First Active shareholders will have an opportunity to meet senior executives from next month at a series of meetings around the Republic. The investor road-show will allow shareholders to quiz the management team about the business. With just 20 per cent of First Active shares held by the big investment institutions the bank feels it has to initiate this communications programme to ensure that shareholders are fully briefed on their investment.

One issue is the 9.1 million First Active shares that still haven't been claimed by members of the First National Building Society. These shares collectively have a stock market value of around €20 million but will be cancelled if not claimed by October 6th next.

First Active has been buying back its own shares in the Irish market to utilise its capital and to give small shareholders the opportunity to sell their shares if they choose. Mr McCarthy said this would continue this year, with the bank buying the shares and selling them in blocks to the large institutions.

While the bank's profits were lower in 2000 once exceptional items are excluded, shareholders should take heart from increasingly positive sentiment in the market to the company. There is a view that much has been done to turn things around and that much of the pain has been inflicted and that there will be a significant opportunity for earnings growth in 2002. But much will depend on the strength of the economy going forward.