One more thing:Eircom chairman Pierre Danon and chief executive Rex Comb are each preparing to invest about €1.5 million each to take personal stakes in the telecoms group.

"The money is waiting to be transferred as soon as the transfer is allowed," Danon told us earlier this week. Danon said he would be investing £1 million (€1.5 million) while Mr Comb's investment would be "very similar".

It is almost a year since Danon revealed his intention to take a stake in Eircom in a move designed to make senior executives "behave as owners, not only as managers".

At the time, Danon said he needed the permission of his wife, Laurence, the former chief executive of upmarket French department store Printemps, before making the five-year financial commitment.

"She is happy," Danon said.

It is not clear how much Danon is worth but he described the investment as "a very substantial part of it". He earns about €300,000 a year as chairman of Eircom.

A bonus scheme for Eircom's top brass is also being implemented, according to Danon. He said the scheme would apply to the company's six executive directors and about 100 senior managers in the company.

The incentive scheme is based on the company reaching certain earnings targets over the coming years.

"It is happening, it has started," Danon said.