Mr Padraic O'Connor resigned his post as managing director of NCB Stockbrokers at the end of March. The move coincided with the completion of the Ulster Bank buyout of NCB. As part of the buyout, begun in 1994, NCB executives had been tied in to a four year earn-out. Mr O'Connor is thought to have received up to £1.5 million (€1.9 million) for his 5-6 per cent stake in NCB as part of the buyout.

When he left, Mr O'Connor said he was doing so for personal reasons. He had been head of the firm for the past eight years and felt it was time to move on and do something different. However, he said he had no firm plans.

It is believed there was some difference of opinion between Mr O'Connor and Ulster Bank on NCB's future and its relationship with the Ulster Bank Group. NCB has since suffered several high-profile defections and a group of former employees have set up another company, Merrion Capital.

Mr O'Connor, an economist by training, is well-known and well-respected within stockbroking and business circles. Born in Dublin in 1949, he was educated at Kilmacud National School and Marian College. On leaving school he began a career in the civil service as an executive officer.

Mr O'Connor worked for the Department of Industry and Commerce from 1967-69, but was on secondment to the IDA. At age 20 he was selected for a civil service scholarship and studied economics at UCD.

He spent two years with the Department of Finance before applying to the Central Bank for an economist's post. He worked there from 1975 to 1986. In May of that year he was approached by Investment Bank of Ireland (IBI) to work for them. He joined NCB in 1987.