The EBS has admitted that it could have managed the publicity campaign surrounding its controversial FamilyFirst mortgage product in a more effective manner.

EBS chief executive Mr Ted McGovern insisted the advertising campaign that accompanied the product was not a mistake but conceded that the building society should have prepared the market for the product before introducing it.

"We could have conditioned and prepared the context better," said Mr McGovern.

EBS has repeatedly reported "very strong demand" for FamilyFirst, which is designed to allow parents raise money on their homes to help fund a property deposit for their children.

Internal research had shown, Mr McGovern said, that seven out of every 10 first-time buyers received some form of parental aid last year.

Advertisements for FamilyFirst were widely criticised for placing undue pressure on parents, but complaints to the Advertising Standards Authority on the issue were rejected.

Mr McGovern said the advertisements had delivered "a very good and very honest message".