Merger activity in the Republic held up strongly last year, according to the latest figures from the Competition Authority.

Eighty-four large mergers were notified to the authority over the course of 2005.

This compared to 81 in the previous year, with the slight growth pointing to considerable confidence within the business community.

Merger and acquisition activity is viewed a leading indicator of wider economic health because commercial investments are usually made with an expectation that business will pick up in the future.

Mergers in 2005 were spread across a wide range of sectors, but media deals were the most numerous among notifications to the authority.

The records show that media deals - including publishing, radio and TV broadcasting - accounted for 22 notifications over the year.

One reason for the heavy emphasis on the sector is that all media mergers or acquisitions, regardless of size, need to be notified to the Competition Authority.

Among the large media deals notified last year was Ulster Television's €145 million purchase of British radio company, the Wireless Group.

Across other sectors, the larger mergers involving Irish companies included Eircom's €420 million purchase of Meteor and Stafford Holdings's €60 million deal to buy Lifestyle Sports.

All mergers notified to the authority last year were cleared, apart from one that was withdrawn and another where further information was requested.

In general, only mergers or acquisitions involving a company operating in the Republic with a turnover of €40 million or more need to be notified.