Dáil Éireann díospóireacht -
Wednesday, 19 Oct 1994

Vol. 446 No. 1

Written Answers. - Sale of ACC, ICC and TSB Banks.

Ivan Yates

Ceist:

32 Mr. Yates asked the Minister for Finance if the Government has received the report of consultants (details supplied) relating to the proposed sale of the Trustee Savings Bank, the future of the Agricultural Credit Corporation and the Industrial Credit Corporation; if he will have arrangements made to have this report published; and whether its recommendations are in line with the Programme for Partnership Government, 1993 to 1997. [1225/94]

Pat Rabbitte

Ceist:

33 Mr. Rabbitte asked the Minister for Finance if he has received a copy of the report of the consultants regarding the competing bids for the Trustees Savings Bank; if he intends to publish the report; when he will make a decision on the future of the TSB; if the Government remains committed to the creation of a vigorous third banking force from within the State sector; if it is intended that TSB will be have a role in this; and if he will make a statement on the matter. [1619/94]

Thomas P. Broughan

Ceist:

88 Mr. Broughan asked the Minister for Finance when he will bring forward firm proposals on a third banking force. [1756/94]

Minister for Finance (Mr. B. Ahern)

I propose to take Questions Nos. 32, 33 and 88 together.

On 10 October, I received the report of the consortium of consultants, Stokes Kennedy Crowley Corporate Finance Limited, N. M. Rothschild & Son Limited, and William Fry, whom I appointed to advise me on the available options in respect of ACC Bank, ICC Bank, and TSB Bank in the context of Government policy for the banking sector and An Post and in the light of a recommendation from the Trustees of TSB Bank which envisages the disposal of the State's interest in TSB Bank.

This report, based on a comprehensive and rigorous analysis of the options and on extensive consultations with interested parties, will be a significant contribution to the Government's deliberations on how best to achieve its objectives in relation to the development of the banking sector.

I do not intend to publish this report, as to do so would release into the public domain confidential and commercially sensitive information concerning not only the State banks but also other financial institutions.

I am at present examining the report and expect to be in a position to put the matter before Government at an early date. As I indicated on two occasions last week. I cannot make any comment on the matter until the Government has had the opportunity to consider it in detail nor can I divulge particulars of the positions of interested parties.