Most of the Irish stockbroking companies will receive about £1 million sterling (€1.6 million) each as a result of yesterday's demutualisation decision by the London Stock Exchange. Even though the Dublin and London exchanges are now separate entities, Irish stockbroking companies retained their membership of the LSE.

The £1 million sterling payout will be negligible for the big bank-controlled Irish stockbroking companies like Davy, Goodbody, NCB and ABN-Amro. But it will represent a useful cash injection for second-tier firms such as Dolmen Butler Briscoe, Bloxham and BCP, while it will be even more significant for the smaller stockbroking companies like Campbell O'Connor, Fexco and the Cork firm W&R Morrogh.

Others to benefit include Garban Ireland, which acts as the interdealer broker between the six primary dealers in Irish Government bonds, IIU Stockbrokers, the offshoot of Mr Dermot Desmond's IIU group, and AIB Corporate Finance, which has a London membership separate from that held by AIB's Goodbody stockbroking subsidiary.

The recently formed Merrion Stockbrokers, however, will miss out on the payment as it applied for membership of the LSE after the demutualisation proposal was first mooted.