ONE issue vexing the finely tuned minds at the National Treasury Management Agency is the future for Irish bonds after EMU. When we move into the single currency, says Dr Michael Somers, the NTMA's chief executive, we'll only be just over 1 per cent of a huge market: "The challenge is going to be who's going to buy our bonds in that market, because the French market and the German market are going to be a lot more liquid."

But fear not, Dr Somers is already on the case, and offered this quip to reporters: "We haven't figured out yet what great attractions we're going to offer them. Free Smarties? We'll have to have something that gets them in!"

Sweet deals in the Irish gilt market are in prospect.