The Margin has come across an interesting reference to the State's ultimate planning authority in a broker's report on Tesco prepared last year by Credit Lyonnais Securities Europe.

It refers to one Noel Murphy - described as the Irish Minister of the Environment (sic) - who has "pushed through" a directive which prohibits the development of any supermarket with an area in excess of 3,000 square metres. Unable to resist the temptation, the writer asserts that "Murphy's Law will cause problems".

Sound reasoning indeed - except for the reference to Murphy. The Minister for the Environment is, of course, one Noel Dempsey. But Tesco hardly needs to be told that.