Vol. 525 No. 1
42 Mr. R. Bruton asked the Minister for Finance the discussion he has had recently with the board and management of ACC Bank with a view to selling all or part of the bank; and if he will make a statement on the matter. [23636/00]
As I have stated on a previous occasion, following the abandonment of the ACC-TSB merger-flotation, I made it clear to all concerned in ACC Bank that the status quo could not continue and that it was more important than ever that the bank addresses the need for change in order to face the increasingly competitive marketplace. A change in the ownership structure is vitally important to secure the long-term interests of ACC Bank and I have asked the board to review its position with a view to bringing forward proposals for the future. The board has endorsed a strategic plan for the future development of the bank and I have received details of this. I have informed the board of ACC Bank through the chairman that it will have my full support in preparing firstly to meet the challenges of an increasingly competitive market place and secondly in preparing the bank for a change in ownership.
Legislation is currently being prepared which will include provisions to establish an ESOP for the staff of ACC Bank, an increase in share capital if required and also enabling provisions which will allow for the sale of the bank in the future.
