Irish Economists Fear Slump Following 'Mattress Money' Boost
It was announced recently
that in the run-up to the introduction of the euro, the re-emergence of 'mattress
money' hoarded for tax evasion purposes looks set to provide a much needed fillip
to the Irish economy. However, analysts have warned that following the pre-Christmas
spending frenzy, there may be an equally marked hangover period. 'It's going to be a record
Christmas, with huge consumer spending,' confirmed Jim Power, investment director
at Friends First. 'There is a feeling of 'one last fling before the euro,' even
by people who do not have any 'mattress money'. But once the money is spent,
and in an environment of increasing job uncertainty in the early part of next
year, there could be a big economic hangover in February and March.' Meanwhile, as if retailers
don't have enough to deal with in the final couple of weeks before the eurozone
changeover, the Garda Bureau of Fraud Investigation has warned that counterfeiters
are increasingly bringing their own 'mattress' money into circulation in an
attempt to dispose of it. 'We are asking retailers
to be vigilant about this and to check their Irish punts,' explained Detective
Inspector Dave Dowling, on behalf of the Bureau. 'Most of the counterfeits don't
have a watermark, the paper is poor quality and the silver foil thread is glued
on instead of being interwoven into the note.' .
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