Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 4:

To delete all words after "Dáil Éireann" and substitute the following:"is confident that capital investment can provide both social benefits as well as economic growth, rather than presenting a false choice in relation to such investment;

together with the International Monetary Fund, the Irish Congress of Trade Unions and the Irish Business and Employers Confederation believes that, in order to tackle infrastructural bottlenecks built up as a result of under-investment in recent years, deal with the rapid growth within the domestic economy, deal with a growing and ageing population, as well as tackle the particular challenges posed by Brexit, greater capital investment is required than envisaged in the current capital plan;

notes that:

- while nominal national debt levels have increased very significantly in the last decade, the Irish national debt-to-gross domestic product, GDP, ratio continues to fall at a rapid pace, due to economic growth and continued achievement of budgetary targets, the costs of servicing the national debt have consistently been declining;

- the Irish Strategic Investment Fund has a discretionary portfolio of €8.1 billion and a directed portfolio valued at €12.6 billion, consisting of State shareholdings in Allied Irish Banks, AIB, and Bank of Ireland that were paid out of the National Pensions Reserve Fund; and

- the European Union Stability and Growth Pact and the European Union and domestic fiscal rules are essential for ensuring fiscal responsibility and stability across the eurozone, including Ireland, and that the particular rules surrounding capital investment should be reviewed; and

calls on the Government:

- to carry out an independent assessment of the appropriateness of the 10% rule which limits the role of public private partnership in capital investment in the Irish economy at this time; and

- in the light of the exceptional circumstances that apply, to seek the support of the European Commission to use some or all of the proceeds from the sale of a stake in AIB for capital investment purposes.

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