Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide an explanation of what he means when he refers to pillar banks in the cases of Allied Irish Banks and Bank of Ireland; if he regards 99.5% Permanent TSB as a pillar bank and if not, the reason for such distinction. [45975/12]

Michael Noonan (Limerick City, Fine Gael)
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In my speech of 31 March 2011 to the Dáil I first outlined the concept of Pillar Banks, being Bank of Ireland and AIB. The concept was to strengthen these banks through recapitalisation and restructuring in order that they could play a material role in the provision of credit to the economy, as universal banks providing nationwide coverage and a full range of services to retail, SME and corporate customers. At that time the future strategic direction of Permanent TSB was less certain. Since then we have agreed a way forward for Permanent TSB with the Troika which envisages it playing an important role in the future of Irish retail banking, being a more focussed retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a restructuring plan to the European Commission in June 2012.