Seán Fleming (Laois-Offaly, Fianna Fail)

From my understanding, the troika will have first call in respect of its share of the proceeds. Perhaps the Minister will clarify the position in this regard but he appears to be nodding his head. People seem to have obtained the impression that the first moneys realised from the sale of State assets will go to the troika and that if the entire €3 billion accrues, €1 billion can be used by the Government for its own purposes.

I hope that is not the case and the Minister will act.

This is part of the privatisation policy which has always been pursued by Fine Gael when it is part of Government. There is a market and the general mass of Fine Gael supporters agree with wholesale privatisation. The party wanted a celebration today for its first year in office and it has got Labour Ministers, including Deputies Howlin and Rabbitte, to speak in here about the sale of ESB, Coillte and Bord Gáis assets, as well as the remaining shares in Aer Lingus. It was quite a victory for the Fine Gael Party, although one can understand that it is galling to Labour Party supporters to see a triumphant march today, celebrating the capitulation of the Labour Party to Fine Gael policy. The Minister, Deputy Rabbitte, called it a silly exercise and the Taoiseach, Deputy Enda Kenny, probably understands the sensitivities of the Labour Party supporters, knowing how deeply upset many could be because they are employees in the semi-State companies. They would have voted for Labour to protect their jobs and not to join a Fine Gael agenda to sell off these assets. It is important for the matter to be clarified.

We want to see an analysis of how this will work out for consumers, staff and the taxpayer. There would have to be detailed discussions with the staff. This morning the Minister for Finance, effectively the sole shareholder in Allied Irish Banks, saw an announcement of 2,500 job losses on top of the 750 losses already announced in Bank of Ireland, as well as other losses in Aviva and Ulster Bank.

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