The Minister for Finance, Charlie McCreevy T.D., has today, 20th October 2000 published the text of the ICC Bank Bill, 2000. The Bill provides for an increase in the authorised share capital of the Bank. The current limit on Exchequer investment in the Bank is £40m. As a result of the continued growth in the Bank’s asset base, the Minister proposes to increase the authorised share capital to £80m. This will enable him to subscribe for additional equity share capital as soon as this becomes necessary.
Last December the Minister temporarily withdrew ICC Bank from sale. At that time, the Minister stressed that the status quo is not an option and asked the Board to explore all the options for the future of the Bank including a change of ownership.
As the options being considered by the Board include a sale, the Minister has decided to include in the Bill enabling provisions in relation to the sale of the Bank. Under these provisions, the Minister will bring forward a motion for approval in the Dáil should he propose to dispose of his majority shareholding in the Bank.
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