TodaY is the closing date for the submission of tenders to advise the ICC Bank and the Department of Finance on the sale of the bank.

But the two appointments are not expected to be made for another three or four weeks. The applications, which will come in the form of lengthy documents, will first have to be reviewed. Officials from the bank and from the Department are expected then to meet some potential advisers. The process of selling the State-owned bank will move up a gear when the advisers are appointed.

Expressions of interest will initially be checked to ensure potential purchasers can take over the State guarantee on some of ICC's existing deposits and can maintain its existing lines of credit. Interested parties will be asked to agree to the pre-conditions to the sale - no compulsory redundancies and that the employees' existing terms and conditions will be honoured. Potential purchasers will then be invited to submit their price offers and their business plans for the development of the operation. The process will continue with assessments of these plans, meetings and the shortlisting of favoured acquirers, before a final decision is reached.

There is significant interest in the operation. Interested parties include Bank of Ireland, Irish Permanent and Anglo Irish Bank.