Minister ploughing ahead with AIB share sell off – but the people won’t see benefits of sale profits

May 30, 2017

The Minister for Finance is side-lining the Dáil in a rush to sell off AIB shares while ignoring calls for the profits to be invested in infrastructure, Social Democrats co-leader Catherine Murphy TD has said.

Deputy Murphy was speaking after it was announced that Minister Michael Noonan will soon make a decision on the sale of 25 per cent of the State’s shares in the nationalised bank.

“This is a minority government and they are behaving in a high-handed way over AIB, telling us that they know best. Time and time again we have called for a detailed cost-benefit analysis on whether it’s best to sell the shares now, in the future or not at all. But the Minister for Finance seems determined that this sale will be his swansong as he leaves the department. He is even prepared to ignore a recent democratic vote of the Dáil calling for a halt to this ill-advised sale.

“The profits from these shares will be used to reduce our debt by about one per cent. People won’t see any difference in their lives from that. What we need to do is renegotiate European Commission rules so that we can invest any sale proceeds in capital projects like transport and housing.”


30th May 2017