The €2.4bn government recapitalisation of EBS and Irish Nationwide is unlikely to happen before the end of February as delays in getting Nama up and running threaten to scupper Brian Lenihan's ambition to have new capital in place at all the banks by the end of the first quarter.

Listed banks Bank of Ireland and AIB which, like the two building societies, will face capital shortfalls once they transfer loans to Nama, have also been pressing for more time to organise rights issues and asset disposals, according to market sources. Both are also lobbying for less stringent demands to reach the new unofficial core capital level of 8%.

It is understood the recapitalisation of the building societies will not occur until their loans start to move to Nama and an accurate haircut is applied to their value, giving a clearer view of how much capital they will need to bolster their stricken balance sheets.

It had been originally expected that the investment in the building societies would take place soon after the members voted to issue so-called special investment shares to the government, but until the institutions' needs are known more precisely, this cannot happen.

The two big banks are in a similar situation, as the institutional investors they need to support any rights issue are seeking more details on their outlook before committing any funds.

"The appetite is there but people want clarity on earnings, the Nama haircut and the coupon on the Nama bonds going to the banks in exchange for their loans," said one broker source. "The timetable is very tight. If you don't see loans moving by the second week of February, they won't make it before the end of the quarter."

One informed source suggested AIB might announce a rights issue when it releases 2009 results on 3 March, but other sources indicated Bank of Ireland was "keen" to move first while AIB concentrated on finding a buyer for its stakes in US bank M&T and Bank Zachodni in Poland. The Government has said it will supply any necessary capital if private sources do not come through.

Irish Nationwide is shifting about 80% of its loans to Nama and has said it will need €1.2bn-€2bn from the government after €8.3bn of assets are transferred. EBS, whose exposure to developers is now only about 3% of its overall loan book, said it needs at least €400m.