Wednesday, 17 July 2013

Ceisteanna (75)

Pearse Doherty


75. Deputy Pearse Doherty asked the Minister for Finance the position regarding the ongoing talks between EU officials and his Department on the future of Permanent TSB; and if he will make a statement on the matter. [35830/13]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

As I stated in response to a number of previous PQs a way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to the European Commission in June 2012 and it is expected to be considered by EU officials before the end of this year. Given the passage of time since submission of the Restructuring Plan and changes in market circumstances (which include the ending of the Government’s eligible liabilities guarantee scheme, changes in base interest rates and other factors), the Directorate General for Competition (“DG Comp”) have requested updated financial forecasts from Permanent TSB. These forecasts are due to be submitted to DG Comp shortly. The request for updated financials is not unusual and the structure of the plan is broadly the same as that proposed in June 2012.