Dáil Éireann díospóireacht -
Tuesday, 2 Nov 1999

Vol. 509 No. 6

Written Answers. - Bank Mergers.

Seán Haughey

Ceist:

289 Mr. Haughey asked the Minister for Finance the Government's policy regarding disengagement from the State banking sector; the position regarding the merger and flotation of ACC and the TSB; and if he will make a statement on the matter. [21152/99]

Minister for Finance (Mr. McCreevy)

The Government agreed in November 1997, to the disposal of up to 100 per cent of the State's interest in ACC and authorised me to enter into consultations with ACC Bank plc on that basis.

Following a joint submission from the boards of ACC and the TSB, the Government agreed in principle on 16 February 1999, to the merger and flotation of ACC and TSB. I have appointed a non-statutory board for the new bank, to assist me in planning the merger/flotation process. Advisers have also been appointed to advise in relation to the process. Planning work is ongoing and partnership talks between management and the unions under the auspices of an independent facilitator are under way.