Irish Nationwide members will probably have to wait until the second half of next year before they receive any windfall from the building society's plan to demutualise.

However, when it does happen, those who qualify are likely to receive somewhere between €7,000 and €10,000 according to valuations in the sector.

Irish Nationwide boss Michael Fingleton was confident yesterday that demutualisation could still take place this year.

The Government has said that legislation from the Department of the Environment facilitating the demutualisation will be published later this year, the building society chief executive told reporters.

While Mr Fingleton's opponents, like society member Brendan Burgess, claim Mr Fingleton could have demutualised the society at any time since the early 1990s, the building society's managing director has expressed his determination to await the new legislation which will lift the obligation on a demutualised Irish Nationwide to remain independent for a five-year period

Mr Fingleton noted that the Cabinet agreed to amend existing building society legislation as far back as December 2003. He said that, despite delays, he believed this promise would be honoured later this year.

The size of the windfall that could result from demutualisation will only become apparent when the building society is brought to market. Mr Fingleton indicated yesterday that any such sale could take six months to finalise.

Valuations of the society have varied widely over recent years. At the lower end, estimates have come in at about €700 million but, based on 10 times earnings - the valuation put on First Active when it was acquired by royal Bank of Scotland - a valuation of €1 billion might even be possible based on its 2004 results announced yesterday.

Mr Fingleton was not prepared yesterday to hazard a guess on the issue of valuation or who the acquirer might be.

He said Irish Nationwide had heard that companies were interested in the building society, but there had been no official approaches. "We expect interest at the appropriate time," he commented. No official approaches would be entertained until legislation was published, he said.

Mr Fingleton said he was disappointed the legislation was taking so long to be published, but, "nonetheless, we look forward to its publication and we are ready to implement its provisions".

Asked how many people might benefit from demutualisation, Mr Fingleton said it would be "tens of thousands", but he said it was impossible to be precise at this time because the figures were a "moveable feast". It is understood that the society currently has around 100,000 qualifying members.

Mr Fingleton said members of the society needed to have a share account for the two years before a demutualisation notice was issued in order to qualify for the benefits. He said a mortgage account worth €650 or more would also allow members to qualify.

Mr Fingleton said it was up to people themselves to make a call on whether they were likely to qualify or not.