Eoghan Murphy (Dublin South East, Fine Gael)
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To ask the Minister for Finance if the financial institutions Allied Irish Bank, Permanent TSB and Irish Life are subject to public procurement rules. [40839/12]

Michael Noonan (Limerick City, Fine Gael)
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While the State holds a majority shareholding in both AIB and Permanent TSB and recently acquired full ownership of Irish Life, the institutions are not covered by formal public procurement rules as their commercial remit makes them subject to market forces. The Relationship Frameworks for Allied Irish Banks and Irish Life and Permanent (now Permanent TSB) were published on the Department of Finance website on 30 March 2012, the relevant links are published below for your convenience:

Under the Relationship Frameworks the Boards of these institutions are responsible for the day to day operations including the awarding of contracts. Therefore they are not required to seek formal approval before awarding contracts of any nature, though certain other transactions do require Ministerial approval.