International management consultant firm Oliver Wyman is expected to deliver its report on Irish Life & Permanent's risk management practices and governance structures in time for the financial group's agm on 15 May, an IL&P spokesman has confirmed.

IL&P appointed the firm two weeks ago to conduct a review of the bancassurer after it emerged the group's life-assurance arm engaged in €7.45bn of circular transactions with Anglo Irish Bank in 2008 to mask liquidity crises at both institutions.

The scandal led to the resignation of chief executive Denis Casey and two other senior figures. Chairwoman Gillian Bowler remains in place. The board maintains it was unaware of the transactions.

"Oliver Wyman is there to take a broad look at the group and repair the reputational damage by telling us what changes we need to make," said a spokesman.

Irish Life & Permanent is considering restructuring the group into a holding company and three separate operating divisions – insurance, investment management and banking.

The change could prefigure a spin-off of the banking arm, Permanent TSB, into a 'third force' in Irish banking. The board does not expect to appoint a new chief executive until June or later, although it has hired former First Active executive Michael Torpey as group treasurer.