Stephen Donnelly
Question:62. Deputy Stephen S. Donnelly asked the Minister for Finance if he will provide an estimated date by which the European Commission will make a decision on the restructuring of Permanent TSB. [40525/14]
View answerWednesday, 22 October 2014
Questions (62)
Written answers
A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB prepared a Restructuring Plan, which the Department of Finance submitted to the European Commission ("the Commission") in June 2012. As requested by the Commission, an updated version of the plan was submitted in August 2013 which incorporated improvements in performance over the intervening period.
Discussions are ongoing in relation to the plan, details of which are confidential between the parties and commercially sensitive. I do not intend to speculate on when that process might be concluded.
While the plan has yet to be approved, Permanent TSB has made significant progress in delivering key elements of the Restructuring Plan submitted over the last few years and the business is being managed structurally in the way envisaged in the plan. Permanent TSB continues to work to enhance the value of our investments through the continued delivery of the Restructuring Plan.