All AIB bank branches will close promptly at 4 p.m. today and those who arrive late with their Telecom Eireann share application forms will find their excuses fall on deaf ears.
The organisers of the flotation process say that would-be shareholders who turn up at branches of the bank even seconds after the cut-off point will find the doors closed and will be unable to lodge their applications.
"Come 4 p.m. it will be absolutely strict. It doesn't matter if you are only 15 seconds or 30 seconds late," a Government adviser said.
Those wishing to purchase shares in the company and who have not already posted their completed applications have until the deadline today to hand deliver their forms to specially marked collection boxes in all AIB branches.
The spokesman urged people not to wait until the last minute before submitting their applications but to come early. The clock in each branch will be used to decide closing time.
In the event that there are queues outside branches, those who have presented themselves before the deadline will have their forms collected and deposited inside with the others. People will not be allowed to join the queues after 4 p.m.
Observers reported a steady stream of people depositing application forms at branches of the bank yesterday and AIB is braced for a busy day today but it is not expecting lengthy queues.
"The precedent in the UK is that in the last three days you get the bulk of the volume. We have been getting a fair bit yesterday and Monday but we have not been experiencing any pressure with volumes and we don't see that we will have difficulty today," said Mr Colm Doherty, head of investment banking at AIB Capital Markets, which is handling the flotation process for the Government and Telecom Eireann.
He added that, because the cut-off time had been well publicised, the bank was hoping it would minimise the numbers coming through the door at the last moment.
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