Róisín Shortall
Question:55 Ms Shortall asked the Minister for Finance the plans he has in relation to the future of the ACC bank; and if he will make a statement on the matter. [18177/00]
Written Answers. - ACC Bank.
Following the abandonment of the ACC-TSB merger-flotation, I made it clear to all concerned in ACC Bank that the status quo could not continue and that it was more important than ever that the bank addresses the need for change in order to face the increasingly competitive market place. A change in the ownership structure is vitally important to secure the long-term interests of ACC Bank and I asked the board to review its position with a view to bringing forward proposals for the future.
The board has endorsed a strategic plan for the future development of the bank and I have received details of this. I have informed the board of ACC Bank through the chairman that it will have my full support in preparing to meet the challenges of an increasingly competitive market place.
Taking any strategy forward will require the close co-operation of management and staff and I am sure this will be forthcoming through the partnership process.