Every afternoon, TheJournal.ie brings you 5 things you really need to know by 5pm.

1. #ANGLO: Anglo Irish Bank has launched legal proceedings against a former director in the bank over his €45m in outstanding loans owed to the nationalised bank. Tom Browne was in charge of the bank’s Irish lending activity between 2005 and 2007 – loans now responsible for the bulk of the bank’s losses – and secured his loans on Anglo shares and a property portfolio, both of which became almost worthless.

2. #STORMONT: The Northern assembly has been holding an emergency debate today to discuss the impact of the Spending Review announced by British chancellor George Osborne last week, with party leaders agreeing that MLAs and senior officials will take a 15% pay cut. South of the border, the cabinet meets tonight to discuss budget cuts of its own.

3. #FESTIVAL: The Dún Laoghaire Festival of World Cultures might be no more, after the Evening Herald reported that the festival may not take place next year due to massive financial restrictions. The 2010 festival left Dún Laoghaire-Rathdown County Council with a deficit €400,000 greater than it expected – and a council group set up to review the festival has recommended that the festival not take place in 2011.

4. #MARATHON: This year’s Dublin Marathon has been won in record times in both the men’s and women’s races. Kenya’s Moses Kibet has won the men’s race in a time of 2:08:56, while Tatyana Arysova from Russia took women’s glory in 2:26:12 – both of which were faster than any athlete had previously recorded on the 42km course.

5. #THE CALVINISTS: An unsigned Cork pub band has found itself in the spotlight for the unlikeliest of reasons – after it featured in the travel report of a New York Times writer who happened to stop by a pub in Bantry where they were playing. Writer Matt Gross described the band as “the next U2″ and recommended that tourists travel to Bantry to see them if at all possible.

5½: #TSUNAMI: News is breaking of an earthquake measuring 7.5 on the Richter scale about 150 miles south of Padang, in the Indonesian region of Sumatra – the area devastated by the Christmas Day tsunami in 2004. A tsunami warning has also been issued.