Mary Upton (Dublin South Central, Labour)
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Question 184: To ask the Minister for Finance his views on the proposal by Bank of Ireland to sell its art collection; if he considers this to be appropriate in view of the fact that the State is now a substantial shareholder in the bank; if he is concerned that by breaking up the collection, it will be impossible to replace or guarantee its retention in this country; if he considers it appropriate that the bank should consult with the National Gallery prior to any final decision on the collection; and if he will make a statement on the matter. [23333/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The management of assets by Bank of Ireland, including the holding or display of artworks, is a matter for the Board of the Bank.

I understand that the Bank's art collection dates back to the early 1970's and its primary purpose was to support emerging Irish artists rather than to create a corporate collection per se. Many of the important works have already been donated by the Bank to the State through two substantial donations in 1999 and 2008 to the Irish Museum of Modern Art.

The Bank has informed me that its remaining artworks will be sold and that the proceeds from the sales will be added to its existing community and charitable investment programme. The disposal of the assets will be conducted in a responsible, transparent and fair manner. The Bank envisages that the artworks will be released for sale on a phased basis over a period of five years so as not to flood the market.

The artworks will be made available for viewing to as wide as possible an audience and the option to purchase will be open to all interested parties.