Irish Life shareholders are to receive a second interim dividend of 10.2p a share ahead of the completion of the merger with Irish Permanent. A spokesman for Irish Life said that the second interim dividend was being paid to reward shareholders for the group's performance in 1998 as a final dividend could not be paid before the completion of the merger, which is now expected in March/April.

Meanwhile, the formal offer document from Irish Permanent to Irish Life shareholders is expected to be posted out next week. The offer of 60.85 Irish Permanent shares for every 100 Irish Life shares means that the notional market value of the merged company is now £3.22 billion (4.1 billion) following the sharp rise in Irish Permanent shares since the merger was announced in mid-December.