Irish Permanant shareholders might be excused a wry smile at the logic put forward by the chairman John Bourke, in relation to a question at the annual general meeting about its settlement of a legal action with former managing director Edmund Farrell a few days into the case.

Under the terms of the settlement, Irish Permanent paid its own costs of some £350,000, while it received some £150,000 from Dr Farrell, but did not pursue its claim for ownership of the valuable Farrell house in Foxrock.

Mr Bourke told shareholders that having set aside a sum to take account of potential legal costs and having recovered some funds from Dr Farrell, the net effect was a "small gain" for the society.

In terms of its technical accounts position after the case ended, perhaps it was. But the question remains: Why did the Irish Permanent pursue the matter so vigorously for so long, only to agree to settle a couple of days into the case?

Perhaps the enormous gains the bank's shareholders have received from the rise and rise of their shares means they believe that this matter is of little consequence.