EBS HAS received four expressions of interest from interested parties, three of which are private equity entities.

Minister for Finance Brian Lenihan said yesterday the expressions of interest were being assessed by the National Treasury Management Agency, and it was envisaged the process would be finalised by August.

The emergence of a fourth suitor for the building society puts the possibility of private equity investment back in the picture.

The EBS has been in discussions with Cardinal Asset Management, a firm led by Dublin executives Nick Corcoran and Nigel McDermott, since March. In May, Irish Life Permanent entered the race after the building society announced it was expanding its talks on a proposed investment with private equity interests to include other parties.

Two other private equity consortiums, one of which is believed to be Doughty Hanson, have emerged as suitors for the EBS. British venture capital company Doughty Hanson owns TV3.

The Government has injected €350 million – €100 million in cash and €250 million by way of promissory notes – to maintain EBS’s capital ratios. The society needs €875 million to meet the core equity ratio of 7 per cent set by the Financial Regulator.

The Government, which has committed itself to potentially providing the sum if private investment cannot be found, has indicated it is keen for EBS to raise outside private capital. Mr Lenihan said yesterday it was “very important” a deal was finalised. “We want the home purchase market to have adequate bank facilities.”