation of a £1 billion plus payout to shareholders as a sweetener. But by the end of the week, a shift in sentiment towards the deal produced heavy losses in the Bank of Ireland share price.

The British Prime Minister, Mr Tony Blair, said he intends to invite Garavaghy road residents and members of the Orange Order to intensive proximity-style talks on June 3rd, 4th and 5th in an effort to resolve the dispute.

The FBI concluded its involvement in the inquiry into the murder of Rosemary Nelson, but will continue to be available to the RUC for assistance.

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Monday

Bank of Ireland shares rose by 4.3 per cent while, in London, Alliance and Leicester's trading rose 6.8 per cent.

A BBC Panorama documentary revealed new findings claiming dangers for mobile phone users. Dr George Carlo, head of a research body funded by the US mobile phone industry, said a study has indicated use of mobile phones increased the risk of getting a rare type of brain tumor. A Swedish cancer specialist, Dr Lennart Hardell, found that people who held mobile phones to the side of their head had a 2 1/2 times greater risk of getting a tumour than non-users. The major mobile phone companies in Ireland said the evidence was not conclusive.

The Irish Permanent House Price Index showed house prices had risen by 4.6 per cent in the first four months of the year, compared to a rise of 6.4 per cent over the same period in 1998.

Tuesday

The threatened closure of hundreds of rural post offices seemed to have been averted following advice to the Government from the Attorney General that it was not, after all, obliged under EU law to put the contract out to tender.

The Taoiseach, Mr Ahern, rejected charges that he was "hiding behind his lawyers" over the controversy surrounding the £25,000 cheque which he cosigned on behalf of Fianna Fail that went to the former Taoiseach, Mr Charles Haughey.

The Central Bank warned that the economy was at risk of a sharp slowdown if international investment is affected by difficulties in the US economy or in key sectors in which the major overseas firms here operate.

Widespread condemnation follows the announcement by the Minister for Health, Mr Cowen, that the Government would support the delay for 13 years of the introduction of a 48-hour working week for junior doctors.

Wednesday

Manchester United won the European Champions League after an incredible comeback which saw the team come from one goal down before it scored twice in the last three minutes. The High Court intervened in a case of "gazumping" to compel the vendors of Adare House in Glenageary, Co. Dublin, valued at £2.45 million, to sell it to the originally agreed buyers, Mr Barry Maloney, chief executive of Esat Digifone, and his wife, Aileen.

The Government announced it would amend the Statute of Limitations Act to allow victims of sex abuse perpetrated more than three years ago to take legal action. The Bill will make it easier for victims to sue for damages, but will not apply to victims of physical abuse.

The Catholic Bishops called for a task force to be set up in both the Republic and Northern Ireland to study the legal and social implications of a World Health Organisation charter on alcohol. In their pastoral, The Temperate Way, the bishops pointed out that alcohol is the major dependency problem not just in Ireland but also in Europe.

Thursday

Gardai prepared to begin digging this weekend at up to nine locations in north Co Louth believed to contain the bodies of people killed by the IRA in the 1970s. The details of the sites are expected to be given by the IRA to the Commission for the Location of Victims' Remains, which was established by the Minister for Justice, Mr O'Donoghue, and the Secretary of State for Northern Ireland, Dr Mo Mowlam.

Two men in their late 50s who were arrested in connection with reported attempts to abduct children in Co Clare earlier in the week were released without charge by detectives in Charleville, Co Cork. Gardai say they are still looking for two men in a jeep.

The Government extended An Post's contract to deliver social welfare payments, and promised to try to boost revenue by extending post office services.