John McGuinness (Carlow-Kilkenny, Fianna Fail)
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Question 187: To ask the Minister for Finance the progress that has been made to date on the commitment in the programme for Government to establish a strategic investment bank; the preliminary work, if any, that has commenced on this matter; the envisaged time line for the establishment of the strategic investment bank; if this bank will be a new bank wholly separate from the two pillar banks; and if he will make a statement on the matter. [18888/11]

Michael Noonan (Limerick City, Fine Gael)
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As I said in a reply to a question from Deputy Flanagan on 21 June, ensuring that a strategic investment bank is operating in the domestic banking market, providing finance to large capital projects and acting as a conduit for venture capital as well as a lender to SMEs, is an objective in the Programme for Government.

A comprehensive programme of bank recapitalisation and restructuring is currently underway following my statement on the future banking landscape in Ireland at the end of March last. The essential detailed assessment and planning work to meet this objective will be accelerated once the Government's key immediate objectives for the repair of the banking system have been completed. This assessment will include the bank's relationship with the two pillar banks and the time line for its establishment.