The merger between Avonmore and Waterford co-ops still faces two further hurdles before the new company is listed on the Irish Stock Exchange at some stage in late September.

The British Office of Fair Trading and the Irish Registrar of Friendly Societies have still to give their approval to the merger. This is expected to happen by September.

A spokesman for the Registrar of Friendly Societies said they would be taking Ms Harney's positive comments about the merger yesterday into account when assessing the application.

If the British Office of Fair Trade is not happy with elements of the merger, it can refer it to the British secretary of State for Trade and Industry for a final decision.