Dáil Éireann Debate, Tuesday - 8 July 2014
187. Deputy Stephen S. Donnelly asked the Minister for Finance the way his Department monitors Bank of Ireland and Allied Irish Banks in their adherence to the terms of the restructuring decisions for those two banks by the European Commission; and if he will make a statement on the matter. [29473/14]
View answer188. Deputy Stephen S. Donnelly asked the Minister for Finance the way in which Allied Irish Banks, a bank in which he controls practically all the shares, and Bank of Ireland, in which he controls 14% of the shares, monitor adherence to the terms of the restructuring decisions for those two banks; and if he will make a statement on the matter. [29474/14]
View answerI propose to take Questions Nos. 187 and 188 together.
It is a requirement of the EU Commission that, when a Restructuring Plan is agreed, an independent Monitoring Trustee is appointed. The role of the Monitoring Trustee is to ensure that each of the commitments included in the Restructuring Plan are being adhered to and within the agreed timelines, and to report to the EU Commission on a regular basis - typically quarterly. I can confirm for the Deputy that officials in my Department receive copies of the Monitoring Trustee's report prepared for the EU Commission.
Apart from this formal independent monitoring and reporting requirement, officials in my Department are in regular contact with the banks including monthly meetings with bank senior management. This communication line allows for ongoing dialogue regarding upcoming commitments and progress in this regard.
