Ahern spends last punt on a bet

Taoiseach Bertie Ahern and a senior cabinet colleague waved goodbye to the punt today - with a punt.

Mr Ahern and Finance Minister Charlie McCreevy marked the final day of the old-style currency being legal tender and got rid of their last remaining punts by placing wagers in a Paddy Power betting shop in central Dublin.

The two ministers were signalling that from tomorrow midnight the punt will no longer be officially recognised in shops and stores nationwide.

Since the introduction of the new euro common currency in Ireland and most other European Union states - with the United Kingdom one of the few exceptions - it has been acceptable to pay for goods with either the new or old money.

But after the close of business tomorrow, that situation changes.

And from Sunday morning any left-over punt will have to be exchanged in banks, post offices and other financial institutions.

The changeover has been handled remarkable smoothly and efficiently in the Republic of Ireland - a factor acknowledged by Mr Ahern as he wrote out his betting slip.

But there have been some complaints of traders utilising the change to raise their prices, with the Consumers Association of Ireland maintaining that the rate of inflation is set to be affected by the development.

As a precaution, the Government has ordered a study of the prices situation.

Today, though, Mr Ahern was unconvinced that the punt was putting up the cost of living.

‘‘It looks as though the increases that have happened have been directly related to pay increases,’’ he insisted as he left the bookies.

‘‘Out of thousands of items, there has been very little abuse.’’

:: The end of the punt will be formalised at a ceremony tomorrow at the Central Bank premises in Dublin.

Governor Maurice O’Connell will hand over a portrait of Lady Lavery - an early last century socialite whose picture graced Irish banknotes for decades - to the National Gallery of Ireland for permanent display as a reminder of currencies past.