€40m pre-tax boost for First Active

FIRST ACTIVE is to make a pre-tax exceptional gain of close to €40 million following the sale of its remaining stake in Britannic Money plc for €108.7m.

The move reduces the mortgage and savings bank exposure in Britain and fits in with its strategy of focusing on the growing Irish mortgage and savings market.

First Active finance director Michael Torpey would not be drawn on any possible use of the cash on the acquisitions front. When asked if First Active would look at NCB stockbrokers, which is being sold by Ulster Bank, Mr Torpey replied: “we do not comment on M&A (mergers and acquisitions) activity. Do not read anything into the no comment, it’s long-term policy not to comment.”