Dáil Éireann Debate, Tuesday - 2 October 2012
67. Deputy Denis Naughten asked the Minister for Jobs; Enterprise and Innovation the progress made to date on protecting employment of staff working on the UK loan book at bank of America, Carrick on Shannon, County Leitrim; and if he will make a statement on the matter. [41257/12]
View answerThe process regarding the sale of Bank of America’s Irish and UK credit card businesses is ongoing. 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. Apollo has more than US$75 billion in assets under management in private equity, credit-oriented capital markets and real estate funds invested across nine industries where the group has considerable knowledge and resources. This transaction involves approximately 250 employees in Carrick-on-Shannon currently supporting the Irish portfolio transferring to Apollo, under Transfer of Undertakings (Protection of Employment) Regulations, in 2013 following a transitionary period for the remainder of 2012 and early 2013. Apollo and BOA are currently finalising the sale contract. BOA has not yet sold the UK MBNA portfolio which is the other business supported out of Carrick-on-Shannon. IDA Ireland continues to monitor the situation closely and is providing relevant input into the process as it moves forward. IDA 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. IDA last spoke with BOA MBNA management in Carrick-on-Shannon on 27 September 2012 and is scheduled to meet with the local management again in the first week of October. IDA’s understanding is that while BOA does not now expect to sell this UK MBNA portfolio in the short term, the process remains ongoing and a potential deal could materialise at any time.
