Liz McManus
Ceist:11 Ms McManus asked the Minister for Finance the progress, if any, made in carrying out the Government's decision to privatise ICC Bank; and if he will make a statement on the matter. [16137/99]
Other Questions. - ICC Bank.
I am pleased to inform the Deputy that considerable progress is being made in implementing the Government's decision to dispose of the State's interest in ICC Bank. All the work on key documentation associated with the disposal are expected to be completed before the end of June. Furthermore, discussions with staff representatives on the framework of an employee share ownership scheme for ICC staff have been concluded. I hope to be in a position within the next few weeks to invite expressions of interest for the purchase of ICC Bank. On that basis, disposal should be successfully completed in the autumn.
Will the Minister share with the House the details of the ESOP scheme agreed with staff?
I recently had a meeting with the ICC group of unions during which the ESOP and many other items were discussed. That is now being debated by the ICC unions and their staff and they are taking all these matters into account. It would not be appropriate at this point to go into that aspect of the affairs of the ICC. The unions are fully up to date, are discussing the matter and will be in a position to come to a decision on it shortly.
I strongly disagree with the Minister's conclusion. He is talking of disposing of between 5 and 14.9 per cent of an interest in a public asset. It is not purely a matter for the ICC group of unions. In my opinion he is answerable to the House both in terms of explaining how that will be disposed of and in outlining the arrangements that have been reached in negotiations with the staff.
It will certainly come into the public domain. However, during a negotiating period, it is normal for both sides to refrain from commenting on proposals which may have been put forward by one or other party. The negotiations in question are ongoing. I compliment the members of the ICC staff and their union representatives—
Did the Minister state in his initial reply that agreement had been reached?
No. There have been many meetings between my officials, management and the board. Last week, my officials and I met the ICC union representatives. We debated the outstanding issues which needed to be resolved and each side put forward proposals. All of these matters will be put before the staff of the ICC and I hope they will shortly be in a position to inform me of their decision.