Irish Life and Permanent (IL&P) is today strenuously denying a claim it is in takeover talks with British banking giant HBOS.
In a curt statement issued this afternoon, the IL&P said: "While it is the policy of Irish Life and Permanent plc not to comment on speculative stories such as this, the article states as fact that "talks between the two sides have taken place in recent weeks."
"This statement was untrue. Neither the company, nor anyone acting on its behalf has been involved in any such discussions or talks with representatives of HBOS or anyone acting on its behalf."
The report in today's Sunday Independentsays directors stand to make a killing if a sale goes through.
HBOS became the biggest mortgage provider in Britain in 2001 when it was formed by a merge of Bank of Scotland and Halifax Building Society. Its assets are valued at over stg£380 billion.
It has considerable interests in Ireland through Bank of Scotland Ireland and is keen to enter the retail banking sector.