TODAY'S public holiday may represent the lull before the storm for home owners across the with widespread expectations that the main lending institutions will raise their mortgage interest rates, matching the Central Bank increase of a half per cent last, Thursday.
Most economists are also predicting another run at the pound when markets in Dublin and London open for business tomorrow, which could put further pressure on the monetary authorities to order another rise.
Opposition spokesmen have criticised the Minister for Finance, Mr Quinn, blaming him for the cost to the taxpayer of Central Bank intervention.
Some reports suggest that as much as £900 million has been spent by the Central Bank defending the Irish currency in recent weeks. This policy continued until last Tuesday, when the authorities apparently decided not to intervene further.
The interest rate rise, which even in a four day week is likely to be imposed by the banks and building societies before next Friday, would add a further £12 a month to a 20 year, £40,000 mortgage. A home owner with a £60,000, 20 year loan would wind up paying £18 extra each month.
Over the course of last week, the pound tumbled by 4 per cent against the deutschmark and 3 per cent against sterling.
"The odds are the punt will come under further selling pressure when the markets reopen," said Mr Padraic Garvey, an economist at Riada stockbrokers.
The British election had distracted traders from the Irish currency but they would soon return, he added.
"I'd be surprised if we don't see renewed pressure on the pound this week," said Mr Oliver Mangan, economist with AIB.
Fianna Fail last night called for an immediate general election, adding that that Mr Quinn's authority and the value of the pound had been undermined by the fact that while inflation for the past three years had been at 3 per cent, public spending had risen by 20 per cent.
The Progressive Democrats said there had been a "woeful and lamentable lapse in communication between Minister Quinn's department and the Central Bank".