On 31 January this year in a press release announcing the publication of the ACC Bank Bill, 2001, I mandated the board and management of ACC Bank to pursue a change in ownership over the course of the next year. The board appointed NCB Corporate Finance as financial adviser and is in the second phase of a sale process. The number of indicative bids received on 11 June is solely a matter for the board and chairman of ACC Bank. I have no involvement in the sale process. It is intended that, similar to the ICC sale process, the board will come to me with a recommendation by the end of this year. I will give any proposal my full consideration. If I choose to accept its proposal, I will bring the matter to Government. In accordance with section 5 of the ACC Bank Act, 2001, enacted on 29 May, I am required to seek a motion of approval from the House before proceeding with any disposal of shares. The House will be fully informed of all details of any proposal made to me by the board at that time.