Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

I would love to be able to give all those categorical assurances about the future of this loan book. However, as the Deputy knows Bank of America was badly affected by the financial crisis and it announced extensive restructuring throughout its organisation. At that time it announced its plan to exit entirely the international credit card business. That was a strategic decision to focus on core business. It sold its Canadian and Spanish credit card business and of course it sold its UK business-lending portfolio and the Irish credit card book. As I said in my reply, Bank of America's decision on its UK book does not now seem to be imminent. There has been a slowing down in the pace of the marketing and sale of that. Of course we are not authors of the final decision, which is for Bank of America. We make sure that we are very closely aligned to that decision process. I, personally, have been in contact with representatives of Bank of America on numerous occasions to keep across it. IDA Ireland officials in London and elsewhere are alert to the concerns. We will leave no stone unturned to protect this, but I cannot give categorical assurances.

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