Just a handful of Irish firms are currently included in Friends First's Irish-based ethical funds. The funds operate very strict criteria, excluding those companies involved in alcohol or meat production as well as the usual suspects such as firms guilty of pollution.

Aside from CRH, Fyffes and United Drug, the Irish stocks in the Friends First ethical portfolio include plastics and radiator group Barlo, builders' providers Grafton, packaging group Clondalkin and DCC which has interests in the computer, food, healthcare and energy sectors.

Along with the banks and Irish Life, banned because the fund cannot determine or control who they lend to or invest in, a host of other leading Irish firms fail to make the Friends First investment list.

Waterford Foods has been removed from the fund's list since it merged with Avonmore, a company not considered kosher because of its red meat operations.

Kerry too fails to make the cut because of its meat subsidiaries while Greencore is rejected because of its involvement in malting, used in the making of beer.

Friends First's investment director in Dublin, Mr Pramit Ghose, says the fund was keen to include Jurys, particularly as its hotel and inns building campaign was generating significant employment. But it was ruled inadmissible because of the portion of profits which come from the bar.

Among the approved British stocks are Marks & Spencer and Abbey National, which makes the grade where other financial institutions fail because it is deemed to be involved in personal rather than corporate lending.

British grocery chains Safeway and Sainsbury are also acceptable as is that favourite of most ethical funds, The Body Shop. Milk producer Unigate makes the list as does the Berkeley Group, a British housebuilding firm with an involvement in inner-city projects.

Eiris, the British-based research company which filters out those firms suitable for ethical funds, declined to comment on whether any Irish companies were in breach of the 30 criteria on which it assesses firms.

"We don't give black marks. It all depends on the individual client and their view of what is ethical," says Eiris's head of client services, Ms Karen Eldridge.