Vol. 539 No. 2
19 Mr. Gilmore asked the Minister for Finance the number of bids received for the ACC Bank by the final date for offers on 11 June 2001; if he will list those from whom offers were received; when he expects that a decision will be made on the future of the bank, and if he will make a statement on the matter. [19039/01]
On 31 January this year in a press release announcing the publication of the ACC Bank Bill, 2001, I mandated the board and management of ACC Bank to pursue a change in ownership over the course of the next year. The board appointed NCB Corporate Finance as financial adviser and is in the second phase of a sale process. The number of indicative bids received on 11 June is solely a matter for the board and chairman of ACC Bank. I have no involvement in the sale process. It is intended that, similar to the ICC sale process, the board will come to me with a recommendation by the end of this year. I will give any proposal my full consideration. If I choose to accept its proposal, I will bring the matter to Government. In accordance with section 5 of the ACC Bank Act, 2001, enacted on 29 May, I am required to seek a motion of approval from the House before proceeding with any disposal of shares. The House will be fully informed of all details of any proposal made to me by the board at that time.
The Minister's response is a little precious. I do not seek the names of those who made a bid or to know what it is or what it entails. I want to know if an indicative bid was made.
That is a matter solely for the chairman and board of ACC Bank. I do not wish to comment further.
That is nonsense. It is not solely a matter for them. The process is as much a matter of the Minister's design as anyone's. The fact that he claims not to take an interest until the last moment is his own concern, but the House is entitled to know if an indicative bid was made for a State asset.
This is a commercially sensitive question and I do not want to reply.
I am not seeking commercially sensitive information. It is a "Yes" or "No" answer.
The Deputy is correct, I gave specific instructions to the board of ACC Bank to proceed along this path. I answered other parliamentary questions on the matter earlier. When a proposal is put to me and I bring a recommendation to the Government, the House will be informed.
Written Answers follow Adjournment Debate.
