Dáil Éireann debate -
Thursday, 17 Jun 1999

Vol. 506 No. 4

Written Answers. - State Banking Sector.

David Stanton

Question:

71 Mr. Stanton asked the Minister for Finance further to Parliamentary Question No. 202 of 9 February 1999, the progress, if any, made on the proposed merger of the TSB and the ACC and the flotation of the merged entity on the Stock Exchange; the further progress, if any, made on the question of reserving a specific number of shares at the offered price for long standing customers of these banks when floated on the Stock Exchange; and if he will make a statement on the matter. [15639/99]

Minister for Finance (Mr. McCreevy)

As I advised Deputies on 1 June, I have appointed my advisers in relation to the merger and flotation of ACC and TSB as a "Newbank". Planning for the merger and flotation is now under way. A board/shareholder steering committee has been set up through which my officials are co-ordinating planning with the board of "Newbank".

The Deputy will be aware that subsequent to my answer to his question on 9 February, I did confirm, in response to questions from Deputies Noonan and McDowell, on 25 February, that I am prepared to reserve a specific number of shares at the offer price for long standing customers of ACC-TSB, subject to domestic and EU legal requirements.

I expect that the flotation will take place in the first half of the year 2000 and details of the retail share offer will be announced some weeks before the flotation date.