Anne Ferris (Wicklow, Labour)
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Question 126: To ask the Minister for Finance the progress that has been made in establishing a strategic investment bank from the two pillar banks as promised in the programme for Government; the persons who will oversee the operations of this bank; the remit of this bank; and if he will make a statement on the matter. [23911/11]

Michael Noonan (Limerick City, Fine Gael)
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As I said in a reply to questions from Deputies Tóibín and Conway on 21 July last, 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 objectives for the renewal of the banking system, which are ahead of schedule, have been completed. This assessment will include the strategic investment bank's relationship with the two pillar banks and the timeline for its establishment.