THE GOVERNMENT is to pursue plans to turn Bank of Ireland’s historic branch on College Green into a literary centre – despite the bank’s refusal to hand it over.
One of the options now being examined is for the bank to share the premises, which served as the Irish parliament in the 18th century, with a literary centre designed as a major tourist draw.
Minister for Arts Jimmy Deenihan said he was not surprised at the bank’s rebuff of his approaches. “I’m not disappointed and I expected this, but I’ll be continuing the dialogue with them. It was never going to be easy.”
The Minister said his plan to turn the branch into a centre for literary excellence would create a flagship project for tourism.
On Bloomsday yesterday, he predicted that after the copyright ended on Ulyssesnext year there would be a "tsunami" of interest in James Joyce. "People will come to the city for the literary experience, and yet we don't have a centre to entertain them in. Obviously we need one, but it must happen in the next four years."
On Wednesday, bank chairman Pat Molloy told its annual meeting the branch would not be sold because it was a crucial part of the business and “a very substantial contributor to the bottom line”.
Mr Deenihan acknowledged the importance of the branch to the bank. He noted the property covered about an acre, and “some of this has very little function at the moment”. A bank spokeswoman confirmed Mr Molloy and chief executive Richie Boucher met the Minister recently at his request, but said the parties agreed to keep the talks confidential.
The Government has a 36 per cent stake in the bank, and its shareholding could rise to more than 50 per cent in September if the bank fails to secure private investment. Mr Deenihan acknowledged yesterday this would strengthen its hand in acquiring the premises. There is concern in Government circles the premises could pass into foreign hands in the event of a fire sale of the bank.
