Dolmen Butler Briscoe is positive about Irish Life & Permanent's prospects and is recommending the shares as a buy at the moment. The brokers believe the company represents good value for investors as the stock continues to languish substantially below its European peers.

Last week it announced a £7.5 million DIRT settlement with the Revenue Commissioners, which Dolmen equates to 3 per cent of its estimated pre-tax profits for 2000. Half-year results are due out next week, while an announcement on whether the group will be successful in buying TSB Bank is also expected within the next month or so.

The brokers also point out that Irish Life & Permanent's Internet strategy is more advanced than that used by its European counterparts, with the group offering a range of investment products on-line.