While thousands wait to see at precisely what price Telecom Eireann will float and start calculating when best to sell to maximise profit, one group is already rubbing its hands with glee as the profits roll in - the banks and building societies.

The heady anticipation of investors has seen the banks inundated with requests for loans as well as the plundering of savings in recent weeks. Certainly, the activity will enhance the balance sheets of the various lenders. It will also serve to totally distort the Central Bank's credit figures.

The optimistic hordes will certainly have to secure a reasonable return on their investment in order to meet their commitments to the lenders, pay commission and make something for themselves on the deal.

Some of those planning to pay off their mortgages or retire early on the back of the Telecom flotation might do well to note the lacklustre performance of Deutsche Telekom when its new shares made their debut earlier this week. Floated at €39.50, it rose 80 cents to €40.30 on day one and has since struggled to make headway. It finished the week at €40.85, up barely 3.4 per cent. For those investors who got in early and paid only €37.50 for their shares, the gain was a more respectable 8.9 per cent.

Of course, every company is different and Deutsche's large investors are awaiting a promised expansion initiatives from the group.

Nonetheless, Telecom is not a guaranteed winner in what is certain to become a more competitive market, even if initial gains are almost guaranteed for political reasons as the Government seeks to encourage public shareholdings with further State enterprises due shortly on the selling block.