Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

In light of Brexit, I do not think we will be selling AIB or any tranche of shares in it for the remainder of this year in any event. However, I am leaving the possibility open for 2017. What will be done with the receipts? Some time ago - in 2012 or 2013 - the Government decided that moneys that would come from the sale of bank shares would be used to reduce the debt. The reason for this was that the money that was given to the banks was either borrowed money or money that had to be replaced by borrowing. It seemed reasonable, therefore, that when shares were sold, the money accruing would be used to alleviate the debt.