Private-banking operations report a big increase in the numbers looking for their services as wealth levels increase.

AIB and Bank of Ireland have each set up quasi private-banking services at branch level for customers who are building up wealth, but who fall short of the criteria to become private-banking clients.

How does a wealthy or potentially wealthy individual become a private-banking client? Bankers say their clients come though their branch networks or subsidiary operations, referrals from professional advisers such as accountants or solicitors and referrals from existing clients. The private bankers are adamant that they never cut across a client's existing professional advisers "we dovetail with them to give the client a good service", according to one source. And they insist that private-banking clients do not pay extra fees for their exclusivity. The fees are no more than would be paid for the services through the branch or subsidiary company. In fact some bankers suggest that in many cases the private-banking client may pay less because of the size of the deals or the volume of business or because he has a number of other advisers pushing for the best deal.

However, there is one way to spot a private-banking client - their cheques and credit cards will be different, usually gold embossed and seriously classy-looking. Current accounts are optional at some private-banking units and not available at others. At Bank of Ireland, for example, clients will pay £500 per annum for a current account which gives them all transaction details as well as larger than usual cheques. The process of taking on a private-banking client is broadly similar in all the banks. It may start with a transaction a customer wants to do which the branch may feel would be best placed in the private-banking unit. Very early after the introduction. the bank meets the client to build a detailed financial profile.

"We do a comprehensive factfind," says Mr Moriarty. "We build a full picture of their financial affairs and try to establish what they want. We explain the different investment categories and the possible opportunities as they arise. "We are not trying to sell current products to them. We are in the business of building longterm relationships. Shorttermism will rebound." he said.

Although there are some differences in their strategies - locating in or away from headquarters, offering/not offering current accounts, or an emphasis on luxurious or professional type offices - the business of private banking is now growing so fast that the suppliers can hardly keep up with the demand.