Tuesday, 27 February 2018

Questions (155)

Michael McGrath


155. Deputy Michael McGrath asked the Minister for Finance if he has received consultation briefings from the State supported banks in 2017 and to date in 2018 under the terms of the relationship framework agreement; if so, the details of the briefing; the name of each bank that provided same; the nature of the matter on which he was consulted; his response in this regard; and if he will make a statement on the matter. [9313/18]

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Written answers (Question to Finance)

As the deputy is aware my relationship with the State supported banks is governed by the Relationship Framework Agreements which were put in place at the insistence of the European Commission as part of the recapitalisation of the banks.

Under the Relationship Frameworks, the authority and responsibility for strategy and commercial policies (including business plans and budgets) and the conduct of the banks day-to-day operations rests in all cases with the Board of the Company and its management team. However, they are required, in connection with certain specified aspects of their activities, to consult with the Minister for Finance.

I can confirm to the deputy that in 2017 and 2018 I have received consultation briefings from each of the State supported banks in relation to a range of matters of a commercially sensitive nature. These included board appointments and loan disposals over the designated thresholds.

Given this and the fact that the banks are all publicly quoted entities I must therefore respect stock exchange market abuse regulations and I therefore am not in a position to disclose the detail of this commercially sensitive information.