Thursday, 12 July 2012

Questions (26, 27)

Denis Naughten


25 Deputy Denis Naughten asked the Minister for Jobs, Enterprise and Innovation the steps he is taking to secure the jobs at the MBNA site in Carrick-on-Shannon, County Leitrim; and if he will make a statement on the matter. [33771/12]

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Tony McLoughlin


114 Deputy Tony McLoughlin asked the Minister for Jobs, Enterprise and Innovation if following the successful sale of its Irish credit card business to Apollo if he will confirm if there is any further progress to report regarding the other 400 jobs currently serving the UK credit card market at Carrick-on-Shannon; and if he will make a statement on the matter. [34327/12]

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Written answers (Question to Minister for Jobs, Enterprise and Innovation)

I propose to take Questions Nos. 25 and 114 together.

The process regarding the sale of Bank of America's (BOA) Irish and UK credit card businesses is on-going. Negotiations regarding the sale of the MBNA Ireland portfolio have culminated in its recent sale by BOA to Apollo Global Management, a leading global alternative investment manager headquartered in New York. This transaction involves the approximately 250 employees in Carrick-on-Shannon currently supporting the Irish portfolio transferring to Apollo, under Transfer of Undertakings regulations, in 2013 following a transitionary period for a number of months commencing in 2012. I understand that Apollo and BOA are currently finalising the sale contract. IDA continues to monitor the situation closely, providing appropriate input into the process as it moves forward. The Agency is in regular contact with Bank of America management in Carrick-on-Shannon and Dublin and at corporate level to monitor developments and is also in contact with Apollo.

BOA has not yet sold the UK MBNA portfolio, which is the other business supported out of Carrick-on-Shannon. The IDA understands that the sale of this part of the business is not as advanced as the MBNA Ireland portfolio. The IDA will seek to maintain its insight into Apollo's strategy for the Carrick-on-Shannon centre and will emphasise both IDA's and the Irish Government's interest in supporting the group to build on the existing capability in Carrick-on-Shannon by adding further business in due course.