THERE was some surprise at a press briefing in the Department of Finance this week when a civil servant disclosed that the end-of-day, reckoning done by the five "clearing house banks, involving millions and millions of pounds, is done by "a woman in a room on Nassau Street".

Mr Jim Bardon, of the Irish Bankers' Federation, later explained that, in fact, the daily settling of the inter-bank, multi-million pound debts, is done by "a girl".

At the end of each day, each of the five banks telephone "the girl" and give her the net amount they owe or are owed by each of the other banks as a result of the day's business. A few quick sums by "the girl", and a consultation with the Dublin Banks Clearing Committee, and the day's debts are cleared.

The civil servants were speaking at the publication of the Central Banks Bill, which will introduce a new, high-tech, clearance system.

No doubt when the new system crashes everyone will hark back to the days of "the girl".