What the papers say

Journalist Mike Philpott takes a look at what is making the headlines in Thursday's morning papers.

The Belfast Telegraph reckons Northern Ireland could escape water rates for up to three years, as part of a deal struck by the local political parties and the Prime Minister in Downing Street.

The paper says the politicians have to report to their colleagues before going public on details of the financial package, but "speculation is rising that a deferment of water rates is among the contents".

The News Letter leads with accusations by unionists that Sinn Féin are undermining faith in the police by highlighting the fact that 55 PSNI members are facing disciplinary proceedings.

The paper says the alleged misdemeanours include drugs offences, but unionist politicians have pointed out that the number of officers undergoing investigation is a "tiny minority".

The Irish News says questions are being asked about how two dissident republicans managed to avoid a jail sentence after pleading guilty to involvement in a huge smuggling operation.

It also has a front page story naming members of the British National Party in Northern Ireland, after their personal details were leaked on the internet.

That story also makes the lead in the Daily Mirror, which reports that 39 members of the party live in Northern Ireland.

The banking issue continues to make headlines in Dublin.

Dancing

The Irish Independent reports that the banks' top brass, as it calls them, will be visiting Brian Lenihan's office later to examine the crisis in the sector. The paper describes the move as "unprecedented".

The Irish Times says the Taoiseach, Brian Cowen, has been playing down speculation that the government could offer a huge bail-out.

It reports that all options are on the table, but shares in two of the big banks rallied amid the rumours that there might be fresh investment.

John Sergeant's departure from Strictly Come Dancing is the biggest issue of the day by a long chalk - it's even mentioned on five pages in the usually more serious Independent.

But one story that almost manages to compete is what the Guardian calls the "bloodbath on the High Street", as retailers face the worst Christmas in years.

Waldo

As the paper points out, the warning signs are clearly there, as Marks & Spencer launches a one-day sale, the value of Woolworths has fallen to just one pound, and Dixon's is worth only 10days of its own income.

It also highlights the fact that the boss of M&S, Sir Stuart Rose, has previously criticised so-called guerrilla sales for "antagonising shoppers who have paid the full price for the same items".

The Daily Express announces that the January sales are starting on Thursday - and the feeling is that people have been putting off their Christmas shopping in the hope that prices would be slashed.

Finally, the Daily Express does us the favour of putting proper names to things that are otherwise referred to as a "whatjermacallit".

For example a Waldo is the proper name for your TV remote control.

Ullage is the space in a wine bottle that's not occupied by wine.

And the dusty remnants of cereal in the bottom of the box are properly known as fines.