The Central Bank says it will not disclose how much SME debt has been restructured by the pillar banks, the Irish Examiner reported. In reply to a letter by Fianna Fáil finance spokesman Michael McGrath, Cyril Roux, the deputy governor of the Central Band, said the focus was on securing long-term forbearance arrangements for customers in arrears. The two pillar banks are currently meeting their quarterly targets, he added.

Europe’s two-speed economy was underscored in data today showing strengthening in the German labor market just as Italy’s jobless rate reached a record. Overall euro-area unemployment was at 11.9 percent in February, lower than the 12 percent median forecast of 32 economists in a Bloomberg News survey. In Italy it rose to 13 percent, while in Germany the locally defined jobless rate for March stayed at the lowest in at least two decades.

Portugal's international creditors have put off paying out the remainder of the country's bailout until late June, allowing euro-zone countries to avoid having to decide whether to extend another lifeline before Europe-wide elections, The Wall Street Journal reported. The delay frees up European finance ministers to focus on Greece when they meet in Athens on Tuesday and Wednesday. They are expected to sign off on paying the remainder of Greece's euro-zone bailout, some €10.1 billion ($13.9 billion), over the next few months.

Codere SA’s bid to restructure 1.1 billion euros ($1.5 billion) of debt has stalled one month before the Spanish gaming company must reach an accord with creditors or seek full creditor protection, Bloomberg News reported. Codere’s bondholders rejected the company’s latest debt proposal today, saying it was “less favourable” than previous offers, according to a letter sent to the company’s board of directors.

A team led by chief executive Patrick Rowland has emerged victorious in the race to take control of beleagured sports chain, Elvery Sports, beating challenges from British retailer Sports Direct, which is controlled by Mike Ashley, and Irish chain Heatons, in which Mr Ashley also has a stake, the Irish Times reported. The Mayo-headquartered chain was placed into examinership in February after being granted High Court protection from its creditors, including Nama, which is owed € 23 million.

The world’s largest banks still receive implicit public subsidies worth as much as $590bn because of their status as “too big to fail” and the assumption of a government bailout if they get into trouble, the International Monetary Fund warned on Monday, the Financial Times reported. The warning, to be included in the fund’s twice-yearly Global Financial Stability Report, highlights the failure of post-financial crisis reforms to solve the problem of too-big-to-fail despite a vigorous lobbying campaign by the largest banks claiming it is no longer an issue.

Rusal, the world's largest aluminium producer, could default on some of its multi-billion dollar debt if it fails to reach a new deal with creditors this week, it said after reporting its biggest annual loss since 2008, The Sydney Morning Herald reported. The company's earnings have been hammered by low aluminium prices, which in 2013 fell back to levels last seen in the aftermath of the financial crisis.

Italy's banks will not require any state funds as a result of the European Central Bank's stress tests this year on euro zone banks, the head of Italy's banking association ABI has told a German newspaper, Reuters reported. The ECB is putting the euro zone's 128 largest banks through a painstaking review of their loan books before becoming their supervisor in November, in a bid to force them to come clean on hidden losses and restore investors' trust in the sector.

Greece’s parliament has approved a structural reform package agreed with international lenders, opening the way for disbursement next month of a €8.3bn aid tranche from its €172bn second bailout by the EU and the International Monetary Fund, the Financial Times reported. Lawmakers backed the reform package by 152 votes for to 135 against with one abstention following a 14-hour session of highly-charged debate.

Kiev must impose tough reforms and austerity, otherwise even with billions of dollars of aid Ukraine will default in 2014, the coup-imposed Prime Minister Arseniy Yatsenyuk warns. It comes after the IMF agreed a bailout package worth up to $18 billion, RT.com reported. “Our forecast predicts a 3 percent drop in GDP, provided we pass the stabilization package of laws the government proposes. If the laws are not passed, we forecast a default, and a 10 percent drop in GDP,” Yatsenyuk told the parliament on Thursday.