Brendan Howlin
Question:105 Mr. Howlin asked the Minister for Finance if he will make a statement on the Government's plans for the future of ACC Bank. [25351/01]
Written Answers. - State Banking Sector.
The board of ACC Bank has advised me that it is proceeding to sale contract negotiations with Rabobank Nederland. I look forward to receiving the board's recommendation following the completion of negotiations.
Part of the sale process will involve the establishment of an employee share ownership plan agreement with the staff and their representatives. Discussions between unions and management regarding the ESOP are in progress.
If I decide to accept the board's recommendation, I will take the matter to Government and, in due course, seek a motion of approval from the House before proceeding with the sale of the shares held by me as Minster for Finance as I am required to do under section 5 of the ACC Bank Act, 2001. Details of the board's recommendation will then be given to the House in order to allow Deputies reach a fully informed view.