MSF, the trade union which represents most of ICC's 358 workers, has said it wants the Minister for Finance, Mr McCreevy, to proceed with an employee share option plan, worth about £100,000 to each staff member, despite the collapse of the sale of the bank to Bank of Ireland.

The union, which met with ICC's management yesterday, is seeking a meeting with Mr McCreevy early next week to clarify his view of the bank's future options. "We can't make definitive decisions until we get the views of all the parties in this process," said MSF's regional officer, Mr Brian Gallagher.

MSF representatives met ICC's chief executive Mr Michael Quinn and its chairman Mr Phil Flynn yesterday. Besides saying that it was "business as usual" at the bank, Mr Gallagher declined to reveal what management said at the meeting.

ICC's board also met yesterday to consider the collapse of its proposal. The board is to advise Mr McCreevy of its desired strategy, probably in the new year.

MSF wants a transformation agreement - on productivity and work practices - which was scheduled to take effect once the bank was sold, to go ahead. This would also see the bank's workers gain 5 per cent of its stock, which would see each worth £100,000.

Asked if this was unreasonable, given that the sale to Bank of Ireland was not going ahead, Mr Gallagher cited similar schemes at the ESB and Aer Lingus, stating that there were "plenty of precedents".

Mr Gallagher said this could make the bank a more attractive proposition for a potential buyer. "It [the transformation agreement] would be one less thing for a buyer to implement."

An ICC spokesman last night declined to speculate on the possible options for the bank, stating that it was still considering "the best route to propose to the Minister".

Mr McCreevy and the Department's corporate advisers ABNAmro are considering a new strategy to sell the bank, although it is not clear when.

One suggestion is that such a strategy may not be finalised until the outcome of the possible sale of Ulster Bank is known. Ulster's owner, NatWest, has said it will sell or float the bank as part of its defence against hostile bids from Bank of Scotland and Royal Bank of Scotland. Bank of Scotland has also said that it will sell Ulster.