Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

On behalf of the Green Party, I am happy to support the Labour Party motion. It was interesting to read the Minister's speech. I will make two arguments in terms of postponing the one quarter sale of AIB in the proposed IPO. In his speech, the Minister stated that the establishment of a rainy-day fund would be an important example of measures which will help to maintain competitiveness and sustain the public finances in a way that will help to protect against future risks. I agree that we need to protect competitiveness and to protect against future risks. However, I believe firmly that the absence of public transport, sufficient housing and broadband networks is the greatest threat to our competitiveness. Investment in that sort of productive infrastructure is the best way for us to help to protect against future risks. There may be - Lord knows there probably will be - other future risks, but we face real risks currently due to our under-investment in capital infrastructure.

My second proposal has a slightly different approach. In fact, it is very different, but it is with a view to economic development. Rather than selling AIB, we have been discussing and pushing, as have others, the idea of a public banking system. The AIB network of branches could go back to what it was years ago. It was made up of really strong local and regional branches that helped the development of the local economy. Our economy is booming in Dublin but it is not booming in rural areas. A serious question needs to be asked. Could we not, instead of just selling AIB as another standard clearing bank sale, look to see it start doing things differently and start thinking about how some of that branch network could be used as the initial seed for a public banking system that I believe we need?

We need it in particular because it would invest money raised in local areas in those areas. It must have that regional characteristic which would be of huge economic benefit to rural Ireland where we need to develop the economic model. I do not see the model proposed by Rothschild or any of the other advisers taking that kind of strategic political decision on economic development in this country. If we must sell the 25% stake, I would use the money to pay for capital investment. If we do not sell it, I would love to see us examining alternative models of banking into the future, specifically public banking that would develop the economy in rural Ireland, not just the cities.

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