The Department of Finance said it received just under 200 submissions by a deadline of yesterday evening in response to a statement last week that it was considering inflicting losses of up to 100 per cent on remaining subordinated bondholders at Bank of Ireland.

The Minister will consider the submissions before deciding whether to proceed with a Subordinated Liabilities Order.

Among the investors affected are a group of 2,000 pensioners holding about £46 million (€54 million) worth of bonds originally sold by Bristol & West Building Society, which was taken over by Bank of Ireland.

The investors are threatening legal action over any moves to impose losses on their bonds.