Irish Life & Permanent has introduced its first post-merger product and hopes to take in more than £100 million (€127 million) in investments in its first year.

The Scope range of products is modelled on US mutual funds and is designed to make investing in shares more accessible.

Scope includes five types of investment designed for a wide cross-section of investors from the most risk averse to the most risk tolerant.

The product carries no entry charge but a minimum of £2,000 must be invested in the funds which will be managed on an index basis. The product, whose introduction coincides with the Telecom Eireann flotation, aims to tap into growing interest in the stock market.

The company plans a £1 million advertising campaign to support the launch of the products which will be available through the group's multiple distribution channels.