Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The Taoiseach has been very consistent. He did not answer the question I asked him at all. In my view, the late Brian Lenihan made the correct decision in respect of AIB. €6.2 billion has already come back into the Exchequer, as the Taoiseach said, and we now have a sale of over 25%. Over time, there will be further sales.

Did the Taoiseach or Minister for Finance have any negotiations with Brussels on the rules that govern capital expenditure? Access to money is not actually the problem, therefore the additional €2 billion or €3 billion over and above what is already in the Ireland Strategic Investment Fund is not the core issue that others who have criticised the IPO have said it is. We have not opposed the sale, on the basis of the advice the Government received. Ultimately, the sale of AIB is the right way to proceed.

The key issue people in the country are concerned about is the overly restrictive nature of the rules on accessing capital funding. Across the board, in housing, health, education and transport, that is the core point I am putting to the Taoiseach.

Our finance spokesman, Deputy Michael McGrath, has written to President Juncker and the various leaders in Europe to say there must be a review of the capital rules across Europe. Money can be obtained very cheaply right now either from the European Investment Bank or, indeed, commercially, in addition to which we have our own rules on public private partnership which we believe are unduly restrictive. Has the Government put a case to Brussels to say there is a need for latitude and flexibility in terms of capital expenditure, in particular in light of Brexit? In order to respond to Brexit, we will need to enhance our public infrastructure and broadband infrastructure so that rural Ireland, in particular, has the wherewithal to develop jobs and the economy across the regions. Without that capital investment, we will be hamstrung in our capacity to respond to the challenges of Brexit.

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