Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The proposed amendment would require the Minister to seek the approval of the Houses of the Oireachtas in order to dispose of shares in the SBCI. Let me be clear: it is not anticipated that the Minister's shareholding in the SBCI will be sold or otherwise disposed of at any time. Section 11(5) specifies that the Minister for Finance shall be the sole shareholder. The Minister has freedom of action in relation to the company and will need to account to the Oireachtas afterwards for his or her actions. Normal ministerial accountability will apply. This is wholly appropriate and is in accordance with normal practice where the Executive acts and is then accountable to the Oireachtas for those actions.

It is usual in circumstances where a Minister holds shares in a company, enabled or established by Statute, to specify that the Minister in question may sell or otherwise dispose of the shareholding or part of the shareholding.

Despite the fact that we do not intend to sell the shares in the SBCI, it was agreed with the Office of the Attorney General that it was best to provide for this section in its current form and thereby specify in legislation certain restrictions on how a sale would be effected.