Analysts' pay and compensation has emerged as another area of concern in the US where moves are afoot to ensure that it is not linked in any way to the performance of the investment-banking side of the business.

Irish stockbrokers say analysts are generally attached to the broking side of the business which, under Stock Exchange rules, should be separated by `Chinese Walls' from the investment banking or corporate finance side of the business.

Typically, they are paid a basic salary based on their qualifications, seniority and the going market price for their skills. Their performance, in terms of the quality of their research and their work rate, is also taken into account.

But they are usually entitled to a bonus as well, which may be linked to the overall performance of the firm, including its corporate finance arm.

Personal ownership of stock is another area of contention.

Although there is a significant body of rules to prevent insider trading, Irish analysts are not obliged at present to declare in their research if they hold shares in the company.

Views in the market are mixed on whether analysts should declare such interests.

The Irish Stock Exchange's Mr Brian Healy believes that there should be more accountability in this area, both for analysts and financial journalists who also routinely write about shares.

Others, however, believe that this would be an intrusion into the private financial affairs of individuals and could drive people out of the business.

They also note that analysts' shareholdings tend to be relatively small.

Some even believe that being a shareholder is positive as it means the analyst is putting his money where his mouth is.

"I think it's healthy that people in this business own shares. It gives them a better understanding of how to make money for clients," says NCB head of equities, Mr Tommy Conway.

It can also help reassure clients, particularly international clients, who sometimes ask analysts if they've bought shares in a stock they are recommending.