Vol. 527 No. 2
60 Mr. Broughan asked the Minister for Finance if he has received a response from the board of the ACC Bank to his letter of 18 September 2000 expressing concern about its tax compliance records and lending practices; and if he will make a statement on the matter. [27986/00]
I received a letter from the chairman of ACC Bank on 9 October stating that the board shared my deep disappointment at the size of the DIRT settlement reached with Revenue and that a detailed reply was being prepared. A comprehensive reply on each of the issues raised by my letter was received on 6 November. This also assured me inter alia of the current board and management's absolute commitment to ensuring full compliance in the future.
61 Mr. Penrose asked the Minister for Finance if he has received any request, formal or informal, from the trustees of the TSB to approve a bid for the bank from Irish Life and Permanent; his views on any such bid; and if he will make a statement on the matter. [28005/00]
The trustees of TSB indicated to me earlier this year that they wished to explore the options for a sale or strategic partnership for TSB. On the 28 March the trustees announced, with my full support, that they were inviting proposals in relation to the future of the bank. In pursuit of this I understand that they have carried out a process with interested counterparties and that they are currently finalising the outcome of this process.
I will give any formal request to approve new arrangements my full consideration upon receipt and then bring it to Government. An order under section 57 of the Trustee Savings Bank Act, 1989, which would have to be approved by each House of the Oireachtas, will be required to authorise any reorganisation of TSB.
In addition, the necessary legislation has been prepared to allow for the sale of the TSB and the establishment of an ESOP for the employees of the bank. Subject to receiving a formal request from the Trustees for the reorganisation of the Bank and to Government approval of their proposal, I intend to publish the Trustee Savings Bank (Amendment) Bill.
