Róisín Shortall
Question:106 Ms Shortall asked the Minister for Finance if free shares will be granted to long standing account holders of the TSB and ACC banks; and if he will make a statement on the matter. [13892/99]
Written Answers. - State Banking Sector.
As I have stated in response to questions from Deputies Noonan and McDowell on 25 February and Deputy Shatter on 23 March, the question of free or discounted shares for customers only arises in the case of organisations such as mutual building societies which are owned by their customers. This does not apply in the case of TSB or any of the State companies such as ACC or ICC. The proceeds from the sale of the TSB and public assets will accrue to the Exchequer. However, subject to confirmation that there are no problems in relation to domestic or EU legal requirements, I am prepared to reserve a specific number of shares at the offer price for long standing customers of ACC-TSB when floated on the stock exchange. I expect to appoint advisers shortly in relation to the flotation process and the question of an allotment of shares at the offer price to long standing customers is one of the issues that will be examined in detail by these advisers.