More than 10 financial institutions have sought to examine ACCBank's financial details but less than a handful, if any, are likely to follow through with an opening bid by Monday's deadline.

NCB Corporate Finance, which is handling the sale, said bidders from the Republic and beyond had requested an information memorandum on the bank. However, industry sources suggest that the level of interest in the bank is very low and that the Government may yet be forced to restructure the terms of the sale to attract a serious bidder.

Irish Life & Permanent, Bank of Scotland and Anglo Irish Bank have said they will not be submitting a bid for the bank. Bank of Ireland and AIB are also likely to have taken a look at ACC's business but are not expected to tender a bid.

Among the financial institutions that ACCBank's business would suit are First Active and GE Capital - whose European finance operations are headquartered in Dublin - which has been making acquisitions across Europe to expand its operations.

ACC has a loan book worth around €2.3 billion, which includes home loans, business loans and some loans to the agriculture sector. It also has a substantial deposit base worth around €1.5 billion.

Estimates of what the bank is worth range from €100 million to around €250 million but much will depend on the level of interest expressed.

A radical restructuring plan has been implemented across ACCBank by its new management team in a bid to refocus the business towards more profitable activities and to reduce its cost base. About 100 staff are expected to leave the bank through a voluntary severance scheme, reducing numbers to around 500.

It has 42 branches throughout the State.

However, ACC's branch network wouldn't necessarily be a selling point to some financial institutions which are focusing on closing branches and reducing the costs of providing these type of services.

Some industry sources have also noted the strength of the trade unions representing staff at ACC as posing a difficulty for any organisation that would want to rationalise the business.