BIG winners in 1996 were the Irish Permanent shareholders who held onto the free shares they received when the former building society converted into a publicly quoted company.

Over 113,000 shareholders benefitted on two counts First of all they saw the value of the block of 300 free shares they received rise from £540, when the shares were floated two years ago, to £1,440 as the share price jumped from 180p to 480p. Each share was worth about £3 more at the end of 1996 than it was two years ago.

Then, because they held onto their free shares, the shareholders were given more free shares under a loyalty bonus scheme announced at the time of the conversion and flotation. Under the scheme, qualifying shareholders got 15 bonus shares on the first anniversary of the flotation.

A further 1.7 million shares were issued for the second anniversary of the flotation last October, indicating that over 113,000 shareholders had held on to their original allocation of Irish Permanent shares.

At the current share price the bonus allocations of 30 free shares has added £144 to the value of each shareholders Irish Permanent portfolio.

At the end of two years, an Irish Permanent shareholder who got 300 free shares and retained that allocation has seen the total value of his/her stake rise from £540 and £1,584.