Merchant bankers are not renowned for showing much imagination when it comes to names. They have a fondness for calling themselves after people and places that resonate with credibility.

It is no surprise then that a consortium made up of Goldman Sachs, Providence Equity Partners, Soros Private Equity Partners and Warburg Pincus have been struggling to come up with a snappy moniker for their prospective Eircom bid vehicle. In the interim the group has been dubbed the O'Reilly consortium in reference to its non-executive chairman, Sir Anthony O'Reilly, but a good deal of thought is currently being put into devising a new identity to be announced shortly. The four investment houses are all very well-known in the world of high finance, but unlike their principal rival, Mr Denis O'Brien, they are hardly household names in the Republic. Mr O'Brien has also spent the last five months imprinting the name of his consortium - eIsland - on the consciousness of the 450,000 small shareholders who might yet have the final say in who buys Eircom after the sale of its mobile business to Vodafone later this month.

Goldman Sachs and its partners might be tempted to fight under the O'Reilly standard, although the cachet of the Republic's most famous businessman's name may have been diminished - in some people's eyes - by his recent decision to kneel in homage at the feet of the British sovereign.

Although Sir Anthony is seen as a very valuable asset, the banks are keen to make it clear to the public that they are calling the shots. It is early days, but the bones of their sales pitch is becoming clear. Rather than leave Sir Anthony to front the bid, the consortium members will put themselves and their reputations centre-stage. Eircom stakeholders can expect to be told that between them the four institutions have invested in more than 100 telecommunications companies ranging across the globe and the industry. In addition, they have examined the business plans of another 1,000 companies. Shareholders will also be told that the four institutions all share the same investment philosophy. They will say they are "value builders" and not asset strippers, as Mr O'Brien has tried to characterise them.

Playing a pivotal role in all of this will be Mr Peter Sutherland, the chairman and managing director of Goldman Sachs International and a former Irish attorney general and European commissioner.

Mr Sutherland is heavily involved in the Eircom bid. His engagement, along with that of Sir Anthony will be offered as an unofficial - but persuasive - guarantee that the consortium will act in a way that takes cognisance of the national interest. Sir Anthony's involvement is not likely to be limited to that of a figurehead. The owner of Ireland's largest media group - Independent News & Media - has some "valuable insights about Ireland", according to one insider. The extent of his other media interests and the issue of cross-ownership may be another factor in the decision not to overplay Sir Anthony's involvement.

The former rugby star's track record of building shareholder value over the long term at HJ Heinz and Waterford Wedgwood will also be used to counter allegations that the consortium he chairs already has - in the words of Mr O'Brien - one foot in the departure lounge. His record at Fitzwilton and Atlantic Resources/Arcon, can expect to get less prominence.

The group will have more trouble countering what is probably going to be the main plank of Mr O'Brien's argument. It may have stakes in 100 telecoms companies but unlike the former Esat Telecom founder and chairman it has no experience in actually running a telecoms business in this country.

Sir Anthony and his partners' expected riposte will be that the depth of their pockets and the strength of their reputations is such that they can attract - and motivate - world-class management. It will not be music to the ears of Mr Alfie Kane, the embattled chief executive of Eircom.

"We would see ourselves as very active board members. We try not to step on the toes of the CEO, but are in constant contact," says a source close to one consortium member.

The expression "window on the world" is also likely to figure in the coming duel. It is shorthand for the benefits that will accrue to Eircom from having parents who are actively involved with 100 other telecoms companies across the globe. "We will throw open the rollodex," explains one source.

Eircom still represents unchartered territory for the consortium, despite its impressive credentials. To date Providence Equity Partners has made no investments in companies with organised labour, although Goldman Sachs has. None of the partners has experience of dealing with the unique creature that is the Eircom Employee Share Ownership Trust (ESOT). It owns 15 per cent of the company on behalf of the staff and has made it clear it will only support a bid that allows an increase in its stake.

"We would not be here if we did not think we could work this out," responds a consortium source.

A second challenge posed by the Eircom deal is that - based on the prices currently being bandied about - the small shareholders in Eircom will be out of pocket if the company is sold. Again the O'Reilly consortium is confident it can circumvent the problem.

"We are aware that there is a strong overlap between the current retail shareholder base and our future customers. Two years from now when people think about Eircom we don't want them to think about how they lost money. We want them to think about improved service," says the source.

The sale of Eircom will also make it the first European incumbent to be privately owned, although the impact of this will be largely symbolic given the heavily regulated nature of the Irish telecoms market.

Assuming the consortium can resolve the unique problems associated with buying Eircom, it will then have to address the fundamental challenge for any investor: making enough money out of Eircom to generate the sort of returns expected by the participants with their investment, which is up to 35 per cent in the case of Goldman Sachs.

"We are confident that it [Eircom] can be better run. . . We have come to know incumbents extremely well by backing insurgents and the strategic challenge is the same whether you are the incumbent or not," is the upbeat response from a consortium insider.