Michael McGrath (Cork South Central, Fianna Fail)
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175. To ask the Minister for Finance if he has given consideration to the State acquiring the banking operations of ACC as a means of giving effect to the Programme for Government commitment to establish a strategic investment bank; and if he will make a statement on the matter. [50445/13]

Michael Noonan (Limerick City, Fine Gael)
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ACC’s situation must be considered against a backdrop of a comprehensive programme of bank recapitalisation and restructuring that has been underway to change the future banking landscape in Ireland. It is hard to see in any context how the purchase of a bank which has been focussed on downsizing over the past number of years would match the goals and ambition of strategic investment. As the Deputy will be aware, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF).

Using the Ireland Strategic Investment Fund, we will maximise our resources to enhance growth in the Irish economy and improve key infrastructure to maintain Ireland's attractiveness as a place to do business and to create employment. Officials of my Department are currently preparing the necessary legislation which I anticipate will be enacted early next year.

Already, in the lifetime of this Government, the NPRF has established funds that support both strategic projects and a number that support SME financing. Further assessment of the need to create a Strategic Investment Bank over and above the contribution expected from the ISIF will be informed by the requirements of the economy once the Government’s key immediate objectives for the repair of the banking system have been completed.