Two of the valuable paintings, controversially listed for sale in London earlier this year by their owner, the Alfred Beit Foundation, are being purchased by leading Irish businessmen and will be transferred to the National Gallery in Dublin.

Newstalk has learned that Denis O’ Brien, the principal shareholder in this station, and John Gallagher, the businessman whose investments include Dublin’s Bord Gais Theatre, have agreed to buy the paintings under a tax relief measure which enables them to set off 80% of the price against their tax liabilities and on the basis they are donated to the State for public exhibition.

Mr O’ Brien is understood to be acquiring a painting by the 17th century Flemish master, Peter Paul Rubens, called 'Head of a Bearded Man', for a price in excess of €2m. Mr Gallagher is to buy 'Adoration of the Shepherds' by another Flemish painter of the same period, Adriaen Van Ostade, for just under €1m.

A third painting has already been acquired under the Revenue scheme by businessman and art collector, Lochlann Quinn, who is understood to have encouraged other high net worth individuals to join him and to keep the paintings within the State.

A major controversy broke out earlier this year when it emerged that the Alfred Beit Foundation, which manages the Russborough House Estate in Blessington, Co Wicklow, planned to sell up to 10 paintings at Christies in London, to raise up to €10m for essential maintenance of the House.

Arts Minister, Heather Humphreys was sharply criticised at the time for not intervening to save the paintings and for permitting the National Gallery to issue a licence for their export.

The Alfred Beit Foundation agreed to defer the sale of some of the paintings for a number of months to explore if an alternative means of raising the finance required, could be arranged.