Matt Brennan
Ceist:56 Mr. M. Brennan asked the Minister for Finance when he expects to make a final decision on the further of the TSB; and if he will make a statement on the matter. [5569/96]
Written Answers. - Future of TSB.
In 1994, a number of banks expressed interest in acquiring TSB bank. Following preliminary consideration the Government at that time agreed that the then Minister for Finance should engage consultants to advise on the options available to the Government in respect of ACC Bank, ICC Bank and TSB Bank. In October 1994, the consultants submitted their report in the form of a technical analysis of the various options.
When I took up office as Minister for Finance in December 1994, I examined the matter in the context of the Government's commitment in its "Programme for a Government of Renewal" to the promotion of a vigorous Third Force in banking. I concluded that the contextual framework for the study to which I have referred, namely, the commercial banks in the State sector, was too narrowly based. The options for restructuring the whole State banking sector, including TSB Bank, continue to be examined by myself and a number of Government colleagues with a view to identifying the most effective solution having regard to all relevant factors. The issue is a complex and difficult one and consequently a decision cannot be rushed. However, the Government is very much at one on the overall objective of arriving at the solution which best addresses the interests of all.