ICC Bank expects to present a business plan to the Minister for Finance, Mr McCreevy, in June, which will set the scene for a trade sale or strategic partnership for the State bank.
Speaking after its annual general meeting yesterday, ICC managing director Mr Michael Quinn said the bank would outline its proposals for the Minister next month but it would be up to Mr McCreevy to decide what happened at the bank.
Meanwhile, Mr McCreevy has waived a £3.25 million (€4.13 million) final dividend payment due to him from ICC to provide it with additional funding. The move is an interim measure to shore up the bank's funding requirements until new legislation to increase its borrowing powers is put in place in the autumn. The Minister has increased the bank's borrowing powers to £3.5 billion.
Mr McCreevy has told ICC's board and management to prepare the bank for a change of ownership after the collapse of its sale to Bank of Ireland last year. Mr Quinn said yesterday it was likely to be some time yet before a sale was affected.
ICC reported a 20 per cent rise in pre-tax profits to £25.5 million (€32 million) in 1999 and reports continued strong demand for funds. The sale process incurred costs of £2 million last year at the bank.
