Louis J. Belton
Question:22 Mr. Belton asked the Minister for Finance the plans, if any, he has for the privatisation of State companies or the sale of State assets in 1999; and if he will make a statement on the matter. [27941/98]
Written Answers - Privatisation of State Companies.
In so far as my own area is concerned, Deputies will be aware that the Government decided in July last to dispose of the State's interest in ICC Bank. I am currently fully engaged in giving effect to this decision and the preparatory work in connection with the sale is progressing. I would expect that the sale process will be concluded during 1999.
In relation to ACC and TSB Banks, the boards and managements of both banks are currently exploring together the option of a merger of the two banks and a flotation of the merged entity. I will give positive and careful consideration to the outcome of these discussions.
During 1998 my colleague, the Minister for Public Enterprise, announced that an initial public offering IPO of shares in Telecom Éireann would be held in the summer of 1999. The Government has not yet decided the size of the stake to be sold or the size of the domestic retail offering. Work on this matter is currently under way.
The sale of Irish Fertiliser Industries Limited is currently being considered in consultation with Imperial Chemical Industries plc the joint venture partner.