The Minister for Finance, Mr McCreevy, looked thoroughly at home yesterday afternoon as he welcomed the euro-zone's finance ministers to Punchestown racecourse.

The ministers appeared pleased to be there too, although Luxembourg's Mr Jean-Claude Juncker and the Netherlands' Mr Gerrit Zalm shivered a little as they stood out in the cold to enjoy a pre-meeting cigarette.

Everyone was impressed by the facilities at Punchestown, although one reporter asked Mr McCreevy what the Comptroller and Auditor General had to say about the agricultural and equestrian centre and how much EU money was invested in it. "The EU invested nothing and this is a wonderful centre," he replied.

His sunny temperament appeared to infect the usually dour Economic and Monetary Affairs Commissioner, Mr Pedro Solbes, who beamed his way merrily through yesterday evening's press conference.

Before the ministers arrived, officials from the Department of Finance briefed visiting journalists on Ireland's use of EU structural funds since 1973. The intention was to demonstrate how Ireland can serve as an example to new member-states.

Some journalists, however, were struck by how prosperous Ireland has become and were taken aback by a prediction by Mr Colin Hunt from Goodbody Stockbrokers that Ireland's per capita GDP would be 146 per cent of the EU average by 2007. "We want our money back," thundered one German journalist.

Such concerns will be far from ministers' minds as they wake this morning at the Citywest Golf Hotel in Saggart, Co Kildare. The more energetic can enjoy a round of golf while the others have been told room service will be pleased to serve them breakfast in bed.