John Paul Phelan (Carlow-Kilkenny, Fine Gael)

While I like and admire Deputy Fleming, to get a lecture from Fianna Fáil on the disposal of State assets when it was responsible for the sale of Eircom, which was mentioned by Deputy O'Sullivan and others, is nonsense. It was possibly the most unsuccessful privatisation in this country and perhaps anywhere in Europe. There was a cataclysmic failure to separate the network from the business, which has exacerbated our difficulties with broadband. Perhaps Deputy Fleming will have another opportunity to explain what he means when he refers to selling NAMA and Anglo Irish Bank into private ownership.

He also referred to selling our shares in the bank and using the money to create jobs. It will be used to repay the money borrowed by the previous Government to put into the banks in the first place. I salute the Minister, Deputy Howlin, and the Minister, Deputy Noonan. One of the most significant renegotiations they have done with the IMF and the ECB is ensuring whatever money we realise from the sale or partial sale of State assets can be reinvested in creating jobs.

That was the legacy they were left with in the deal negotiated less than a year ago and I congratulate them for ensuring the renegotiation has happened. It is also strange that members of the previous Government would criticise the selling off of part of our existing State assets to the tune of €2 billion when it was proposing to sell off up to €5 billion. That was Fianna Fáil's stated position until a number of months ago.

I agree with Deputy Stephen Donnelly's comments that the State must figure out where the value lies, and with Deputy Tom Barry's remarks on ensuring we do not sell assets at greatly decreased values. We must think strategically to ensure we get the greatest possible return under the proposals. I welcome the fresh thinking from the Government on this initiative and the idea that the semi-State sector is not static, that there are new areas where the State can get involved that will help people get back to work.

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