Brendan Howlin (Wexford, Labour) | Oireachtas source

I send my sympathy and condolences and those of the Labour Party to the family of the late Captain Dara Fitzpatrick and the crew of Rescue 116, and wish Godspeed to all those engaged now in the important work of recovery for those families. I also send my condolences and those of my party to the family of Derry City captain, Ryan McBride. We will have an opportunity later to have a fuller offering of condolences to the Sinn Féin Party and the family of the late Martin McGuinness.

The Government is pressing ahead with its plans to sell off 25% of AIB. This has been planned despite the fact the proceeds cannot be invested in Irish infrastructure that is so needed. All of us in the House and the people of the country are acutely aware of what it cost the Irish taxpayers and people to bail out our banks. It was always understood and expected we would get back a significant portion of it. We need now to think and plan strategically when it comes to deploying funds which might become available to the State.

For many months I have been making the case for changes to the Stability and Growth Pact to allow for greater investment in public infrastructure. I have been advancing this work with my colleagues in the Party of European Socialists and that work is now being adopted by them. I have also repeatedly raised the matter in the Chamber hoping the Taoiseach would do likewise. Unfortunately, he has not provided a response to date that would indicate he would also push for a shift at European level on this matter. The result is that right now none of the proceeds of the sale of AIB can be invested in building the houses, hospitals and schools which we so urgently need. The policy of selling off our holding in AIB was based on the urgent need to reduce our debt but that situation has dramatically changed since the previous Government made that decision. Net debt had already decreased to 66% of GDP prior to the most recent CSO published data, and it will fall further.

Diverting everything we get from the sale of AIB would have an impact of approximately 1.5% on debt, a small impact. The social good it would yield if we deployed it to meet our infrastructure deficits would be infinitely greater. IBEC and the Irish Congress of Trade Unions have pressed for greater investment. The social case for housing and hospitals, as I have already said, is crystal clear, and the economic case for investment in transport and communications is equally so, amplified by having Brexit on the horizon. Will the Taoiseach clarify what efforts he has made to secure changes in the Stability and Growth Pact rules to allow us make the urgent investment we now need in our vital infrastructure, particularly having regard to Brexit?

Will the Taoiseach clarify whether he intends to press ahead with the sale even if the proceeds of the sale cannot be used for infrastructural investment?

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