Vol. 486 No. 1
57 Mr. Broughan asked the Minister for Finance if the Trustees of the TSB Bank have refused the Government's and Department's request for the sale by public tender of the TSB bank on terms and conditions to be agreed between the Trustees and the Department of Finance; and if he will make a statement on the matter. [1932/98]
Under the terms of the Trustee Savings Banks Act, 1989, neither I, as Minister for Finance, nor the Government has the power to initiate any change in the status of TSB Bank. As Minister, I can only respond to a proposal from the trustees who have the sole power of initiative in this matter. Consequently, neither the Government, my Department nor I are in a position to make the sort of proposal to the trustees to which the Deputy refers and, accordingly, the question of the response by the trustees of TSB Bank to such a proposal does not arise.
I would assure the Deputy that, if I were to receive a proposal from the trustees, I would give it my full consideration. However, as he may be aware, if I were to agree to such a proposal, I could only authorise it after both Houses of the Oireachtas had approved it.
