After First Active, the carpetbaggers' options are increasingly dwindling. Those canny enough to have opened a share account at the former building society in time to qualify for free shares will be happy with their windfall, but have only one other shot left in the building society sector.

The Irish Nationwide is now the only hope for those seeking a possible conversion, with the EBS continuing to strongly confirm its mutual status. Irish Nationwide has made it expensive for anyone to cash in on any future flotation and has raised its minimum deposit on a share account to £10,000. Despite that society's obvious desire to follow First Active down the demutualisation route, any such move could still be some way off and will be dependent on a change in the building society legislation.

Irish Nationwide is continuing to lobby for an amendment to the Act to allow it immediately to bring a major investor on board after the flotation. If it is successful, then it will almost certainly seek to change its status.

After the building societies, life insurance companies continue to be a focus, with groups such as Scottish Provident, Scottish Life and Friends Provident tipped as likely suspects.