The Government must now shelve their plans to begin the sale of AIB shares, and instead focus on seeking changes to the spending rules to allow for much greater investment in badly needed infrastructure.
This is a real opportunity to tackle the infrastructural bottlenecks that are emerging across the country in areas such as transport and housing, to hospitals and schools.
Why is this important?
Ireland will sell off 25% of a bank that has cost the taxpayer tens of billions of euro for something in the region of €3 Billion, and we won’t be able to give the people of Ireland any dividend from the cash raised from the sale.
For months, the case has been made by trade unions, political parties and civic society groups for changes to the Stability and Growth Pact in order to allow for greater investment in public infrastructure.
Unfortunately, our Government has so far utterly failed to push this idea at a European level. The result is that none of the proceeds from any sale of AIB can be invested into building houses, hospitals or schools.
The Dáil has voted to delay the sale of AIB shares - the Government must now listen.