Research published by Goodbody Stockbrokers last week shows that 17 per cent of the adult population in the Republic now own shares compared with just 4 per cent in 1997.

The level hit 18 per cent in the wake of the Eircom flotation last summer, but fell back to 17 per cent or 507,000 people by the end of the year, up from 390,000 in March 1999.

At the end of last year, more than two-thirds of investors still held their entire allocation of Eircom shares while only 14 per cent had sold their full allocation. Of the individuals for whom the Eircom flotation was their first experience of owning shares, 30 per cent said they were likely to make further share investments within 12 months, Goodbody said.