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

I thank the Minister for his reply. I note the AIB shares are trading at €5.09 and that investors are doing well so far, but, of course, it is early days. I understand the proceeds of the sale will be received by the Ireland Strategy Investment Fund and that, under the National Treasury Management Agency (Amendment) Act 2014, the Minister has the power to instruct the fund to make payments to the Exchequer. Will he confirm if it is the intention of the Government to issue such an instruction to the ISIF to transfer funds to the Exchequer and clarify that it is his intention to use them to reduce the Exchequer's borrowing requirement? Will the Minister also provide clarification on the use of future proceeds? He laid out the Government's position on the proceeds of the sale of the stake in AIB, but has the Government raised any issue with the European authorities, namely, the European Commission, about the future use of proceeds of the sale of other bank-related assets?

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