Festival loses track of bankers, politicians

Finishing line:Best-dressed finalists defy recession with glamour at Leopardstown Races

TIME WAS when the best-fancied horses at a race meeting were known as "bankers".

Not any more. In the wake of the credit crunch, a horse with a good lawyer could sue you for implying he had any relationship with the financial services sector.

So at the first Leopardstown Christmas festival of the recession, there are only "favourites". But no fewer than five of these won yesterday, confirming that the stock markets are now a riskier investment than the livestock ones. Things have come to a sorry pass indeed.

It there had been a banker at Leopardstown, "Catch Me" in the Christmas Hurdle would have fitted the bill. Not only was he the hottest of favourites. But the challenge to the regulators inherent in his name was taken up when, shortly after he finished first, there was a stewards' inquiry into whether he had impeded the second-placed horse.

In the event, it was deemed that his actions, while inappropriate, were not illegal. Consequently, nobody asked the horse to consider his position and the result stood.

The lack of bankers at Leopardstown was just as well, because the Government backing now essential for credibility in the bank sector was not available either. There was no sign of the Taoiseach, a festival regular; although a horse called Bringbackthebiff in the 1.30 sounded slightly premature.

The only political vestige of the boom times, when you could find a quorum for a Cabinet meeting at any racing festival, was Joe Walsh. He still carries some of the gravitas of government. And public confidence in Catch Me was probably not harmed by the news that the former minister for agriculture had taken a small stake-holding.

He followed this up by backing Exotic Dancer for the day's big race.

And after several seasons of failing to win a major prize, Exotic Dancer duly cantered to victory. So never mind Bringbackthebiff. For a man to lead us out of recession, the Bring Back Joe campaign starts here.

In the meantime, indicators of the slump were everywhere. Attendance was down on last year and so was betting. A grand total of two helicopters were spotted landing on the course; meaning that for the Christmas period, reindeer remain the most popular form of air transport over Foxrock.

Even the best-dressed ladies' competition caught the mood. Winner Louise Lynn had made her own hat and bought her dress in the sales for a knockdown €150. Accessories included a black umbrella which, even though the skies were blue, also seemed in tune with the times.

It wasn't all about scrimping, however. An interior designer from Roscommon, now living in Ranelagh, Ms Lynn conceded that the rest of the outfit had been expensive. The shoes came from London, the bag from Amsterdam, and the cardigan from Glasgow.

Together they won her a prize that was another ghost of Christmas past: a two-day break in the Ritz-Carlton Powerscourt's presidential suite (normally €5,000 a night) and a €2,000 shopping spree.

In good times or bad, some things don't change. Six weeks ago, jockey Ruby Walsh had his spleen removed after a kick from a horse.

Now on antibiotics for life, his main regret is that the excised organ only weighed two pounds, so its absence will not help much with his struggles to make race weight.

On Saturday, with the rest of his guts still intact, he guided Kauto Star to a third King George VI chase at Kempton.

Yesterday he rode the first two winners at Leopardstown: both favourites, partly because he was on them. The economy may be down the tubes. But the reckless courage of jump jockeys is still hard currency, and Ruby's is the gold standard.