Pearse Doherty (Donegal South West, Sinn Fein)
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75. To ask the Minister for Finance the position regarding the ongoing talks between EU officials and his Department on the future of Permanent TSB; and if he will make a statement on the matter. [35830/13]

Michael Noonan (Limerick City, Fine Gael)
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As I stated in response to a number of previous PQs a way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused 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 and it is expected to be considered by EU officials before the end of this year. Given the passage of time since submission of the Restructuring Plan and changes in market circumstances (which include the ending of the Government’s eligible liabilities guarantee scheme, changes in base interest rates and other factors), the Directorate General for Competition (“DG Comp”) have requested updated financial forecasts from Permanent TSB. These forecasts are due to be submitted to DG Comp shortly. The request for updated financials is not unusual and the structure of the plan is broadly the same as that proposed in June 2012.

Pearse Doherty (Donegal South West, Sinn Fein)
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76. To ask the Minister for Finance the fees paid by Permanent TSB to a consultancy firm (details supplied) or any other consulting agencies since 2009; and if he will make a statement on the matter. [35831/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in Permanent TSB, that institution is run on a commercial basis and I do not have a role in the day to day commercial decisions taken by the board and management of Permanent TSB, including in respect of the employment of external consultants and advisors. Separately, I am informed by Permanent TSB that it cannot disclose the fees paid (either to the consultancy firm whose details were supplied or to any other consultant) as arrangements entered into with individual firms are commercially sensitive. Permanent TSB has informed me that fees paid to consultants are subject to appropriate governance, including board approval where applicable.