Rather than taking a commission, it is understood the transaction was structured as a "bought deal", with Davy making its money by taking up the new shares before selling them on to the 120 investors involved in the placing.

This was potentially more risky than taking commission because of the possibility that Davy might not have been able to place all of the shares. But demand turned out to be very strong so that the placing was four times over-subscribed.

"I'd be surprised if Davy got anything less than 4m, " commented one senior stockbroker, adding that the company would have been well rewarded for taking the extra risk.

The placing was the largest ever by an Irish company, with the bank increasing its issued capital by 5%, the maximum possible without seeking shareholder approval.

The last time Anglo undertook a similar transaction, in January 2002, it raised 64m from a 5% placing. The fact that last week's placing brought in 416m underlines Anglo's phenomenal growth since then.