Written answers

Wednesday, 27 May 2020

Department of Foreign Affairs and Trade

Company Liquidations

Photo of Mary Lou McDonaldMary Lou McDonald (Dublin Central, Sinn Fein)
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85. To ask the Minister for Finance if he has discussed the liquidation of a company (details supplied) with a bank that is a shareholder in the parent company; and if he will make a statement on the matter. [8060/20]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, I have engaged, and will continue to engage, extensively with the Banking and Payments Federation (BPFI) and the banks directly in relation to supports for personal and business customers affected by the COVID-19 crisis. Furthermore, officials in my Department are alert to issues raised directly by the public and these inform the Department’s ongoing engagement process and policy formation. All the banks, Bank of Ireland included, have continued to evolve and expand the supports they have available and I would expect that this process will continue.

Bank of Ireland has introduced a wide variety of solutions designed to affect both personal and business customers affected by the COVID-19 crisis including mortgage breaks and cash flow supports for businesses.

To answer the specific question raised by the Deputy, I can confirm for the Deputy that neither I nor officials in my Department have been in discussions with Bank of Ireland regarding the liquidation of Debenhams’ business in Ireland.

The Deputy may be aware that, as Minister for Finance, I am precluded from intervening in how Bank of Ireland manages its relationship with any of its customers. Decisions in this regard are solely the responsibility of the board and management of the bank which must be run on an independent and commercial basis. The independence of the banks in which the State has a shareholding is protected by Relationship Frameworks which are legally binding documents that cannot be changed unilaterally. These frameworks, which are publicly available, were insisted upon by the European Commission to protect competition in the Irish market.

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