First Active has developed two products for the postTelecom Eireann IPO era. The First Active Telecoms Tracker is linked to the performance of eight European telecoms companies and runs for 3 1/2 years. The companies tracked are: British Telecom, Deutsche Telekom, France Telecom, Swisscom, Telecom Italia, Telefonica (Spain), Portugal Telecom and KPN NA (Netherlands).

Four risk options are available to Telecoms Tracker investors. Option one may appeal to more conservative investors as it provides a gross return of 100 per cent of the combined growth of the telecom stocks and 75 per cent of the capital invested on maturity.

Option two increases the capital risk with a gross return of 180 per cent of the combined growth and 50 per cent of the capital invested on maturity.

Option three is a 275 per cent gross return of combined growth and 25 per cent of the capital invested. Option four offers the potential to receive 375 per cent gross on combined growth but all the investor's capital is at risk.

The minimum investment is £1,000 (€1,269) and the product is available until August 23rd.

For the more faint-hearted, First Active offers a second product for individuals receiving Telecom Eireann cheque refunds or selling their share allocation. A special bonus for these investors means certain money markets accounts receive a rate of 2.75 per cent. These short-term deposit rates are comprised of the special bonus plus the normal rate.

Therefore, investors with £5,000 to £24,999 receive a bonus of 0.75 per cent on First Active's current 2 per cent rate for deposit accounts; those with £24,999 to £99,999 receive a 0.25 per cent bonus on 2.5 per cent; depositors of £100,000 or more obtain 0.15 per cent plus the existing 2.60 rate.

These bonus rates apply to the one-, two-, three- and sixmonth money market accounts and are available until 13th August.