Thomas Pringle (Donegal, Independent) | Oireachtas source

This motion from the Labour Party calls for the sale of the State share in AIB to be delayed until the Government negotiates changes in the fiscal rules with the EU. I find it interesting that the Labour Party put forward this motion when in opposition, because when it was in Government it would not have heard tell of such a radical proposal. I suppose big bad Fine Gael would not let the Labour Party do it when they were in Government together. Those of us who would have proposed such things during the last Dáil were naive and reckless according to the Labour Party at the time.

Having said that, it makes perfect sense that if there is to be a sale of the shares in AIB, then the proceeds should be used for capital investment. The fact that this would even have to be proposed in the Chamber says much about the intentions of the Government. We have the lowest levels of capital investment in the EU. The European Commission has commented on our low our levels of investment. The Stability and Growth Pact will continue to stifle capital investment for us. The Government should be pursuing changes to the fiscal rules at European level, regardless of the fact that the sale of AIB is approaching.

The proceeds of the sale could be used to do so much good for our citizens. It could be used to help solve the housing crisis by providing for compulsory purchase orders for vacant properties throughout the State to house people in need of housing. It could be used to fund the roll-out of broadband infrastructure to deliver proper high-speed broadband to all houses throughout the State. It could also be used to develop the many piers and harbours around our coast that require investment. It could be used to provide proper roads infrastructure into the north west, including the development of the N4 and completion of the N2 A5 road. Those are some of the projects that the proceeds could be used to fund.

However, I believe we should not even consider selling AIB. There are growing demands throughout the country for a public banking model to be established in the State while we still own 99.9% of AIB. AIB is a ready-made bank that should be converted into a bank that works for the benefit of all the citizens in the State. It could be a bank that works for and on behalf of the people. However, that is something the Government cannot understand.

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