The State-owned ICC Bank is in discussions with a number of interested groups with a view to a possible sale.

Chief executive, Mr Michael Quinn, said yesterday that none of the discussions had yet translated into a formal proposal. Bank of Scotland is one bank understood to be very interested in buying ICC while others such as IIB Bank and Royal Bank of Scotland, which owns Ulster Bank, would also be interested in the specialist bank.

Any offer would have to be considered by its board of directors and a recommendation made to the Minister for Finance before a sale could be agreed.

Bank of Ireland withdrew from its proposal to buy the bank earlier this year after it emerged as the only bidder when the bank was offered for sale by the Government.