Michael McCarthy (Cork South West, Labour)
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Question 179: To ask the Minister for Finance if he will issue an update on a financial institution's (details supplied) recent commitment to review its long-term strategy as per an agreement in the latest Memorandum of Understanding, specifically in relation to its standard variable interest rates and the difficulties they currently pose for the banks' customers; and if he will make a statement on the matter. [18754/12]

Michael Noonan (Limerick City, Fine Gael)
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As part of the recent Memorandum of Understanding ('MOU') dated 10 February 2012, with our External Partners it was agreed that the authorities will make a decision on the proposed way ahead for the company by the end of April 2012. Much work has been completed by the new management in PTSB and officials in my Department to develop this strategy for discussion with the Troika over the course of the on-going April review mission. As you would expect the strategy considers all aspects of PTSB's current and future approach to its business. It would be premature for me to discuss possible outcomes of those discussions at the present time.