A political campaign is expected to get under way to ensure that deposit holders at TSB Bank will qualify for some of the proceeds of its flotation next year. At the moment its customers are not entitled to any free shares. In this case the Government is in line to pocket the expected £500 million (€635 million) the institution will realise on the stock market.

Labour's enterprise and employment spokesman, Mr Pat Rabbitte, has already signalled the issue will be raised in the Dail.

The savings bank has agreed to merge with ACC Bank and become a publicly quoted company. But unlike the flotation of building societies and mutually-owned life assurers its customers will not qualify for a windfall payment. TSB Bank is run for its depositors by trustees, but is technically not owned by the depositors, the trustees or anyone else. Given this structure the entire proceeds of the sale must by law revert back to the Government.

Politicians will have an opportunity to debate the legislation that must come before the Dail to facilitate the flotation of the merged ACC Bank and TSB Bank later this year. At this point it will be up to them to argue for an amendment to that legislation to include depositors among the beneficiaries. So if you are a depositor with TSB Bank the advice is: keep your deposit account open and lobby your TD.