I propose to take Question Nos. 238 and 239 together.
I am advised by my colleague, the Minister for Finance, that the State, at present, holds, through the National Pensions Reserve Fund, some 18% of the ordinary equity in Allied Irish Bank. The day to day management of the Bank will remain on a normal commercial basis and the management of assets by Allied Irish Banks, including the holding or displaying of artworks, will remain a matter for the board of the bank.
Allied Irish Bank has been a great supporter of contemporary Irish artists over the last thirty years. It has, I believe, the most important corporate holdings of contemporary works of Irish art in this country. I would be a shame if this collection was broken up.
I am hugely concerned that the sale of the Bank of Ireland collection would depress an already troubled market place for contemporary Irish art practice. I pointed this out to the Bank of Ireland and, emphasised the deflationary and displacement impact which the sale of a significant body of contemporary art will have on the market here and, in particular, on emerging artists. In response, the Bank has donated a number of significant works from its collection to the State.
I understand that the AIB Art collection is described as a ‘working' collection and pieces are located at offices and branches across Ireland and in AIB international offices. AIB operates an active policy of lending pieces, on request, to galleries across Ireland for exhibitions. In the last two years, it has stepped up this lending programme, which it intends to continue with the objective of bringing the collection to a wider audience and supporting the arts in the communities. I have now written to the Executive Chairman of A.I.B., asking that any pressure to dispose of its collection be resisted.