Éamon Ó Cuív (Galway West, Fianna Fail)

Does Deputy Buttimer agree with that? Naturally, he agrees with it. I was not in Government and was instead a Senator at the time of the sale of Cómhlucht Siúicre Éireann but I do not believe it was a good idea in hindsight. We believed we had put in place the protection of the golden share, but it was not very golden when it came to the point. Having learned my lesson, I am not keen for the Deputy to sell more State assets. It seems to me a foolish idea. I do not agree that selling the retail side of Bord Gáis Éireann is a good idea. It is somewhat strange to be selling the company to which the Government has just given the contract for water. Perhaps that can be explained to us someday. Can the Government explain how it is no cause for concern or grief that it might sell the water services?

I welcome the efforts of the Minister, Deputy Howlin, to ensure the proceeds of the sale of State assets would be invested rather than going straight into debt reduction. If we are to proceed in this way, my remarks about the multiplier effort should be considered.

We should consider the long term. We need to get the economy going and this, in turn, will give the Government the money to provide basic services. As I stated at the beginning, I believe this scheme is microscopic. No one could argue against it as far as it goes and I hope it works. I will be watching with interest to see whether it gets bogged down in a plethora of bureaucracy, whether it adds extra lending or whether it is simply used as a way for the banks to hedge their bets and ensure they are not exposed. However, it is all on a micro scale. Where has the €20 billion investment bank gone? Where has the bank gone that the Labour Party was to set up with €20 billion from God knows where?

See this speech in context