Seán Ryan
Question:70 Mr. S. Ryan asked the Minister for Finance the plans, if any, he has to proceed with the merger of ACC and TSB and the flotation of NewBank at the same time in 2000; and if he will make a statement on the matter. [26905/99]
Written Answers. - State Banking Sector.
Bernard J. Durkan
Question:203 Mr. Durkan asked the Minister for Finance the position in relation to the future of TSB and ACC Bank; and if he will make a statement on the matter. [27130/99]
I propose to take Questions Nos. 70 and 203 together.
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.