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

Deputy Kelly is correct that the Minister for Finance announced this morning that the Government's intention is to sell part of the State's remaining 13.9% shareholding in Bank of Ireland over approximately the next six months through a trading plan. The State intervened more than a decade or so ago to rescue the Bank of Ireland. It protected the payments system, deposits, jobs and so on across the system. It has recorded a cash surplus to date on the investment. Approximately €5.9 billion has been generated, as against the €4.7 billion originally invested in the bank.

Deputy Kelly is also correct in saying that at the time of the commencement of the trading plan the State's remaining equity in the State bank is valued at around €700 million, but it can vary. Deputy Kelly is aware of the Government’s investment plans in terms of the recovery fund. The Government is in a proactive investment mode, in particular a public capital programme, both in housing, health and public transport. The national development plan will reflect that. We are in a deficit-----

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