AIB'S various capital market operations, including Goodbody Stockbrokers, earned €27 million (£21.2 million) from the Eircom flotation. The bank has not previously disclosed the figure but it can be calculated from its 2000 results.

Meanwhile, the Eircom share price continued to tumble yesterday, driven lower by weakness across the European telecoms sector and further losses for Vodafone, the British group involved in the offer for Eircell.

Eircom fell to €2.33 but closed down 10 cents on €2.40. Dealers believe Eircom could fall below its all-time low of €2.35 this week unless Vodafone's downward spiral halts.

Vodafone fell 63/4p to a twoyear low of 187p sterling, 33p below the level where Eircom can withdraw from the sale without incurring financial penalty. The fall of Vodafone means the cash value of the Eircell deal to Eircom shareholders has fallen to €1.40 a share. The value of the Vodafone offer for Eircell and eIsland's offer for the rump of Eircom is now just €2.50 a share, 36 per cent below the 1999 €3.90 flotation price.