SEAN FITZPATRICK'S WIFE HAS €1m IN BANKS - The Irish Independent says recently filed court documents reveal that the wife of former Anglo Irish Bank chairman Sean FitzPatrick has more than €1.1m in a number of different bank accounts.

The paper says an analysis of the documents - part of Mr FitzPatrick's bankruptcy proceedings - reveals that Catriona FitzPatrick had bank balances totalling €1,135,000 just two months ago.

The paper says the sums represent her 50% share in three joint bank accounts held with her husband. The records do not include any accounts that may be held solely in Mrs FitzPatrick's name.

The Indo says none of Mrs FitzPatrick's money can be touched by her husband's creditors, who are owed almost €146m by the bankrupt former Anglo Irish Bank chairman.

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SPELL OUT FUTURE SAVINGS - EU COMMISSIONER - EU economics commissioner Olli Rehn has told the Irish Times the Government should have no need to seek emergency financial aid from the EU and the International Monetary Fund (IMF) as it battles to regain market confidence in its economic plan.

But he wants Minister for Finance Brian Lenihan to quickly set out specific budget and reform measures to achieve billions of euro in savings in the next four years. The commissioner said the immediate adoption of measures for 2012, 2013 and 2014 would provide clarity to the markets.

Responding last night to a series of written questions from the Irish Times, he said the Anglo Irish Bank rescue will be reflected in a high budget deficit this year. 'This will be a one-off effect and the deficit for next year will be much lower,' he said.

Mr Rehn expressed confidence in the power of the Government to tackle effectively this problem and said the cost to taxpayers of inaction over the banks would have been 'very much higher'.

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IRELAND 'LIVING ON BORROWED TIME' - Writing in the Irish Examiner, Dr Constantin Gurdgiev of Trinity College says the end game of what he calls 'the Government's inability to reform its spending' is that Ireland is teetering dangerously on the edge of the abyss, where any further fiscal deterioration is likely to require some sort of an external bailout.

Dr Gurdgiev argues that 'piecemeal' deficit reductions of €3 billion annually - as planned by the Government for 2011-2012 - won't enable us to avoid this outcome.

But he warns that the problem from Ireland's point of view is the uncertain nature of any potential external resolution mechanism that we can engage to backstop our sovereign solvency crisis. He says seeking funds from the euro zone's European Financial Stability Facility is likely to carry 'prohibitive costs', and that a rise in corporation tax may the price demanded to sell the idea to Germany.

'Short of a miraculous turnaround in our economic fortunes or an equally miraculous turnaround in government fiscal policies to face the reality of our solvency crisis, we really are living on borrowed time,' the Trinity lecturer concludes.

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BP BACK IN BONDS BUSINESS - The Financial Times reports that BP has returned to capital markets for the first time since its disastrous spill in the Gulf of Mexico, raising $3.5 billion in new bonds.

The FT says the long-awaited move on Tuesday came after BP sealed the ruptured Macondo well this month and ahead of Robert Dudley's becoming chief executive of the UK group this Friday. Mr Dudley takes over from Tony Hayward, who was -criticised in the US over the company's handling of the disaster.

The FT quotes people close to the deal as saying that orders for the debt sale, which came mainly from US investors, reached about $13 billion, confounding fears of a wider backlash against UK companies in the US in the wake of the disaster.