Concern about the power of the unions at ICC Bank may have played some part in reducing the number of bidders for the bank.

One potential bidder is understood to have dropped out of the race because of concern that working hours and practices at ICC could cause problems within its own workforce.

And some potential bidders may have been uncomfortable with the deal negotiated on shares for employees, estimated to be worth more than £100,000 (€127,000) to each of ICC's 358 employees. While the unions argued that the share deal includes agreement on transformation and flexibility, one potential bidder maintained that the flexibility provided was much less than arrangements already in place at most other financial institutions.

The power of the unions - ATGWU, SIPTU and MSF - is evident in the rapid handing over of the bids received to "the partnership" at ICC. The bids were handed over to the partnership - comprising unions and management - within two days of the being received at the Department of Finance.

The partnership is expected to report back quickly to the Department with its assessment of the bidders and those who make the shortlist can expect to be informed within about a week.