The board of ACCBank will today begin to assess the level of interest expressed by what is expected to be a very small number of bidders at best.

The deadline for bids closed yesterday evening. The bids were to be submitted to NCB Coporate Finance. Neither NCB nor ACCBank would officially comment on the process.

NCB has indicated that it had received a good level of interest from both domestic and foreign-owned financial institutions in the State-owned bank which could have a price tag of between #100 million and #250 million (£78.8#197 million).

The bids will be assessed by the bank and its advisers. Serious bidders will then be invited to participate in the next phase of the sale process and will be given the opportunity to carry out a more extensive examination of ACC's business.

Among the financial institutions that ACCBank's business would suit are First Active and GE Capital, whose European finance operations are headquartered in Dublin and which has been making acquisitions across Europe to expand its operations.

More than 10 financial institutions looked at the financial details contained in the sale memoranda but many of the large institutions have said they would not be making a bid. Some have indicated that if the terms of the proposed deal were amended, to facilitate widescale restructuring and staff reductions, they might take another look at the bank.

Irish Life & Permanent, Bank of Scotland, Anglo Irish Bank and Ulster Bank are not expected to make a bid. Neither are Bank of Ireland nor AIB.