Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I move amendment No. 2:

To delete all words after "fall at a rapid pace. due to economic growth" and substitute the following:

"and adjustments unrelated to actual economic factors:

welcomes the emerging consensus that the fiscal rules are flawed and that, as pointed out by some during the referendum on the issue, they now represent a very real impediment to the investment in our economy and society that is required:

notes that:- the bail out of Allied Irish Banks (AIB) had consequences far beyond the upfront cost and that these consequences can be seen in the number of young people who have emigrated and the crises in our health and housing sectors for example:

- and no scrutiny or cost benefit analysis of the decision by Government to sell AIB or part of AIB has taken place in the Oireachtas to date;believes that no credible economic case has been made for the privatisation of AIB;

further notes the evidence given at the Inquiry into the Banking Crisis of former AIB director and former chief executive of the National Treasury Management Agency, Michael Somers, that any part sale of AIB would have to be at a discount;

calls on the Government to:- abandon the sale of AIB, as no case has been presented that the sale is in the best interests of the Irish people;

- ensure that any future decision to sell any shares in AIB is subject to Oireachtas approval;

- work with progressive governments in the European Union (EU) to radically amend the fiscal rules, so that a greater degree o!’ economic sovereignty is returned to Member States and the rules m’etlect the value of investment in the economy;

- in the context of Brexit, secure greater flexibility for Ireland to spend on infrastructure through national and EU/European Investment Bank (ElB) funding; and

- prioritise. within the fiscal space. capital investment and investment in public services rather than implement a tax cutting agenda that benefits the wealthier; andcalls on the Committee on Finance. Public Expenditure and Reform, and Taoiseach to consider the long term options for the future of AIB and the State’s shareholdings in other banks."

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