AIB and Merrill Lynch will get a large share of the £40 million set aside in the Government's estimates for the sale of shares in Telecom Eireann.

The £40 million, under the Public Enterprise vote, contained in the Estimates, will be divided between AIB and Merrill Lynch as the lead bankers and advisers as well as a number of smaller institutions and businesses.

It is understood that the bulk of the money will go to AIB and Merrill Lynch, with about £20 million earmarked for commission on the sale of the shares and up to £12 million in fees.