The Programme for Government envisages the creation of a vigorous third banking force from within the State sector by merging ICC Bank and ACC Bank and by seeking a merger of the new entity with Trustee Savings Bank Bank. The programme also raises the possibility of involvement with a major international bank.
It is intended that this issue will be pursued by the Government as quickly as possible and preliminary contacts have already been made with ACC Bank and ICC Bank. The Deputy will appreciate that in-depth analyses are only at the initial stages and it will necessarily be some months yet before precise details of the plan may be formulated.
The Association of Co-operative Banks of the European Community brings together banks with origins in the agriculture sector and its members meet regularly. ACC Bank and the French Bank Credit Agricole are both members of this association. At the invitation of the board and management of ACC Bank to me as shareholder, I had a courtesy meeting with Credit Agricole during their recent visit to Ireland. Discussions were informal and ranged over a number of items of mutual interest.