Share buybacks have become pretty commonplace this year, with various companies going into the market to buy shares. The aim is usually to use up surplus capital and boost earnings per share by reducing the actual number of shares in issue.

But First Active's buyback programme has turned into an almighty damp squib, with the 155,000 shareholders who hold fewer than 1,000 shares in the bank not rushing to sell them back to First Active.

Given that First Active's flotation price was 225p (€2.86) and that First Active is buying shares back at prices between €2.00 and €2.20, it's probably no great surprise that shareholders are spurning the offer, even if they did get most, if not all, of their shares for nothing.

One of the theories of buybacks is that it creates a buyer for those wanting to sell - liquidity for an illiquid stock. That might be the theory, but in First Active's case, theory hasn't turned into practice.

So why are shareholders hanging on? Do they seriously believe that there is much upside in First Active's share price.

First Active has clearance to buy back up to 14.1 million shares - 10 per cent of the shares in issue. So far, it has managed to persuade shareholders to sell back little more than 400,000 shares and seems to have little prospect of buying back any decent volume of shares by the time the closed period comes at December 31st.

If you want to get rid of your unwanted First Active shares, do it now. Otherwise, you risk ending up in a situation where there is no ready buyer for one of the market's most unloved stocks.