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Seanad
‹ Order of Business

AIB share sale

Summary

Buttimer strongly defended the Government's decision to sell part of AIB, insisting the proceeds could only be used for debt reduction under the fiscal treaty and rejecting criticism from Sinn Féin and Labour. The exchange became heated, with repeated interruptions, accusations of hypocrisy, and calls for the Minister for Finance to come to the House later that evening.

I thank the 17 Senators who spoke. Senators Ardagh, Conway-Walsh, Bacik, Humphreys and Wilson raised the sale of shares in AIB. The Minister has outlined that it is his intention, on behalf of the Government, to sell some of the shares in AIB. It is extraordinary to listen to some of the Members of the House today, some of whom have been in government, some of whom were in the Government that wrecked the country and the banking sector, and some of whom are on a motorbike to nowhere. We campaigned as a country on the European fiscal compact treaty in 2012, which the Labour Party and Fianna Fáil supported.

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The austerity treaty.

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The treaty committed us to certain terms and conditions. As Members know full well, the benefits of the sale of AIB shares can only be used for debt write-down. In an ideal world we would all love to take the money from the sale of the shares in AIB and spend it on our pet projects. I assure the young people in the Gallery who are present today that the Government, on behalf of the people, will not be a party that wrecks the country. We will be responsible, stand up for the sovereignty of our country and ensure we never go back to the days when the Members opposite were in government and they destroyed the country.

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David P.B. Norris Senator David Norris Independent

Standing up for the sovereignty of the country by giving money to Europe.

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It is easy to be for nothing and against everything in the Chamber every day, Senator Norris.

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David P.B. Norris Senator David Norris Independent

I was against the fiscal treaty. I spoke against it in the House and then voted against it.

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The reality, as Members will know,-----

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Denis O'Donovan An Cathaoirleach Fianna Fáil

Le do thoil,-----

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The irony of it all is that the hypocrisy of Sinn Féin knows no bounds. It was in Greece with its flags and posters standing side by side with Syriza and Mr. Varoufakis, saying that they would not surrender.

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And the citizens of Greece.

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And what happened? Mr. Varoufakis has gone off on his bike. Greece and the poor unfortunate people-----

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David P.B. Norris Senator David Norris Independent

He was dismissed.

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The poor mistreated-----

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The poor people of Greece-----

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David P.B. Norris Senator David Norris Independent

Mr. Varoufakis was dismissed and he was 100% right about Europe.

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-----today have an unemployment rate of 23%-----

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David P.B. Norris Senator David Norris Independent

That is because of Europe-----

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-----when our country has a rate of approximately 6.4%.

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David P.B. Norris Senator David Norris Independent

-----and the bureaucrats in Europe.

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Our country is on the road to recovery-----

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-----because of the Fine Gael-Labour Government and the present Government. I, on behalf of the Government side in this House, will not allow Sinn Féin to wreck our country further.

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Will the Government do that by itself?

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Denis O'Donovan An Cathaoirleach Fianna Fáil

It is early for interruptions. Allow the Leader to respond and Senators will have a chance at some other time to-----

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After all, it might be his last performance.

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That is what I was going to say.

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David P.B. Norris Senator David Norris Independent

We hope that he will remain on as caretaker.

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I will take my chances, Senator Humphreys.

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To be honest with the Leader, this may be everyone's last performance if Leo calls an election.

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As Senators know full well, including Senator Humphreys, who was a Minister of State, the sale of AIB was going to happen. As to the brave commentary of Senators Gavan and Conway-Walsh regarding the nationalised or non-private banks, they should consider their history and records.

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Will the Minister come to the House and answer the questions?

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The Senators are doing people a disservice by claiming there is no accountability or regulation of the banks. There is now. The previous and current Governments have ensured there will be no more light-touch regulation.

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David P.B. Norris Senator David Norris Independent

There is not an awful lot of regulation of the banks.

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David P.B. Norris Senator David Norris Independent

The banks were goosed out of the Ireland Palestine Solidarity Campaign.

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The good news-----

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David P.B. Norris Senator David Norris Independent

They can do what they bloody well like.

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As Members know full well-----

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David P.B. Norris Senator David Norris Independent

They have been charging illegal interest. They have putting people out of their homes who could not pay that illegal interest.

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Denis O'Donovan An Cathaoirleach Fianna Fáil

Senator Norris, allow the Leader to continue.

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David P.B. Norris Senator David Norris Independent

That is what the banks are at.

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The "Bankers' Party".

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Denis O'Donovan An Cathaoirleach Fianna Fáil

Allow the Leader to continue. We have a-----

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David P.B. Norris Senator David Norris Independent

He is being provocative on the subject of the banks.

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It is about time that people got real about certain things in the House. Our responsibility as Members means that we must be objective in how we run the country and govern. On behalf of the young people in the Gallery, we must ensure that we have a country to hand back to them, one in which they have a future and can learn from us and our mistakes. This and the previous Government have given our people hope, so I will never apologise for what they have done.

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Senator A

Hear, hear.

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The sale of AIB was always going to happen.

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The bankers and vulture funds can do what they like.

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The bank has returned to profitability and the Minister, with the Government, has made the decision to sell. The good news is that the Minister will come to the House at 6 p.m., so the Senators can debate the matter. I hope that Members will not play party politics and that there is a proper debate. The voodoo economics of Sinn Féin must be scrutinised for everyone to see.

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And the leprechaun economics of Fine Gael. That is not me saying it.

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And the Seanie economics.

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