Seán Fleming (Laois-Offaly, Fianna Fail)

I am bemused at the Minister's answer that we would not realise the value of the State's shares in the banks at present. Is the Minister not aware that during the summer - this arose at the meeting of the Committee of Public Accounts and in a response to a question to the Minister for Finance last night - the Government sold €1.123 billion worth of Bank of Ireland shares and that the proceeds went to the National Pensions Reserve Fund? The Minister issued the letter at the end of July to authorise the NPRF to transfer the proceeds to the Exchequer. The Minister stated in his reply to the parliamentary questions that these receipts benefit the Exchequer's finances by reducing the Exchequer deficit. During the summer, €233 million was received and we were told at the meeting of the PAC last week that the balance, amounting to €890 million, is to be received this month. For the Minister to say we would not realise the value of the State's shares in Bank of Ireland patently ignores the fact that is precisely what the Government has been doing.

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