Noonan to attend Seanad debate on AIB Share Sale

Senator Kevin Humphreys has welcomed the agreement in the Seanad today, on foot of a Labour motion calling for the postponement of the AIB share sale, that Minister Michael Noonan would speak to Senators at 6pm this evening, Wednesday 31st May.

Senator Humphreys said:

“Today on the Order of Business in the Seanad the Labour Party group tabled a motion calling for the postponement of the sale of AIB shares, and it was agreed with cross party support to amend Standing Orders, and ask that Minister Michael Noonan would speak to it, in the Seanad at 6pm today.

“The motion reflects the same that was passed in the Dail just over two weeks ago, calling for the sale to be postponed until the proceeds could be committed to capital investment.

“Following the debate tonight, a vote will take place, and we are confident that it will be agreed. This would mean that both Houses of the Oireachtas will have democratically agreed that the Government should postpone the flotation.

“Despite that democratic decision that has already been taken by the Dáil, the Minister and the FG Government have ignored the decision of our parliament. There was nothing stopping the Government tabling a motion to reverse the decision taken.

“Instead Michael Noonan is proceeding with the sale, without any vote in the Dáil, Seanad or Cabinet.

“AIB was bailed out with over €20 billion of the people’s money, mostly from the National Pension Reserve Fund. By insisting on selling it to pay down debt that is already falling, Minister Noonan is throwing away an opportunity to make a meaningful difference to the lives of Irish people.”