Vol. 525 No. 1
71 Mr. Noonan asked the Minister for Finance the discussions he has had recently with the board and management of ICC Bank with a view to selling all or part of the bank; and if he will make a statement on the matter. [23634/00]
As the Deputy is aware, last December I temporarily withdrew ICC Bank plc from sale. At that time, I stressed that the current status quo was not an option and asked the board to explore all the options for the future of the bank, including a change of ownership. In the interim, ICC submitted a strategy document for the bank which is currently being implemented. Meanwhile, the board of ICC Bank is reviewing all its options for the future of the bank and I am awaiting its proposals. I will give any such proposal my full consideration and, if I propose to accept it, I will then bring it to Government for approval. In the meantime, the ICC Bank Bill, 2000, which was published on 23 October, includes provisions allowing me to subscribe additional share capital should this be necessary. It also includes enabling provisions in relation to the sale of the bank. Under these provisions, I will bring forward a motion for approval in the Dáil in the event that I intend to dispose of my majority shareholding in the bank following such a proposal from the board of ICC Bank.
