Vol. 512 No. 6
183 Mr. Callely asked the Minister for Finance, further to Parliamentary Question No. 367 of 29 September 1999, the progress on the merger and floatation of ACC and TSB Banks; the professional and legal costs to date; and if he will make a statement on the matter. [26754/99]
The Government agreed in February 1999 to a proposal from the boards of ACC and TSB for a merger and flotation. Planning for the merger and flotation has been ongoing since then. The precise timing of the merger and the flotation have still to be finalised and will depend on the final form taken by the business plan for the bank.
It is my view, and I understand that it is also the view of ACC and TSB, that there is a strong case for the merger preceding flotation. The matter has been discussed by the boards of NewBank, ACC and TSB and consultations with staff on the matter have, I understand, been initiated by NewBank management.
It is my intention that this process will proceed on an inclusive basis. For the merger to proceed, the trustees, the boards of NewBank and ACC and the Partnership Committee will need to be in agreement in relation to all the major elements of the process relevant to them.
There has been no expenditure to date on professional fees, while the expenditure on legal fees has been £82,082.54, excluding VAT, to date. Interim payments in relation to professional expenses accumulated to date will be made in due course.
