THERE was a big money transaction yesterday morning when Ispat International turned up at the Department of Enterprise and Employment to pay for Irish Steel.

This State asset was being sold for the princely sum of £1. The Margin's man on the inside says the purchasers handed over a symbolic old pound note, which Minister Richard Bruton was glad to pocket on behalf of the taxpayers.

A shiny new pound coin was also handed over, lest there be any quibble about whether Lady Lavery was still legal tender. A few more bob changed hands as the State paid over the promised assistance for the purchase.