Dáil Éireann Debate, Thursday - 3 December 2009
20 Deputy George Lee asked the Minister for Finance if he has assessed the proposal by the various banking institutions receiving State support for restructuring to be presented to the European Commission under State aid rules; and if he will make a statement on the matter. [44824/09]
Amharc ar fhreagraIn accordance with EU State aid requirements the financial institutions which were recapitalised by the State, namely Allied Irish Banks, Anglo Irish Bank and Bank of Ireland are obliged under State aid rules to submit a restructuring plan to the European Commission within six-months of receiving that recapitalisation.
The restructuring plans have been prepared by all three banks and submitted to the EU Commission for consideration. The approval process will involve considerable discussion and dialogue between the Commission, the Member State (i.e. Ireland) and the bank. It would not be appropriate to comment on the contents of the plans at this time pending the outcome of what will be an extensive and detailed process. I am committed to working with the Commission and the banks to achieve an agreed solution which meets the financial stability requirements and ensures that the Irish banking sector can continue to support the needs of the economy.
