Legislation covering the merger and flotation of ACCBank and TSB Bank could come before the Dail as early as next month. At this stage, Opposition deputies have indicated that they will seek an amendment to ensure that TSB Bank depositors will be entitled to a share of the expected £500 million (€635 million) the institution will realise on the stock market. A steering group made up of four executives from both banks, plus a chairperson, is expected to be announced shortly to oversee the flotation and merger. Meanwhile, unions representing staff at the two banks have been continuing their discussions with officials at the Department of Finance. The talks are understood to be proceeding in a satisfactory manner and indications are that the Department will be in a position to introduce the necessary legislation fairly soon.
The two banks have submitted a proposal to the Minister for Finance that the two banks be merged and floated on the stock exchange in 2000.
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