First National's 24-hour conversion hotline has received up to 3,000 calls a day from members with queries about the planned flotation. The highest number of calls were received in the days following the flotation announcement in March, while numbers swelled again this month after the society sent out flotation details to qualifying members.

First National said yesterday that caller numbers have now fallen to around 200 a day, while its correspondence unit is also dealing with a huge level of queries.

The society said most of the calls initially were from customers who hoped to qualify for a financial windfall, while more recent queries have largely related to the balance of funds held in certain accounts, which may or may not qualify.

The hotline can be contacted at 1850 818181. Those calling from Northern Ireland can contact it at 0845 6000028.