ESB workers have voted overwhelmingly in favour of the Employee Share ownership scheme, which will give it a 5 per cent shareholding in the State company.

The deal is worth around £8,000 (€10,165) per employee although they will not receive shares for four years and will have to trade the shares internally at first. ESB Group human resources manager Mr Sean O'Driscoll said around £46.8 million from profits had been set aside for employees.

The ballot, which was completed yesterday evening was voted by a 97 per cent majority.

Welcoming the result, Mr Denis Rohan of the ATGWU said the 5 per cent deal was originally agreed in 1996 and was supposed to be implemented in 1998.