Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Programme for a Partnership Government committed the Government not to sell any more than a 25% stake in any bank before the end of 2018. Unfortunately, the Government broke its own promise and proceeded with the sale of 28.75% of AIB. The investors who bought that stake are clinking glasses and popping champagne corks and toasting the Taoiseach and the Minister for Finance, Deputy Donohoe. They have made a nice handsome profit of €1 billion in the last six months. This is despite the fact that I told the Government at the time that the value of AIB was likely to increase. We had the Government and Fianna Fáil nationalise the debt and then Fine Gael privatising the profits.

Does the Taoiseach regret the fact he has sold the asset for €1 billion less than its value today? Will he commit to not selling any further shares in AIB? Instead, will he direct AIB to do what it should be doing which is to lend into the productive economy? It is very clear that it has not done that because we have had to set up other agencies like the Home Building Finance Ireland, HBFI, and other funds to lend to banks.

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