BANK of Ireland has decided to extend its BES fund, having reached its target of £5 million within 10 days of its launch.

The fund, known as the Third Davy Select BES fund, is being run in conjunction with BDO Simpson Xavier and is expected to close shortly. The minimum investment in the fund is £3,000.

Last year's fund was the second largest BES fund, raising £10 million, and it completed its portfolio of investments earlier this month.

Mr Stephen McGivern, of BDO, said he expects the RICT forms to be issued earlier this year than in previous years.