Vol. 489 No. 6
353 Mr. Barrett asked the Minister for Finance if he has received the submission from the staff of the ACC bank regarding the future of the bank; his views on their proposals to merge with TSB, flotation on the Stock Exchange, retention of a golden share, protection for staff and board representation for staff; and the plans, if any, he has for holding meetings with staff to develop these proposals. [7875/98]
As deputies will be aware, the Government authorised me to enter into consultations with the boards, management and staff of the State banks, with a view to developing detailed proposals on the future structure and ownership of the banks, in a way which would recognise the interests of all stakeholders, including the taxpayer. To this end, I met with the management and staff of both ACC and ICC Banks and informed them that, given, in particular, the continuing fundamental changes taking place in the Irish and European banking sectors, particularly in the context of EMU, the status quo was not an option for the State banks in the long-term. Moreover, any process for restructuring these banks would have to be open, transparent and non-discriminatory.
Since those meetings, there have been continuing contacts between my officials and the managements and staff unions of both banks. I have now received submissions from the management and the staff unions in both banks which are currently being considered. These submissions represent a valuable contribution to the process in which we are now engaged and I would hope soon to be in a position to meet the various stakeholders so as to move the process forward in a positive manner.
