Anglo Irish Bank has effectively bowed out of the competition to buy State-owned ICC Bank. Anglo has always been keen to acquire ICC Bank which has a substantial presence in the small and medium-sized business sector. Speaking in Dublin yesterday, Anglo chief executive Mr Sean FitzPatrick, said that as price estimates had spiralled from between £120 million (€152 million) and £150 million to £250-£300 million, it would not be a purchaser.

Bank of Ireland is among the leading contenders to buy ICC Bank.