Iona Technologies chairman and chief executive, Mr Chris Horn showed some serious Christmas spirit when he gave more than £5.5 million worth of Iona stock to "certain relatives". The date of the transaction on the Irish Stock Exchange disclosure is December 25th itself and the price per share was £13.81 each. The shares involved represent some 2 per cent of Iona's equity.

Reflecting the Budget changes in capital gains tax (CGT), the disclosure states that: "For CGT purposes, 20 per cent of 25/12/97 market price is 20 per cent of £13.81." The Exchequer got a £1.1 million Christmas CGT injection as a result of Mr Horns's generosity to his relatives.

The Iona chairman still, however, holds almost 2.37 million Iona shares - representing 12.4 per cent of Iona stock. These are worth more than £33 million, based on Iona's latest price of £14 each.

In another seasonal share transaction, Bank of Ireland non-executive director, Dr Margaret Downes has transferred more than £175,000 worth of Bank of Ireland shares to her husband, Desmond. The transaction involved 16,238 shares. Following the transfer, Dr Downes's stake in Bank of Ireland totals 36,741 shares worth almost £400,000 at the current market price.