Bank of Ireland has confirmed it has made a joint bid for Ulster Bank with Irish Life & Permanent. Chief executive Mr Maurice Keane refused to discuss the details but the bank is understood to be interested in Ulster's operations in Northern Ireland.

The other major Irish banking groups have considered bidding while a number of British banks may also enter the fray. NatWest is selling Ulster Bank as part of its efforts to fight a hostile takeover bid by Bank of Scotland. It is expected to be sold for up to £2 billion sterling (€3.1 billion).