Readers of the Margin might have somehow formed the impression that the Irish Life/Irish Permanent merger was driven by the fact that the two businesses would complement each other, given the obvious synergies inherent in them and the ability to deliver significant cost savings.

But Mr David Went, chief executive of the merged entity, shed some light on the real reasons for the merger at the NCB conference last week.

Following last year's gathering, which he addressed, Mr Went inquired as to how his talk about Irish Life was received by investors.

"Nice chap, interesting presentation, pity about the company," was the comment of one.

Mr Went thus deduced there was no need to change his presentational style and admitted that, at his age, he was beyond changing. All of which left him with but one option - to change the company.