Seán Ryan
Question:54 Mr. S. Ryan asked the Minister for Finance the way in which he will use the proceeds of the privatisation of ICC; and if he will make a statement on the matter. [5449/99]
Written Answers. - State Banking Sector.
The proceeds from the sale of the State's interest in ICC Bank plc will be paid into the Exchequer.
The subsequent use of the proceeds will be considered in the context of the Government's budgetary objectives as set out in the Stability Programme 1999 to 2001 which was published on budget day. These objectives are to reduce further the debt burden and to prepare the public finances for longer term demographic and other challenges.
I expect that the privatisation will be completed later this year and I will then be in a position to make a further statement.