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In brief: ECB likely to raise interest rate in July

The European Central Bank remains on track to raise interest rates in July as the euro region's worsening debt crisis clouds the run-up to Thursday's policy meeting, a survey shows. All 51 economists forecast the ECB to keep the benchmark rate at 1.25pc at this week's meeting. The Frankfurt-based central bank may increase borrowing costs by 25 basis points in July, a separate survey showed.

UK's largest banks cut 11pc of staff

The UK's five largest banks, including Royal Bank of Scotland and Lloyds, have axed more than 103,000 jobs since 2008. That's about 11pc of their combined global workforces, according to Bloomberg data based on company filings. At least 34,500 of the cuts were made in Britain.

The Irish Independent would like to clarify that Ciaran Long is company secretary of Irish Life and Permanent but is not a director. We would also like to clarify that finance director David McCarthy joined the board in March 2009, and was not in place prior to the bank guarantee scheme in September 2008.

Irish Independent