AIB share sale
Deputy McDonald argued the Government had cost the State billions by selling AIB shares too early. The Taoiseach defended the sale, saying the bank was now functioning well and the regulatory framework had improved.
Question put: "That the amendments proposed to the arrangements on the Order of Business are hereby negatived and the proposed arrangements as amended by the Government Chief Whip for the week's business are hereby agreed to."
Do you agree with this result?
We now move on to Questions on Policy or Legislation. I call Deputy Mary Lou McDonald. I ask Deputies to leave the Chamber quickly and quietly.
Comment on this
The Government has made a bags of the sale of the State's shares in AIB, although it tries to spin it as a success. This was a botched deal for the taxpayer from day one. In its rush to get the bank back into private hands, the Government has cost the State €5 billion. This is the money that would have been generated simply by holding onto the shares. In 2022, when the Government began the sell-off, shares in AIB stood at €2.32. Today they stand at €7. The Government was told at that time that this increase in value was very likely but it still chose to plough ahead and effectively throw this money away. We know what comes next will be gold-plated salaries and bumper bonuses for the top brass at AIB. Government incompetence in this is astonishing. When is the Government going drop the spin and accept it has botched this up? More to the point, how does the Taoiseach explain this €5 billion loss to Irish taxpayers? Remember them? They are the ones who bailed out this and other banks.
Comment on this
Never mind my language, answer the question.
Comment on this
-----is lacking any credibility. We have words like "botched", "made a bags of" and "astonishing". There is nothing astonishing about it. I pay tribute to the Minister, Deputy Donohoe, who has handled this very well. Approximately €29 billion was invested and €29 billion has been recovered. We have a fully functioning bank. Europe-wise, legislation and the regulatory environment have been transformed. They have been transformed in this country also. In my view, of Bank of Ireland and AIB are two healthy, functioning banks, which is good for the country, in order that we can modern banking and payments systems that can underpin our economy and society. Most commentators have a different view from that articulated by the Deputy.