Jonathan O'Brien (Cork North Central, Sinn Fein)

Deputy Ann Phelan is correct that it is the people who elected this Government on the basis of what they were told before the general election. She also spoke about ideology. Since the announcement was made on the sale of State assets, much of the focus has been on how it sits with Labour's ideology. I have noted it does not sit well with the many Labour Members with whom I have spoken. Deputy Ann Phelan herself said her party did not have the luxury of sticking to its ideology. Last night Deputy Lyons said the sale did not sit well with him but he had no choice.

Over the past 12 months we have become accustomed to the we-have-no-choice rhetoric coming from the Government benches, particularly from Labour Deputies. While the Minister, Deputy Rabbitte, can laugh all he wants, people knew the situation we were in 12 months ago and the Labour Party based its election manifesto on this. Compared to what the party promised in the election and what it is doing in government, people are now becoming immune to the constant flip-flopping of the Labour Party. The Minister is leaving the House, but I wish to remind Labour Deputies of what the party said about Coillte in its election manifesto.

Labour is committed to the concept of public enterprise and is determined to ensure that semi-State companies play a full role in the recovery of the Irish economy. We are opposed to short-termist privatisation of key State assets such as Coillte and the energy networks.

Before he left, the Minister referred to what he said previously in the House and outside it about his position on non-strategic State assets such as Coillte and the energy networks. I want to know when Coillte became a non-strategic State asset. Only 12 months ago in its election manifesto the Labour Party listed Coillte as a key State asset.

We all know the Fine Gael position on State assets. There is no surprise there. This is a bad policy. Many Labour Deputies know it is a bad policy. They know deep down that this will do nothing to help our economic recovery in the long term. The approach is short-termist and is a knee-jerk reaction to what the troika is demanding. If they do not take my word for it they should take the word of the man they campaigned for only a few short months ago in the presidential election. He said recently before a London School of Economics audience that "Privatisation is the road back to autocracy in which a hollowed-out state is bereft of anything meaningful to attract the support of the citizen, especially the marginalised, excluded from the mainstream of society." The President, Mr. Michael D. Higgins, is a man for whom all Members of the Labour Party knocked on doors and campaigned. That is his position on the matter.

Much has been made of the €1 billion that will be used for investment purposes. If the Government achieves its target - it is a big "if" given the current market conditions - the troika has told us we can use the €1 billion to reinvest in the economy. However, there are alternatives. Instead of doing what the Government proposes, it could take a leaf out of the Fine Gael manifesto to use the funds in the National Pensions Reserve Fund to boost economic recovery. The Government could take €1 billion out of the fund to use for that purpose. Why does the Government not pursue investment funds from the European Investment Bank? The answer is that it chooses not to. This is a political choice. The Government is choosing to sell State assets to pay down debt. It is choosing to sell State assets at a time when we will not realise the full market value. It is doing that to satisfy the troika when people elected it to act on their behalf and to put their best interests first, not those of speculators and gamblers and not the troika. People will judge the Government harshly. People learn lessons in politics. Fianna Fáil, which was in the previous Administration, was kicked out. Unless the Labour Party changes direction and stops being the mudguard for Fine Gael then I fear that it will go down the same route. It has an opportunity to change direction.

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