Equitable Life's Irish operation is likely to be sold off, either separately or as part of its international operations. Equitable Life employs 22 people in the Republic, 12 of which make up its sales force. Mr Noel Creedon believes the sales force could be sold off separately to another firm but it will remain with the society for the time being.

Equitable Life has been operating in the Republic for nine years. It claims to sell 67 per cent of all new pensions and life business here and has £500 million (€635 million) under management. This represents less than 1 per cent of the total market.