A High Court judge has further continued orders restraining the children of bankrupt businessman Seán Quinn, a nephew, two sons in law and a number of international companies dealing with assets owned or controlled by them worldwide below €50 million each, the Irish Times reported. The Quinn defendants will be allowed up to €8,000 for ordinary living expenses each, subject to approval by solicitors for the former Anglo Irish Bank and receipts being provided by them, until the injunction orders return to court on July 24th, Mr Justice Peter Kelly directed.

Ireland's main mortgage lenders have given some indication of how they plan to engage with the forthcoming personal insolvency legislation, following their attendance at a meeting of the Government’s Economic Management Council on Tuesday night, the Irish Times reported. The meeting was called in advance of the publication of the Personal Insolvency Bill, which aims to address the mortgage arrears issue.

The Cabinet has today approved the publication of the massive Personal Insolvency Bill that will be published on Friday, the Irish Times reported. Taoiseach Enda Kenny and Tánaiste Eamon Gilmore held a press conference this afternoon disclosing some details of the 200-page document and also announcing a meeting with the main banks tonight on the legislation. Mr Kenny said the legislation when published would give a clear incentive for the banks to sit down with borrowers and work out bilateral agreements for the first time.

Minister for Finance Michael Noonan said Ireland will not adopt a new European tax on financial transactions. Under Denmark’s presidency of the EU, talks were set in train to introduce such a tax in a limited number of countries, the Irish Times reported. Although the Minister left the door open to participate in a slimmed-down tax scheme, he made it clear to his EU counterparts that Ireland would not adopt a full-blown transaction tax along the lines proposed by the European Commission.

A High Court judge has continued orders restraining the children of bankrupt businessman Seán Quinn, a nephew, two sons- in-law and a number of international companies, from dealing with assets owned or controlled by them worldwide below €50 million each, the Irish Times reported. The Quinn defendants will be allowed €2,000 living expenses each until the injunction orders return to court next Wednesday, plus legal and perhaps some domestic expenses subject to formal approval by the court.

Government delays in reforming personal insolvency laws are a “specific source of concern” for the EU-ECB-IMF troika and could, it warned, trigger a deterioration of payment discipline. In their sixth report, seen by the Irish Times, the troika said Nama faces “challenges . . . to meet its debt redemption charges” next year, with bond targets likely to be revised downward. In addition, it warns that, despite cutbacks, “fiscal consolidation is far from complete”.

An adviser to former minister for finance Brian Lenihan has said the format of the bailout deal for the Irish banks was a mistake, which is being repeated again in the rescue package for Spain, the Irish Times reported. Alan Ahearne of NUI Galway said funds should have been injected directly into the Irish banks rather than given to the State.

The country’s two main banks, Bank of Ireland and AIB, may struggle to meet the target of sanctioning €3.5 billion in new loans to small and medium-sized enterprises (SMEs) set for each lender, according to the head of the Credit Review Office John Trethowan, the Irish Times reported.

The timing of Ireland’s return to borrowing in the international markets and the cost of that borrowing remains unclear, despite the Yes vote in the fiscal referendum being positive for the country, according to the credit ratings agency Fitch, the Irish Times reported. The public endorsement of the EU fiscal compact “removes a potential source of considerable uncertainty about Ireland’s future funding” as the vote has removed the immediate concern about where Ireland could find a second bailout, Fitch said.

Irish banks will need up to €4 billion more over the next six years to meet international rules on the levels of capital they must hold, the deputy governor of the Central Bank Matthew Elderfield has said, the Irish Times reported. In an interview with German newspaper Boersen-Zeitung, Mr Elderfield said the banks would require a further €3 billion-€4 billion to meet the international capital rules but he hoped the banks would be able to raise this funding themselves from profits.