Denis Naughten
Question:396 Mr. Naughten asked the Minister for Finance the current capital adequacy ratio at ACC Bank; and if he will make a statement on the matter. [24358/00]
Written Answers. - State Banking Sector.
I would like to draw the Deputy's attention to the press release issued by ACC Bank on 16 August last announcing its half year results. The press release also stated that ACC Bank's capital adequacy ratio was 11.28%, which is comfortably in excess of the Central Bank's requirement.
Denis Naughten
Question:397 Mr. Naughten asked the Minister for Finance if he will rule out the subscription of more share capital to ACC Bank over the next 12 months; and if he will make a statement on the matter. [24359/00]
As I have stated on previous occasions, I have informed the board of ACC Bank, through the chairman, that it has my full support in preparing to meet the challenges of an increasingly competitive market place and in preparing the bank for a change in ownership. As the Deputy may be aware, legislation is currently being finalised which will increase the authorised share capital ceiling from £40 million to £80 million which would be intended to cover normal capital requirements of the bank over a number of years ahead. While ACC Bank remains under State ownership, I will ensure that it is adequately capitalised. ACC Bank remains adequately capitalised at the moment so I have no short-term plans to subscribe capital, but I will keep this under review with the board.