February 16, 2011
By Staff Reporter
DUBLIN — The government has decided to seek offers for the State-owned ICC bank, which is expected to bring in more than £200 million for the treasury coffers.
Largely a business bank specializing in the financial needs of small- and medium-sized businesses, it was set up in 1933 when it was called the Industrial Credit Corporation.
The bank has been profitable since it started and has been paying a steadily rising dividend to the Irish government.
Last year, its profits grew by 24 percent to £16.1 million and it paid £2.5 million to the treasury.
To support development during the period of the sale, the government has provided a further £15 million capital injection.
Consultants for the sale are being sought and the new owner will have to pledge no compulsory redundancies for the 310 staff who will end up owning 14.9 percent of the equity.
Sign up to The Irish Echo Newsletter
Finance Minister Charlie McCreevy said that developments in the banking market in recent years meant it was no longer necessary for the State to be directly involved in the ownership of banks.