Staff at Enba, the Dublin-based Internet financial services company, could gain up to €1 million (£790,000) each in a share ownership and profit-sharing scheme unveiled at the weekend, The Irish Times has learned. The company's board has already approved the scheme, which will be put in place "immediately".

At a strategy meeting in Dublin on Saturday, the firm's chief executive, Dr Gerhard Huber, told the 120 staff that Enba would also provide a potentially lucrative participation scheme for employees in the event of an initial public offering. While Enba has not publicly committed to an IPO, it is widely believed the company intends to seek a listing on one or more European stock exchanges next year.

"We introduced this programme because we earnestly wish to reward our employees for their loyalty to this company," Dr Huber said. "When we developed the concept for Enba, our people joined us with real entrepreneurial enthusiasm.

"They have made an immense personal contribution to the development of the business. In acknowledging this, we want the company's success to be realised for the benefit of our staff and shareholders now and in the years to come."

The share scheme involves a once-off allocation of restricted shares to staff on the basis of seniority and length of service amounting to 2.5 per cent of the company's equity. A further 15 per cent in share options is to be allocated over the next seven years. In the event of a flotation, employees will receive three share options for every one share purchased at the issuing price, up to 100 per cent of salary value.

Last week in Britain Enba launched First-E, which it described as Europe's first Internetonly bank. The venture is in co-operation with the France's Banque d'Escompte, with the bank providing the licence and Enba supplying the structures, staff and technology.

Dr Huber would not be drawn on a specific date for an IPO. "If we do decide on a listing, then possibly the most suitable vehicle for that listing would be the first-e bank itself or another of our subsidiaries. That way we will be able to benefit customers as well as our staff. I believe that customers must also be rewarded for their loyalty."