IFG Mortgages, the broking subsidiary of IFG Group, doubled loan applications last year, from €180 million in 1998 to €362 million in 1999. Cheques issued by lenders on behalf of customers amounted to €203 million, an 84 per cent increase on 1998. Mr Frank Ryan, executive chairman of IFG Mortgages, said the business was mainly domestic lending for housing. IFG makes a margin of about 1 per cent on the business, at no extra cost to the company's clients. He attributed the upsurge of business to the very buoyant housing market and to the distribution network built up over the past five years. And these factors together with the "significant investment in technology-based processing systems" has allowed the company to "become Ireland's largest mortgage broker".

Mr Ryan said a high percentage of business now comes from client referrals. "With over 80 people involved in our mortgage operation, the structures now in place have a capacity up to €500 million of cheque issues," he added.