Dáil Éireann Debate, Tuesday - 21 February 2017
130. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Question No. 93 of 2 February 2017 if he will provide the definition of "consultation" in this case; if it involves feedback or instruction from him or if it only involves communication to him informing him of the sale; and if he will make a statement on the matter. [8170/17]
Amharc ar fhreagraAs the Deputy is aware, the relationship between the Minister for Finance and the banks in which the State has a shareholding are governed by Relationship Frameworks. Under the terms of these Frameworks matters are deemed to be 'material' and require the bank to bring the matter to my attention, for either consultation or, in certain circumstances, for consent.
The Relationship Frameworks set out in detail the procedure applied for bringing a Consent or Consultation matter to my attention. For example, in the case of the Relationship Framework with AIB, this procedure is detailed in Appendix IV.
Article 6 of the AIB Relationship Framework Agreements also states: "The views of the Minister and Department are expected to be appropriately considered by the Bank as part of any consultation process under this Relationship Framework. However, the Board and management team have full responsibility and authority for determining the Bank's strategy and commercial policies."
The Relationship Frameworks are available at:
AIB: http://finance.gov.ie/sites/default/files/Allied-Irish-Banks1.pdf
Bank of Ireland: http://finance.gov.ie/sites/default/files/Bank-of-Ireland1.pdf
Permanent TSB: http://www.finance.gov.ie/sites/default/files/Relationship%20Frameworks%20for%20the%20Irish%20Banks%20Irish%20Life%20and%20Permanent.pdf.
