The dust is finally settling on one of the more bizarre episodes in the recent history of Trinity College which at one stage involved tabloid newspapers, police from two countries and a £100,000 portrait of a reigning monarch.

Student debaters must have been horrified as a drunken prank escalated into a serious media story after they "borrowed" a picture of Queen Elizabeth II from Edinburgh University Students' Union after a debating competition.

Unbeknownst to the drunken trio of conspirators, the portrait was valued at £100,000 and the Union's insurance policy demanded that they inform the police.

Even worse, from the thieves' point of view was the fact that, although they had managed to sneak the large portrait past a security guard by using the cleavage of one of their number as a distraction, they had been caught on the building's security cameras.

Oblivious to this, the painting was taken back to the debaters' hostel and from there carried on to an aeroplane as hand luggage. One of those involved told the University Record that they had felt a "euphoric sense of accomplishment" at their feat, but this was soon to turn sour.

Phone calls from the Lothian and Borders Police, The Edinburgh Union and even the Irish embassy in England soon started to come into the Trinity debaters headquarters, doubtlessly causing the culprits' heads to bow somewhat, and that was before the press got involved.

The University Record reported the story late the week before last, and the following Sunday it was in the tabloids and then the Examiner a few days later.

Last Thursday, The Irish Sun again lavished almost a page on the return of the picture and quoted Edinburgh sources as expressing doubt as to whether the debating team in question would be allowed to darken their door. The official line from Trinity last week was both apologetic and stern. A spokeswoman had already told several news organisations: "We very much regret that this incident occurred and apologise unreservedly for any upset caused to Edinburgh University. We would not in any way condone this unacceptable action and we expect that the painting will be returned as soon as possible to its rightful place. "This matter has been referred to the Junior Dean of the College who is currently investigating the incident".

A well-placed college source said he understood however that no disciplinary action would be taken and that the Junior Dean was "happy enough" that the painting had been returned.

"The Irish News, Scottish Mail, The Star and Gerry Ryan were all asking questions but didn't run anything on it, so it could have been worse," the same source said. Indeed.