Bank of Scotland's stunning bid for NatWest - a bank twice its size - had a galvanising effect on some of Dublin's financial shares, with AIB, in particular, rising sharply on speculation that it may be involved in any consolidation of the British and Irish banking sector that Bank of Scotland's move may generate.

AIB dealt up 44 cents to €11.64 (£9.17) but Bank of Ireland was left out in the cold and drifted six cents to €8.00 (£6.30) as the market took the view that - after the collapse of its planned merger with Alliance & Leicester - it is unlikely to be in the front line of any industry consolidation.

Irish Life & Permanent - virtually certain to be a bidder for Ulster Bank if Bank of Scotland's move for NatWest succeeds and Ulster is put on the block - was seven cents firmer on €10.15 (£7.99). "It would be a perfect opportunity for Irish Life, especially with Mr David Went and Mr Brian McConnell knowing Ulster so well," said one source.

CRH finally felt some of the fallout from the Ansbacher revelations and dropped 40 cents to €18.60 (£14.65) while Eircom's recovery came to a halt with a five-cent fall to €4.09 (£3.22). Dealers believe Eircom's recovery is likely to be punctuated by periodic profit-taking.

Elsewhere, First Active - which is planning a major cost reduction programme to compensate for the lower profits that reduced mortgage rates will bring, was three cents lower on €2.47 (£1.95).

Independent News & Media was unchanged on €4.70 (£3.70) despite an upgrade from Goldman Sachs, who have put a €5.75 price target on the share. IFG was one cent easier on 85 cents (67p) after buying in 533,334 shares at 52p sterling (82 cents). BCO did not trade from the overnight 45 cents - 3i has disclosed that it has bought 1.19 million shares to take its stake to just under five million shares or 22.75 per cent.