Something else which people undoubtedly would not like to see happen here is a suggestion this week by Peter Mandelson, Britain's trade and industry secretary. He has mooted the idea that tax authorities could lose their status as preferential creditors when companies fail.

Apparently it is part of efforts to foster enterprise and a more risk-taking business culture. The concept is that changing the law would encourage suppliers and other trade creditors to back business rescues rather than allow companies to fail. The preferential status of the Inland Revenue in Britain is seen as an obstacle to corporate rescue plans. One government official said that "knowing the taxman would get the lion's share of anything if it goes wrong is hardly an encouragement to setting up a business".

For years the Revenue Commissioners in Ireland was criticised for always being owed lots of money by firms which went into liquidation. However, now, like their British counterparts the Revenue is a preferential creditor.