8. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the number of offers made for PTSB prior to the launch of the formal sales process and to outline the engagement with the executive management of PTSB regarding the offers. [48249/26]

Sentiment score: 0.17

We have seen a number of media reports – I am sure the Tánaiste has read them – about when the Government was approached with offers in relation to PTSB, and when that was communicated to the executive management of the bank. Will the Tánaiste provide clarity to the Dáil and clear this issue up? How many offers were made for PTSB prior to the launch of the formal sale process? Will the Tánaiste outline the engagement with the executive management of PTSB regarding those offers, as well as the timeline?

Sentiment score: 0.41

Maybe the Tánaiste will clarify that Centerbridge Partners only made one offer. I think he suggested it was on 5 September last year. The public and other shareholders of PTSB are looking at this sale and wondering why we are selling off a public asset on the cheap. When something looks like a bad deal, there is extra scrutiny on the process, and that scrutiny has led to journalists and shareholders looking back. The CEO of PTSB, on an investor call last September, denied three times that there had been any approach, interest or conversations with potential buyers. He insisted three times that there had been no interest. It appears, however, that the Tánaiste has confirmed there has been interest in the case. How is it possible that the CEO could not have been aware that the private equity firm Centerbridge Partners made offers, and that those offers were communicated to the bank? At what level was this communication from the Government to the bank? Has the Government resolved the issue of how the CEO was not informed of that, or that he informed investors this did not happen?

Sentiment score: 0.10

With respect, it is more than just an issue for the CEO of PTSB. We are the majority shareholder of the bank and the Tánaiste is the person who holds the share on behalf of the Irish people. There is a genuine question here. Regardless of whether we believe that this has been sold on the cheap, it is a deal worth €1.6 billion. It is not a small amount of money. We have a situation where the State, as the largest shareholder, knew there had been an offer. The bank knew there had been an offer. There was an investor call in which investors asked whether there was interest or an offer. We are being told that the executive management of the bank knew about the offer but the CEO did not. That needs to be investigated. As the largest shareholder, we also need to know whether staff of the Department of Finance listened in to that investor call in September or reviewed the transcripts when they were published. I have those transcripts in front of me. We need to know what action they took when they heard the CEO deny that there had been any interest. When he was asked whether there was any interest, communication or offer, the CEO, on three occasions, told investor after investor there was none. It appears that is not true. We need to get to the point of who knew what when. How could the CEO of a bank that is selling €1.6 billion of assets mislead, it appears, investors in that call? It appears the Government has not really done anything to follow up on it.

Sentiment score: 0.11