I propose to take Questions Nos. 180, 181 and 182 together.
As the Deputy is aware, Government policy is not to hold the State's investments in AIB, Bank of Ireland and Permanent TSB long term. This country has learned at great cost that banking is a risky activity requiring significant amounts of capital support in times of stress. Therefore successive Governments have held the view that it is the role of the private sector in the main to provide lending and deposit taking activities for citizens and our economy in a well regulated but competitive environment. Subject to market conditions, we intend to exit these investments in a manner that generates value for the taxpayer such that the funds invested can be used for alternative purposes.
Pre-arranged share trading plans are operational for both AIB and BOI which sees the State's shareholding in each bank reducing on a daily basis.
The State has reduced its ownership in all three banks since 2013 with the current shareholdings in each of the banks set out below:
- AIB: <69%
- BOI: <4%
- PTSB: 74.92%
It is important to note that while the State has shareholdings in each of the three banks, the day-to-day operations of the banks are not managed directly by me or the Government, they are governed by Relationship Frameworks. These frameworks, which are publicly available, were insisted upon by the European Commission to protect competition in the Irish market. Therefore, as Minister for Finance, I have no role in the day-to-day operations of any of the banks in which the State has a shareholding and this would not change should a decision be made to stop unwinding our shareholdings in each of the three banks. All operational decisions, including lending decisions, are the sole responsibility of the board and management of the banks which must be run on an independent and commercial basis.