Written answers

Thursday, 18 July 2013

Department of Finance

Banking Sector Issues

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour)
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75. To ask the Minister for Finance the number of safety deposit boxes remaining in Allied Irish Bank; if the Bank still offers this service; if any safety deposit boxes have gone missing; and if he will make a statement on the matter. [35992/13]

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour)
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76. To ask the Minister for Finance the number of safety deposit boxes remaining in Permanent TSB; if the Bank still offers this service; if any safety deposit boxes have gone missing; and if he will make a statement on the matter. [35993/13]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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I propose to take Questions Nos. 75 and 76 together.

The operation of safety deposit boxes is an operational decision for the individual institutions. As the Deputy is aware, I have no statutory function in relation to operational decisions made by individual lending institutions at any particular time. These are ultimately commercial decisions for the management team and board of each bank, having due regard to their customers and the impact on profitability. Notwithstanding the fact that the State is a shareholder, I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure their value as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. A Relationship Framework has been specified that defines the nature of the relationship between the Minister for Finance and each bank. These Frameworks were published on 30 March 2012 and can be found at; .

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