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

Our view as a party is that there is no rush in disposing of further shares in AIB or in respect of Bank of Ireland or Permanent TSB either. The fact is that AIB is now resuming dividend payments. It is our view that, in the absence of any negotiations with the European Commission to secure greater flexibility for the State on how any future proceeds might be used, the State should not proceed with any further sale of shares. I am simply setting out our position.

We believe there is need for greater flexibility on the use of such one-off proceeds, especially in the area of investment. There is significant consensus across the House in favour of using proceeds in the future for that purpose. That is our position.

I take it from what the Minister has said that he is going to issue the instruction to the NTMA strategic investment fund under the Act to transfer the €3 billion or so into the Exchequer balance.

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