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ESB staff offered shares

The ESB has told employees it will be offering major share opportunities as the body aims to create its first ever 'grey market'.

A 'grey market' is an internal market with a company where employees can buy and sell shares.

The company hopes to establish the market by September, which will allow both current and former staff members to cash in on shares worth up to €22,000 per employee.

In a letter to staff, ESB chairman David Beattie wrote: "The trustee has been working towards the appropriation of shares and running the first internal market and is pleased to advise that it hopes, shortly, to pass out . . . up to 50pc of the ESB capital stock (shares) notionally allocated to you."