Barry Cowen (Laois-Offaly, Fianna Fail)
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Question 31: To ask the Minister for Finance in the context of the proposed restructuring of Irish Life and Permanent, the future role he envisages for Permanent TSB and Irish Life in their respective markets; and if he will make a statement on the matter. [25587/12]

Michael Noonan (Limerick City, Fine Gael)
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Agreement has now been reached with the Troika on a proposed future strategic direction for Permanent TSB and a formal Restructuring Plan is to be submitted to the European Commission by the end of June. The strategic plan will create a strong retail bank that is focused on lending into the Irish economy and will enhance competition and choice for consumers. The State acquisition of Irish Life is scheduled for completion by end June 2012. Irish Life is a strong and profitable company and is a valuable asset for the State. The business will continue to be managed on an independent commercial basis to ensure that value is maintained during the period of State ownership. The State will continue to work on the disposal of the business as soon as market conditions permit.