Tommy Broughan (Dublin Bay North, Independent) | Oireachtas source

I thank the Labour Party for bringing forward this discussion on Allied Irish Bank. There is a major challenge to the State because of the level of the national debt and especially the re-financing of a major chunk of that debt between 2018 and 2020. At the same time, we need major investment in our infrastructure. We are not even meeting depreciation rates of infrastructure replacement.

I do not believe this initial public offering is the best way forward for AIB or the Irish taxpayer. Effectively, we bought this bank with our blood, sweat and tears and with €21 billion of our money. At long last, the 2016 accounts finally got back a small return of €250 million. It is said this IPO will realise up to €3 billion for a 25% stake. The real winners will be the highly paid bankers, as Deputy Doherty said earlier, and the legion of advisers led by Rothschild, JP Morgan and the rest. What we need is a great flagship bank that will serve, service and look after ordinary people, households as well as small, medium-sized and large businesses. We have such a bank. We own 99.9% of it and I believe we should keep it.

One thing the Government could do is look into the invigilation of banks. I have asked the Minister whether the Central Bank Act 1942 creates a separate justice system for bankers following the recent fine of €2.25 million imposed on AIB. That is something the Minister could usefully examine. I am against the sale of AIB.

See this speech in context