Vol. 538 No. 3
177 Mr. R. Bruton asked the Minister for Finance the reason there are no bonus or share participation schemes for regular savers with a company (details supplied) when its status was changed to that of a private limited company. [17742/01]
This issue was dealt with at length during the Dáil and Seanad debates on the Trustee Savings Banks (Amendment) Act, 2001. The issue of a bonus or share participation scheme for regular savers with a company following a disposal only arises in the case of organisations such as mutual building societies, which are legally owned by their customers. This does not apply in the case of TSB or any of the State companies such as ACC and ICC Bank, where the shares are held by the State on behalf of all citizens. The proceeds from the sale of the TSB Bank will, in accordance with the law, accrue to the Exchequer, which will in turn benefit all citizens.
