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Leading article: Soften the debt blow
Holidaymakers returning from the beaches in the coming weeks will notice their bank accounts are considerably lighter. As well as bearing the cost of the annual summer blowout, many of them will find their cash balances depleted by higher mortgage repayments, a new experience for hundreds of thousands of homeowners.
Since the late 1990s the only movement in interest rates has been downwards as Ireland went through the adjustment necessary for euro membership. The phenomenon created blissful financial conditions for borrowers but caused indigestion among central bankers who feared access to cheap money was creating a cappuccino economy, strong at the base but frothy on the top.
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The meek inherits the earth
Glenn Stevens was named on Tuesday to succeed Ian Macfarlane as governor of the Reserve Bank of Australia. Mark Davis and Sean Aylmer profile the modest Australian.
Glenn Stevens is a model central banker: ascetic, even stern, in appearance; quietly spoken and taciturn; a strong intellect that is both impressive and formidable.
After spending a quarter of a century working at the Reserve Bank of Australia, Mr Stevens has become the seventh central bank governor.
Treasurer Peter Costello announced on Tuesday that Mr Stevens, deputy governor of the bank since 2001, will replace Ian Macfarlane, who retires on September 17 after a decade in the job.
Mr Stevens's elevation follows that of US Federal Reserve chief Ben Bernanke, who replaced Alan Greenspan in January after his 18 years in the global spotlight.
Bankruptcy epidemic in Wales
A RECORD number of people became insolvent this spring as Britons struggled to pay off credit card bills and loans, the Government said yesterday.
The Insolvency Service said 26,021 people in Wales and England became insolvent between April and June. It is the highest figure ever, well above the 15,645 in the same period last year. And it beats the 23,653 who went through the courts between January and March this year. In Wales more than 1,200 people now become insolvent each month. The Cardiff office of accountancy firm Grant Thornton said the figures were worrying for a relatively prosperous period. Richard Hawes, Grant Thornton recovery and reorganisation partner, said, "Personal insolvencies have hit the roof and carried on rising, reaching an average of almost 9,000 per month when just five years ago they averaged 2,500.
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