Our sympathies go to all of those who have suffered as a result of the horrific terrorist attack in Kabul. Up to 80 people were murdered in an unwarranted attack.

I want to raise with the Taoiseach the overall crisis facing the country, in terms of the need for capital investment. I do so in the context of the IPO for the sale of a portion of AIB. There is no question that our level of investment in capital infrastructure is not where it should be, given the growth in population. We are still at 2000 or 2002 levels of investment, at approximately 2%. There are major needs in housing, health, education, public transport, road infrastructure and broadband. The essential future productive capacity of our economy and quality of life depends on a much greater level of capital investment than we have planned or are providing.

Many people are missing the point on the sale of AIB. It is not the key issue in terms of capital investment and the problems around it. In our view, the Government has received advice to sell now. The advice was to the effect that the timing may be optimal in terms of the return to the taxpayer, which is certainly a consideration the Government has to take on board. It is one of the reasons we have not opposed the sale of shares. It is an important judgment call, but that is what it is in terms of a window that opens up.

The broader issue is flexibility in how we use money and the EU and Irish rules on capital investment. It is our view that the proceeds of the AIB sale should be allowable for expenditure on capital projects. Equally, we know we already have substantial funds locked up in the Ireland Strategic Investment Fund. There are billions of euro in cash, bonds and equities that fall victim to the same rules as do the proceeds from the sale of AIB in terms of the capacity of the Government to use that money for road projects and various other direct infrastructural projects.

To a certain extent, the debate is a focused exclusively on AIB but the issue is much broader. Does the Taoiseach accept that we need dramatically more flexibility than we are getting in terms of European Union and Irish imposed rules? It is the Government which has put a 10% limit on public private partnerships. It is an arbitrary rule imposed by the Department of Finance. The Government's former economic adviser, Andrew McDowell, said there is no current basis for that rule. We could have more public private partnerships. The head of the NTMA has also made the point that, given the very low interest rates, the Government's capacity to lock in low interest rate levels over a longer period for public private partnerships is possible.

What efforts has the Government made to get the European Commission to change the rules, in particular given Brexit, which is a critical issue? We need more capital investment. Can the Taoiseach outline whether the Government has made representations to Brussels? Is the Government prepared to change its rules on public-private partnerships?

Deputy Martin is asking what action the Government took on the basis of the circumstances in which we found ourselves in 2011. Some €20 billion had been invested by the taxpayer. Jobs were haemorrhaging by the tens of thousands, interest rates on money borrowed by the country were 15% and unemployment was rising. We set out to improve that position, and that is what has happened in terms of the interest rates on the promissory note and the leverage we have at a European level.

As I said, €20 billion of taxpayers' money was put into what was supposed to be the greatest deal of all, that is, a €64 billion debt burden on our people. We recovered €6.6 billion through capital repayments, interest, income and fees. The State still owns 99.9% of the ordinary share capital and a further €0.2 billion has been paid to the State through the bank levy. The primary objective of the State was to recover all of the investment from AIB. The Minister for Finance believes that is a realistic objective over a period of time.

I said to Deputy Martin yesterday that the sale of the bank shares would not result in any beneficial impact on the general Government balance as it would not be counted as revenue. Therefore, there is no increased capacity to spend. The proceeds from any IPO would be used to pay down debt, and the Minister has made that perfectly clear. We are now in the process of being in a much stronger position than we were, with almost full employment, and the deficit is to be eliminated next year. There are serious challenges in terms of the level of personal debt that applies.

The negotiations are now beginning, with the Minister for Public Expenditure and Reform, on an extension of the Lansdowne Road agreement and a review of the capital programme. Significant amounts of money still remain unallocated. The Government has made decisions on the unprecedented levels of money available for dealing with the housing crisis.

As I have pointed out, the Government has made decisions to work with the European Investment Bank on further, long-term, low interest funds for major pieces of infrastructure. The challenges ahead are ones the Government is already looking at, not in the way Governments of the past looked at the development of a spatial strategy. People on this side wrote down 53 towns to be developed, but nothing ever happened.

Ireland will increase its population by 1 million people over the next number of years and we will need 500,000 houses. We have to consider how those people will be transported. The Minister for Communications, Climate Action and Environment is delivering elements of the programme for broadband and a national contract is to be issued for that next year. There is a contract in place with Eir for the provision of fibre broadband to homes in many places.

The Minister has been very clear that now is the optimum time to dispose of a portion of AIB, leaving the State with a very significant holding. Obviously, advice was received on a constant basis but the opportunity did not present itself in the way it does now. It is not a case of not examining the infrastructure requirements we have. They are very big priorities for Government. In this particular case, as has been pointed out, it is a transaction that does not result in any increased spending money and will, therefore, be used to write down debt, as the Minister has confirmed on many occasions.

The Taoiseach has been very consistent. He did not answer the question I asked him at all. In my view, the late Brian Lenihan made the correct decision in respect of AIB. €6.2 billion has already come back into the Exchequer, as the Taoiseach said, and we now have a sale of over 25%. Over time, there will be further sales.

Did the Taoiseach or Minister for Finance have any negotiations with Brussels on the rules that govern capital expenditure? Access to money is not actually the problem, therefore the additional €2 billion or €3 billion over and above what is already in the Ireland Strategic Investment Fund is not the core issue that others who have criticised the IPO have said it is. We have not opposed the sale, on the basis of the advice the Government received. Ultimately, the sale of AIB is the right way to proceed.

The key issue people are concerned about is the overly restrictive nature of the rules on accessing capital funding. Across the board, in housing, health, education and transport, that is the core point I am putting to the Taoiseach.

Our finance spokesman, Deputy Michael McGrath, has written to President Juncker and the various leaders in Europe to say there must be a review of the capital rules across Europe. Money can be obtained very cheaply right now either from the European Investment Bank or commercially, in addition to which we have our own rules on public private partnership which we believe are unduly restrictive. Has the Government put a case to Brussels to say there is a need for latitude and flexibility in terms of capital expenditure, in particular in light of Brexit? In order to respond to Brexit, we will need to enhance our public infrastructure and broadband infrastructure so that rural Ireland, in particular, has the wherewithal to develop jobs and the economy across the regions. Without that capital investment, we will be hamstrung in our capacity to respond to the challenges of Brexit.

The Minister for Finance has repeatedly identified the particular demographics of this country having regard to these rules. Money has to be paid back and capital is treated differently from current funding. It is not a case of not focusing on the priorities we have all identified. The Government has put forward €5 billion for housing.

Has it negotiated with Brussels?

It has not. The Taoiseach should come clean.

The problem here is to get the system moving from the total collapse of a number of years ago to provide the number of houses, social and everything else, that is now needed. The Minister has raised the question of the treatment of capital at European level in his discussions with finance ministers but it has to be paid back. I know Deputy Martin supports the proportionate sale of AIB here. Obviously, the question of demographics has been raised by us repeatedly and we have identified the kind of country we would like to see and the infrastructure it will require over the next ten, 15 and 20 years. There is a need for increased capital expenditure, but one has to have the engine of an economy to drive that. Clearly from a European point of view, investments that will come from the loan process with the European Investment Bank will have a significant impact on some of the very major infrastructure projects that lie ahead.

The next fellow will do it. It will be the next Government.

Taxpayers' money to the tune of €20 billion was invested in Allied Irish Banks and it was taken into State control. AIB has now returned to profitability for the first time since it was taken into public ownership. Anyone with a lick of common sense would hold on to this asset as a steady source of income for the time ahead and as part of the necessary process to get a return for the people's €20 billion investment. We could not afford that. The social cost is the lack of investment in housing, health services, other vital public services and the crippling burden that has been forced on working people, the homeless, emigrants, people in rural Ireland and citizens with disabilities. Fine Gael is now going to sell off AIB as part of its privatisation agenda which will not benefit the people of the State. Sinn Féin believes this is wrong. It is based on Fine Gael's narrow ideological view. Under the supply and confidence agreement, it will have the support of the Fianna Fáil leader. Why would he not support the Government? Fine Gael, Fianna Fáil and the Labour Party supported the EU fiscal rules which they now protest so much about. Those who will benefit from this sell off are the insiders, fat cats, the elites and, of course, the vultures as the bank sells distressed loans. Those who will lose are ordinary citizens. They will lose a valuable strategic banking asset. With this sell off, democratic accountability and influence over the bank will end. It will probably be bought by a private bank and workers will have justifiable reason to be concerned about their terms and conditions. Those who run small businesses and mortgage holders who find themselves dealing with a totally unaccountable private bank will get into more and more difficulties.

This is probably the Taoiseach's last Leaders' Questions. Like many other things, that is not quite clear yet. On a personal level, I wish the Taoiseach and his wife, Fionnuala, and his clann all the best. I wish him good luck and good health. As he looks back over the last six years, he can take comfort from his consistency, at least on this issue. He has been very consistent. He is finishing where he started. During the height of the Celtic tiger, Sinn Féin argued for the surplus to be invested in essential public services, including public health services and housing. That was dismissed by Fianna Fáil, Fine Gael, the Labour Party and the Green Party. They would not socialise the wealth, but when the banks got into trouble, there was no problem socialising their debt.

The Deputy has a bad memory.

The Taoiseach is now back to where he started. The biggest bank under State control, saved by the people's money, shows a profit and the Government wants to give it back to its friends as quickly and as cheaply as possible. Will the Taoiseach explain to those people out there, when Paschal is finished briefing him on a smart Alec answer to me-----

I am sorry Deputy Adams is already unnerved.

-----who bear the full weight of the private banking greed, why he has authorised this sale of their assets?

I am not sure what kind of speech that is. I thank the Deputy for his words. If I recall properly, I remember Deputy Adams as president of his party, coming in here week after week saying we should default.

The Taoiseach's mantra was "Not a penny more" or was that Deputy Leo Varadkar's?

His mantra was "burn the bondholders" and he was opposed to everything European. He campaigned actively against nine referenda in which the Irish people voted.

Quite rightly.

He was opposed bitterly to having the taxpayer put money into AIB and now he is opposed to getting the money back. That is consistency I suppose from the leader of Sinn Féin.

Do not mention the Northern Bank, Taoiseach.

I have not mentioned the Northern Bank. I am not sure if it was Irish money or sterling but I did not mention the Northern Bank. Deputy Adams has been consistent about burning bondholders-----

He burned the money directly in an incinerator in Cork.

-----that Ireland should default, that our economy would never recover, that we are a Third World country and that nothing was ever right here. I do not know if he even sees the sun shining on these summer days. The previous Government and this one have continued the process of rectifying an unholy and unprecedented mess that was inherited. We have dealt with that-----

By creating debt for the next two generations.

-----to the point that the country is in a much stronger position than it was previously.

There was a collapse in the economy.

There are still many challenges ahead and I hope the Government continues to do its duty in office. It will focus entirely on decisions that will be made in the interests of the people. This is one decision that is in the interests of the people. The Minister has taken advice over a long period and the optimum time is now. The economic circumstances are very good and this is a test of the value - it will be floated on the stock exchange - of what a 25% offering for AIB will bring in. Over the next decade or so, it will bring about a situation in which private banking offers competition in the interests of a strong economy and an opportunity for people.

Deputy Adams can stick with his mantra. He spoke to me last week about long goodbyes and I offered to wait for him. I understand the movement is now asserting that Deputy Adams should stand up and make a declaration as to his future intentions also.

Do not take one another out.

I thank him for his consistency. I do not share his view. This is the right thing to do with AIB and now is the right time to do it.

I found it very hard to hear the beginning of the Taoiseach's response because of the cheeping from the much-depleted Labour Party benches.

When will Deputy Adams give the Northern Bank money back to the people of Ireland, all-island?

I believe I heard the Taoiseach say the taxpayers were going to get their money back. They are saddled with €64 billion for generations as a result of Fine Gael and Fianna Fáil policies. Many people were angry at the Taoiseach's mantra that we must keep the recovery going. They asked, "What recovery?". It is only now that I see what he meant and how stupid we all were. It is only now that I see how the Taoiseach kept to that commitment.

The recovery about which the Taoiseach spoke was not for working people, the elderly, hospital patients, the homeless, emigrants, those in mortgage arrears or people with disabilities. His recovery was for the bankers and he has kept to that commitment. The cap on bankers' pay will be gone when AIB is sold. Only yesterday Bank of Ireland was caught breaching money laundering regulations.

I would not mention money laundering.

The tracker mortgage scandal carries on for thousands of families. Given the Taoiseach's lack of a record in tackling corruption or white collar crime, people will be appalled by his response to these issues. He has no vision whatsoever for reform of the banking sector. He just wants to wind back to 2008. What is wrong with the people continuing to own the bank for which they paid so much? Riddle me that.

We favour a situation where the bank would be restored to being a private banking enterprise and where it would provide competition in the interests of the country. If I recall correctly, another of the Deputy's mantras was that the troika should be sent home.

And that they should take their money with them.

I agree because one of the saddest days I attended here was the day our sovereignty was taken from us-----

Does the Taoiseach think he has it back?

-----when the late Minister for Finance and the former Taoiseach walked off the Government stage and were replaced by the troika, led by Mr. Chopra. The call was that they should be sent home. They are gone. The previous Government was in a position to exit the bailout programme, despite the fact that people had stated we could not do it and that very difficult conditions would be imposed.

The time is up.

They have left our shores and we have retrieved our sovereignty and restored our economic independence. Furthermore, we have also given the flag back to the people with a new sense of understanding and respect.

Deputy Gerry Adams says this is in the interests of the bankers. There were 225,000 new jobs created in the past few years. The young men and young women of this country work to build our economy and international reputation and send the brand image that we are not afraid to face up to our challenges or make hard decisions and that we are not afraid to make sacrifices in the interests of everybody. While we have many challenges ahead, we are in a much better position than we were. Had we followed the Deputy's line, I hate to think where we would be now.