I propose to take Questions Nos. 266, 269 and 275 together.
It is important to highlight that, as Minister for Finance, I have no role to play in negotiations between KBC Group and Bank of Ireland which could see the latter party acquiring substantially all of KBC’s Irish business. Nor do I have a role in approving any deal that may be agreed between the two parties.
Although the State has a 14% minority shareholding in Bank of Ireland, commercial transactions of this nature are the sole responsibility of the Board and management of the bank. The independence of the bank in this regard is protected by the Relationship Framework in place which is a legally binding document that cannot be changed unilaterally. This framework, was insisted upon by the European Commission to protect competition in the Irish market.
Notwithstanding this, whilst the management of staff affairs, including staffing levels, is entirely a matter for KBC and Bank of Ireland were they to acquire the business, I would expect both banks to be very sensitive in relation to the needs and rights of staff. This includes full compliance with TUPE regulations and honouring agreements with staff representative bodies. In addition, I would expect relevant parties to engage with staff representative bodies as appropriate.