Vol. 502 No. 3
305 Mr. Shatter asked the Minister for Finance if he intends to require the account holders with the TSB to be entitled to a portion of any shares which might be issued in the context of the amalgamation of TSB with ICC Bank and a public flotation. [8396/99]
As I have stated in response to questions from Deputy Michael Noonan and Deputy Derek McDowell on 25 February, the question of free or discounted shares for customers only arises in the case of organisations such as mutual building societies which are owned by their customers. This does not apply in the case of TSB or any of the State companies such as ACC or ICC. The proceeds from the sale of TSB and public assets will accrue to the Exchequer. However, subject to confirmation that there are no problems in relation to domestic or EU legal requirements, I am prepared to reserve a specific number of shares at the offer price for longstanding customers of ACC-TSB when floated on the Stock Exchange. I have advertised for advisers in relation to the flotation process and the question of an allotment of shares at the offer price to longstanding customers is one of the issues that will be examined in detail by these advisers.
