The Minister for Finance, Charlie McCreevy, T.D., today welcomed the announcement by the Bank of Scotland of its intention to make an offer under Irish Takeover Panel rules for ICC Bank plc, which values the Bank at IR£275 million.

The Board of ICC Bank has considered the terms of the offer and has recommended it to the Minister.

The Minister stated that, as soon as is practical but by no later than 15 December next, he will be introducing a motion in the Dáil seeking approval for the disposal of his shares to the Bank of Scotland subject to the terms of the offer.

Subject to the Dáil passing the motion and in accordance with accepted practice, the Minister, who has been advised by ABN-AMRO Corporate Finance, will then give an irrevocable undertaking to the Bank of Scotland to accept its offer.

The Minister will reserve the right to accept a better competing offer on or before 16 January, 2001. On the recommendation of the Board of ICC Bank, the consideration payable for any such competing offer must be at least 10% higher than the Bank of Scotland’s offer.

The terms of an Employee Share Ownership Plan for the employees of ICC Bank, which have already been agreed, will not be affected by the offer from the Bank of Scotland.

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