Two ministers have shares in taxpayer-owned bank

SHARES

A GOVERNMENT Minister has shares in two state-owned banks, while another has shares in bailed out Bank of Ireland.

An Oireachtas register of interests shows Education Minister Richard Bruton and Transport Minister Shane Ross have shares in Bank of Ireland, while Mr Bruton also has a stake in a second stateowned bank, Permanent TSB.

The Department of Finance monitors the performance of the country’s state-owned banks and the sale of any Government shares needs to be approved by Cabinet. Taxpayers continue to own a 14pc stake in Bank of Ireland and a 74.9pc share in Permanent TSB. Under rules enforced by the Standards in Public Office Commission (Sipo), Dail members must declare their other occupations and directorships, properties owned and gifts they have received. They must also declare any shares they own over the value of €13,000.

Mr Bruton has declared shares with an estimated worth of €117,000. This includes an estimated €13,000 worth of shares in Bank of Ireland and another estimated €13,000 in shares in “Irish Life & Permanent”. The company changed its name to Permanent TSB Group Holdings in May 2012 but all share certificates in the old company name remain valid.

The Education Minister has also declared shares in five other companies and an interest in investment funds at AIB and Irish Life. A spokesman for Mr Bruton said the minister takes steps to avoid a conflict of interest.

“While the minister cannot discuss matters relating to Cabinet proceedings, he is guided by the Cabinet handbook in relation to any potential conflicts of interest.”

Transport Minister Shane Ross has declared shares worth an estimated €2,000 in Bank of Ireland. He has also declared shares in Altas Investments plc, a toll roads and energy storage company formerly known as NTR. These shares have been valued at €800 and are on the market. The total estimated value of all his shares is €41,800. He also has shares in a Scottish investment trust and Independent News & Media. A source close to Mr Ross said a conflict of interest has not arisen at Cabinet meetings.

Fianna Fail TD Sean Haughey also has shares in Bank of Ireland. He has declared shares in 27 companies with an estimated total worth of €351,000.

The estimated values reflect the number of shareholdings declared and the Sipo declaration threshold of €13,000.