Vol. 522 No. 2
49 Mrs. B. Moynihan-Cronin asked the Minister for Finance if he has received any formal request from the trustees of the Trustee Savings Bank to approve new arrangements for the bank; and if he will make a statement on the matter. [18165/00]
Following the abandonment of the ACC-TSB merger-flotation, I indicated to the TSB that existing ownership arrangements would not be sustainable in the long run and that a change in the ownership structure was necessary to secure the long-term future of the bank. In that context, my Department informed the TSB that any process leading to a change in ownership has to be carried out in an open, transparent and non-discriminatory manner. It was also suggested that the bank should make arrangements to ensure that the public interest in the process be addressed.
The trustees of TSB bank, with my full support, announced on the 28 March that they were inviting proposals in relation to the future of the bank. When this process is completed, I would expect to receive a formal request from the trustees to approve new arrangements. I will give any formal request to approve new arrangements my full consideration upon receipt and then bring it to Government. An order under section 57 of the Trustee Savings Bank Act, 1989, which would have to be approved by each House of the Oireachtas, would be required to authorise any reorganisation of the TSB.
