Finance Minister Needs To Explain Timing Of Announcement To Sell Bank Of Ireland Shares
The General Secretary of the Financial Services Union, John O’Connell has queried the timing of the announcement from the Minister for Finance to sell some or all the state shareholding in Bank of Ireland.
Commenting on the announcement John O’Connell said:
In the last couple of weeks, the Minister for Finance and the Taoiseach have both publicly commented on the need for a review of banking in Ireland.
Change is taking place in the sector at a rapid pace and there is common agreement that a strategic discussion needs to happen involving all stakeholders on the future of Banking in Ireland.
The sale of the state shareholding in Bank of Ireland should have been part of that discussion and not taken prior to that review taking place stated Mr OConnell.
The Governor of the Central Bank was clear in his comments last weekend that Banks need to play their part in supporting SMES as we reopen society.
To weaken the Governments influence in Bank of Ireland at this important stage of our economic recovery needs a wider explanation for stakeholders.
The FSU will be requesting a meeting with the Minister for Finance looking for his rationale for the decision and reminding him that staff and customers are important stakeholders and have made a significant contribution to the banks turnaround and should be involved in the decision-making process concluded Mr O’Connell.
