And on the subject of the Telecom flotation, Current Account notices the advertising contract for the share offering is now officially out to tender. Expect virtually every Irish ad agency and a goodly number of overseas agencies to pitch for what is likely to be of the biggest once-off contracts in Irish advertising history.

It remains to be seen how much of the Government's 51 per cent of Telecom will be offered directly to the public but judging by the wording of the tender published in the European Journal the widest possible ownership of Telecom shares is the Government's target.

"The principle role for the successful candidate(s) will involve providing advertising services which will optimise domestic retail demand for the flotation," the tender notice states. No price tag was provided on the notice but given that print, outdoor and broadcast media are all specifically mentioned it's pretty obvious this is going to be one of the most expensive ad campaigns ever.

"Sid" became a household name when British Telecom was floated some time ago. Is the ad agency for the Telecom float going to dream up an Irish "Sid". To get the blue-collar C2Ds to buy Telecom shares, it might have to be "Darren" or "Jason". However, those monickers mightn't attract too many potential investors in Dortland, Mollahoide, Montenotte, Taylor's Hill or Castletroy.

It'll all be good news for the agency that gets the job, also good news for the media that can expect an advertising blitz from spring onwards ahead of the expected June IPO - and undoubtedly good news for those who get their hands on Telecom shares.

The more Telecom shares there are in private hands the fewer the institutions will have. With Telecom likely to account for around 7 per cent of the ISEQ - at the market's current level - the institutions will be in the market after the IPO bidding aggressively for stock to give them a Telecom stake in line with that ISEQ weighting.