Seán Ó Fearghaíl (Kildare South, Ceann Comhairle)
Link to this: Individually | In context | Oireachtas source

I must now deal with a postponed division relating to amendment No. 5 to the motion regarding the proposed sale of AIB shares. On Tuesday, 9 May 2017, on the question, "That the amendment to the motion be agreed to," a division was claimed. In accordance with Standing Order 70(2), that division must be taken now.

Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

I move amendment No. 4:

To delete all words after "Dáil Éireann" and substitute the following:"is confident that capital investment can provide both social benefits as well as economic growth, rather than presenting a false choice in relation to such investment;

together with the International Monetary Fund, the Irish Congress of Trade Unions and the Irish Business and Employers Confederation believes that, in order to tackle infrastructural bottlenecks built up as a result of under-investment in recent years, deal with the rapid growth within the domestic economy, deal with a growing and ageing population, as well as tackle the particular challenges posed by Brexit, greater capital investment is required than envisaged in the current capital plan;

notes that:

- while nominal national debt levels have increased very significantly in the last decade, the Irish national debt-to-gross domestic product, GDP, ratio continues to fall at a rapid pace, due to economic growth and continued achievement of budgetary targets, the costs of servicing the national debt have consistently been declining;

- the Irish Strategic Investment Fund has a discretionary portfolio of €8.1 billion and a directed portfolio valued at €12.6 billion, consisting of State shareholdings in Allied Irish Banks, AIB, and Bank of Ireland that were paid out of the National Pensions Reserve Fund; and

- the European Union Stability and Growth Pact and the European Union and domestic fiscal rules are essential for ensuring fiscal responsibility and stability across the eurozone, including Ireland, and that the particular rules surrounding capital investment should be reviewed; and

calls on the Government:

- to carry out an independent assessment of the appropriateness of the 10% rule which limits the role of public private partnership in capital investment in the Irish economy at this time; and

- in the light of the exceptional circumstances that apply, to seek the support of the European Commission to use some or all of the proceeds from the sale of a stake in AIB for capital investment purposes.

Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

I move amendment No. 2:

To delete all words after "fall at a rapid pace. due to economic growth" and substitute the following:

"and adjustments unrelated to actual economic factors:

welcomes the emerging consensus that the fiscal rules are flawed and that, as pointed out by some during the referendum on the issue, they now represent a very real impediment to the investment in our economy and society that is required:

notes that:- the bail out of Allied Irish Banks (AIB) had consequences far beyond the upfront cost and that these consequences can be seen in the number of young people who have emigrated and the crises in our health and housing sectors for example:

- and no scrutiny or cost benefit analysis of the decision by Government to sell AIB or part of AIB has taken place in the Oireachtas to date;believes that no credible economic case has been made for the privatisation of AIB;

further notes the evidence given at the Inquiry into the Banking Crisis of former AIB director and former chief executive of the National Treasury Management Agency, Michael Somers, that any part sale of AIB would have to be at a discount;

calls on the Government to:- abandon the sale of AIB, as no case has been presented that the sale is in the best interests of the Irish people;

- ensure that any future decision to sell any shares in AIB is subject to Oireachtas approval;

- work with progressive governments in the European Union (EU) to radically amend the fiscal rules, so that a greater degree o!’ economic sovereignty is returned to Member States and the rules m’etlect the value of investment in the economy;

- in the context of Brexit, secure greater flexibility for Ireland to spend on infrastructure through national and EU/European Investment Bank (ElB) funding; and

- prioritise. within the fiscal space. capital investment and investment in public services rather than implement a tax cutting agenda that benefits the wealthier; andcalls on the Committee on Finance. Public Expenditure and Reform, and Taoiseach to consider the long term options for the future of AIB and the State’s shareholdings in other banks."

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
Link to this: Individually | In context | Oireachtas source

I move amendment No. 3:

To delete all words after “Dáil Éireann” and substitute the following:

“believes that, in order to tackle infrastructural bottlenecks and make up for historical underinvestment, much greater investment in public services is required, including more capital investment than the €2.65 billion envisaged in the Capital Plan;

notes that the Irish national debt-to-Gross Domestic Product (GDP) ratio continues to fall at a rapid pace and that the costs of servicing the national debt have consistently been declining;

is concerned that the Government’s debt-to-GDP target of 45 per cent, significantly below the Stability and Growth Pact target of 60 per cent, and its commitment to establishing a €1 billion per year rainy-day fund from 2019 are unnecessary obstacles to tackling our significant public investment deficit;

further notes that the State’s long established rainy-day fund, the Irish Strategic Investment Fund, has a discretionary portfolio of €8.1 billion and a directed portfolio valued at €12.6 billion, consisting of State shareholdings in Allied Irish Banks (AIB) and Bank of Ireland that were paid for out of the National Pension Reserve Fund;

asserts that the European Union (EU) Stability and Growth Pact and fiscal rules currently prevent appropriate levels of investment and should be amended in order to facilitate a much needed increase in capital spending;

in the circumstances, believes that the sale of shareholdings in AIB and Bank of Ireland should not proceed; and

calls on the Government to stop the sale of AIB shares and to negotiate with the EU authorities to change the fiscal rules, to permit enhanced spending on public services, including capital spending, rather than selling off State assets to fund this, or worse still, simply to pay down debt.”

Róisín Shortall (Dublin North West, Social Democrats)
Link to this: Individually | In context | Oireachtas source

I move amendment No. 1:

To insert the following after “to the Exchequer simply to pay down debt”:“further calls on the Government to undertake not to proceed with any share sale unless it is established, by way of a Dáil vote, that such a sale has majority Dáil Éireann support.”