First National Building Society executive director Mr Gerry Murphy has indicated he intends to leave the society to pursue other business interests. Mr Murphy confirmed yesterday that he was leaving the society. It is understood that he has not yet resigned from the board or from his executive position but has signalled his intention to do so. Mr Murphy is one of the top executives at the building society which is expected to announce within weeks plans to convert into a limited company and float on the stock market. Market sources expressed surprise at the move.

Mr Murphy said the parting was amicable. He said he wanted to pursue other interests and felt that "this was the time to do it".