ENBA'S 250 employees, most of whom are based in Dublin, will receive a post-agreement cash payout of €7E15 million (£5.5£12 million), the equivalent of €28,000 and €60,000 per employee, says the firm's founder and chief executive, Mr Gerhard Huber.

The employees hold about 5 per cent of First-e's equity, which Mr Huber says - along with other shareholdings - will be included in the new entity.

Mr Huber and five other founding members share a 35 per cent stake in Enba, thought to be worth at least €385 million, or around €64 million each.

In two weeks, institutional investor PaineWebber has increased the value of its estimated 7 per cent investment in Enba to around €74 million, from €30 million.

France's Banque D'Escompte's 2.5 per cent holding is now estimated to be worth €27.5 million.