"Participants in the Irish M&A market are watching with interest as the controversy over the effect that the private equity industry has had in the UK continues unabated, " wrote Ben Gaffikin, head of the private equity practice at Dublin solicitors McCann Fitzgerald, in an article for LegalWeekmagazine.

Even as the ICG drama rolls on, last week buyout talks collapsed between supermarket J Sainsbury and private equity group CVC.

It was a milestone in the private equity saga in Britain, which became controversial following a buyout of the AA by CVC and Permira that was quickly followed by job cuts.

"The role of private equity in the M&A market is also a hot topic in Ireland. Most of the comment in Ireland has been positive, or at worst, merely inquisitive."

Last year saw a record number of private equity deals in Ireland, including the Euro285m buyout of Statoil's Irish retail operations by the Topaz Energy Group, as well as management buyouts backed with private equity to buy BWG Foods and Davy Stockbrokers.

Foreign private equity groups featured in the Eircom take-private by Babcock & Brown and the employee share group as well as the Doughty Hanson purchase of TV3. Just last week, Doughty Hanson and Permira were reportedly eyeing up the Euro1bn Jurys Inns.

Observers wonder, however, if the silence of the lambs will last forever. Even some analysts are notably disquieted by the retreat of so many Irish firms from the discipline of public markets and the scrutiny that goes with it.

But as long as there aren't mass layoffs as a result of all the financial engineering - and until a group defaults on all that debt - the lack of any public reaction may continue.