THE figures from the IAIM show that one of the two overseas market makers in Irish bonds, Credit Suisse First Boston (CSFB), has virtually no presence in the market and it is thought that CSFB's position as a market maker may soon be reviewed.

The National Treasury Management Agency (NTMA) would make no comment on CSFB's negligible presence in the bond market, but it is understood that the NTMA is deeply concerned with the CSFB performance and has made its dissatisfaction known to the Swiss American group.

Market sources said that CSFB's involvement in the bond market as one of the six designated primary dealers is virtually non existent and contrasted the CSFB performance with that of UBS, the other overseas market maker. From a position of having a nil market share, UBS has built up a 5 per cent market share, a position seen in the market as a creditable performance for UBS's first year in the market.

The NTMA would not speculate on what action the agency might take if CSFB did not show an increased commitment to market making Irish bonds, but ultimately the group's licence to make a market in bonds could be revoked.