But the problem is the deal should have been done years ago. If and when Fortis arrives with a new offering it will have to compete with recent entrant Bank of Scotland, newly invigorated NIB, the aggressively promoted Permanent TSB and of course the twin behemoths of AIB and Bank of Ireland.

Analysts reckon the new player could have to invest up to 400m, and generating a return on that could be a long, hard slog.

The deal has another timing problem. An Post chief executive Donal Curtin leaves in July, and who knows how his successor will view the Fortis tie-up?