ICC Bank has appointed HSBC Investment Bank and solicitors Matheson Ormsby Prentice (MOP) as advisers to the State bank's sale.

Mr John Rohan, marketing director, said HSBC had been appointed following a tendering process under EU regulations, while MOP is to be the legal adviser. ICC is more than 99.9 per cent owned by the Government, with just 48 individuals holding small numbers of shares.

Mr Rohan added that a legal action which has been taken against ICC by a car importing company would have no effect on the sale.

He said cases taken against banks were a common occurrence and ICC had applied for a motion to discontinue the action based on the facts. The action has been taken by Irish Vehicle Importers (IVI). Both IVI's and ICC's motions has been adjourned to the new year in the High Court. The case stems from the appointment of a receiver, Mr George Moloney of O'Hare & Associates, by ICC to IVI in November, 1991, following a request by the car company's board of directors. No specific amount has been claimed in damages by IVI.