Elan shares and Bank of Ireland just don't mix, it would seem. The bank's asset management subsidiary, BIAM, was one of the few Irish fund managers untouched by the collapse in the Elan share price, having been a long-time Elan bear.

Now it emerges that two of the three Elan directors to have emerged financially unscathed from the recent fiasco both have links to Bank of Ireland.

The bank's governor, Mr Laurence Crowley, a board member since March 1996, owned no shares at the end of December.

Meanwhile, Mr Kyran McLaughlin, head of equity at Davy, the bank's stockbroking subsidiary, also followed BIAM's example and avoided the stock.

Although both men held options, which are probably now worthless, they certainly haven't felt the financial pain experienced by other Elan directors, like former Merrill Lynch chairman and chief executive Mr Dan Tully who increased his holding by 5,000 shares last year.

The other board member to escape personal financial pain at Elan was another canny banker and broker. Ulster Bank chairman, and former head of Goldman Sachs International, Dr Alan Gillespie, also steered clear of the stock despite his presence on the board for more than six years.