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Banking Sector Investigations

Dáil Éireann Debate, Wednesday - 3 February 2021

Wednesday, 3 February 2021

Ceisteanna (184)

Gerald Nash

Ceist:

184. Deputy Ged Nash asked the Minister for Finance if his attention has been drawn to the terms of reference of the strategic review by a bank (details supplied) in Northern Ireland; if his Department has held talks with the bank on the issue; his views on whether it would be good practice for the bank to discuss the detail of a strategic review with staff representatives prior to decisions being made; and if he will make a statement on the matter. [5303/21]

Amharc ar fhreagra

Freagraí scríofa

As the Deputy is aware, as Minister for Finance I have no role in the commercial decisions made by the banks, including any strategic reviews undertaken and the manner in which it manages its engagement with stakeholders in this regard. This applies equally to the banks in which the State has a shareholding.

Decisions in this regard by the banks in which the State has a shareholding are the sole responsibility of the board and management of these banks which must be run on an independent and commercial basis. The independence of banks in which the State has a shareholding is protected by Relationship Frameworks which are legally binding documents that cannot be changed unilaterally. These frameworks, which are publicly available, were insisted upon by the European Commission to protect competition in the Irish market.

In relation to the specific matter raised by the Deputy, I can confirm that my Department has not received a copy of the terms of reference of the strategic review which he has referred to. I note that the bank involved commented at the time of its 2020 H1 results announcement that it would provide an update in this regard when it announces its full year results.

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