Mary Upton (Dublin South Central, Labour)
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Question 348: To ask the Minister for Tourism, Culture and Sport her views on the recent proposal by Bank of Ireland to sell its art collection; if she will request the bank to consult with the National Gallery prior to any final decision on the future of the collection; if she is concerned that since the State is now a substantial shareholder in Bank of Ireland it is only appropriate that this shareholder should be consulted prior to any decision on the future of the art collection; and if she will make a statement on the matter. [23334/10]

Mary Hanafin (Dún Laoghaire, Fianna Fail)
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Bank of Ireland has widely been acknowledged for the collection of Artworks that it has built up since the 1960's. The collection includes many well known contemporary Irish artists and its value as an entire collection is what makes it so special. In 1999 and 2008, Bank of Ireland, under Section 1003 of the Taxes Consolidation Act, 1997, donated 21 and 25 Artworks, respectively, to the Irish Museum of Modern Art (IMMA). These donations were valuable additions to the IMMA and national collection and their donation to one of National Cultural Institutions demonstrates the quality of what Bank of Ireland has succeeded in collecting over the years.

While it is a matter, in the first instance, for the Board of Bank of Ireland to manage its assets in an appropriate manner, it is my opinion that this collection should be kept intact if possible. Bank of Ireland should, of course, give careful consideration to the impact culturally which losing the collection to out of the State would have. Furthermore, the timing of any placing on the market would have to consider the relative buoyancy and level of the market for Irish art and the potentially negative and displacement impact of a significant volume collection like this coming on that market. Optimising shareholder value, in which the State now has a very significant interest, must be a paramount consideration too.

I have requested my officials to ascertain from the Bank of Ireland its intentions in this regard.