Dáil Éireann Debate, Wednesday - 10 November 2010
95 Deputy Noel J. Coonan asked the Minister for Finance when a decision will be made on the sale of EBS; the strategic considerations that will be taken into account in making the decision; and if he will make a statement on the matter. [41614/10]
View answerTo secure EBS's immediate capital position, the State on 27 May 2010 provided EBS with €100 million of capital through the issuance of Special Investment Shares in a manner consistent with the EU State aid rules. A Promissory Note to the amount of €250 million was issued to the society on 17 June 2010 to enable EBS to continue to meet its capital adequacy requirements. The State is exploring all of the options available and seeking to maximise the returns and benefits and to minimise the costs incurred by the taxpayer. Expressions of interest in the society were received from a number of parties and, as recently announced, two bids for EBS are now being considered; one from Irish Life & Permanent and the other from an international consortium led by Cardinal Capital Group. The process of final negotiations with these parties is continuing and it would not be proper for me to comment further on the detail at this stage.
