Finian McGrath (Dublin North Central, Independent)
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Question 95: To ask the Minister for Finance if he will review a matter (details supplied) regarding employee share holders. [13046/11]

Michael Noonan (Limerick City, Fine Gael)
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I have reviewed the issues raised, by the Deputy, on behalf of an employee shareholder of Irish Life and Permanent (ILP) who raised concerns regarding his shareholding consequent on the forthcoming recapitalisation of the institution which has been mandated by the Central Bank of Ireland (CBI). In relation to the concerns raised about the capital requirement for the institution, I would point out that such requirements for all of the four institutions, announced on 31st March 2011, were determined by the CBI and its advisors having regard to the situation of the institutions concerned. This process took place completely independent from me as nister and my Department. I would point out that ILP was not treated any differently to any of the other institutions in this process. The outcomes were a function of each bank's particular circumstances and characteristics, not different targets or processes. Furthermore, it should be well understood by observers at this stage that given the serious financial circumstances in which the banks and the State now finds themselves, the latest round of stress tests had to be seen by all as extremely credible and robust and I believe the results that were released have been seen and accepted as such by the markets.

Regarding the concerns raised as to how shareholders may be treated in the forthcoming recapitalisation of the institution, I would point out that, as previously announced, ILP must raise its €4bn requirement by end July, subject to appropriate adjustment for expected asset sales. ILP currently intends to offer its non-banking businesses for sale by end October.