Seán Ryan
Question:44 Mr. S. Ryan asked the Minister for Finance the progress, if any, made in carrying out the Government decision to effect a merger of the TSB and the ACC; and if he will make a statement on the matter. [13852/99]
Written Answers. - State Banking Sector.
On 16 February 1999 the Government approved the proposal to formally merge ACC Bank and TSB Bank and float the merged entity on the Stock Exchange, subject to the necessary regulatory consents, including any requirements under EU and domestic law.
On 15 March 1999 the advertisement for the appointment of financial and legal advisers and lead brokers to advise and assist me on the merger-flotation was placed in the Official Journal of the European Communities. The closing date for the receipt of tenders was 26 April 1999. Since then, the tenders have been assessed and I expect to make an announcement shortly.
On 1 April 1999 I announced the establishment of a non-statutory board to oversee the merger-flotation. The inaugural meeting of the non-statutory board was held on 20 May 1999. The non-statutory board will become the board of the merged entity on flotation.