The Minister for Finance said that he had an open mind on the future of the ACC and TSB banks. Mr McCreevy said he had recently been approached by the trustees of TSB who had indicated their general interest in a merger and flotation of ACC and TSB.

"In the light of this approach, I am reconsidering the proposal and I also met with representatives of the board and management of ACCBank to discuss with them this expression of interest by the trustees.

Replying on the adjournment to Mr Trevor Sargent (Green Party, Dublin North) he said he would shortly seek Government approval to enter into talks with the boards, managements and staffs of both banks.