ICC Bank plans to double its profits to £50 million by 2002, according to chief executive, Mr Michael. The State-owned bank, which specialises in the small business sector, has also revealed that it will pay around £250,000 in full settlement of its DIRT liabilities on bogus non-resident accounts following the Revenue audit of financial institutions., ICC Bank did not appear before the DIRT Inquiry and viewed as being a relatively minor offender in relation to helping customers evade DIRT tax in the 1980s and 1990s. Appearing before the Oireachtas joint committee on Finance and Public Service yesterday, Mr Quinn said negotiations with the Revenue relate to a "small number" of non-resident accounts.

Mr Quinn told the committee that a change of ownership was desirable for the bank and it will continue to work with the Minister for Finance to find a strategic partner or a trade sale.

He told the committee that the bank has regular discussions with a number of financial institutions on issues such as funding and these often prompt inquiries about whether the bank is still on the market.