The Minister for Finance, Mr McCreevy, said he was 'ruling nothing in and nothing out' regarding the future structure and ownerships of the ICC and ACC banks.

Replying to questions in the Dail, he said the only matter which was not on the table during his consultations with the boards, management and staff of the two banks, was 'the retention of the status quo', he said.

Labour TD Mr Derek McDowell had asked Mr McCreevy to make a statement on the Government's intentions in relation to ICC and ACC and to confirm that he would consider all reasonable proposals, including those from trade unions.

Mr McCreevy said he had held meetings with the management and staff of the banks in December last and contacts between his officials and the bank managements and staff unions were continuing.

He said he was awaiting formal submissions from staff unions in both banks and expected to receive these shortly.