Irish Government accused of missed opportunity

The Government has been accused of not using funds arising from the sale of shares in the country’s pillar banks to invest in long-term projects and help stimulate employment growth.

Billions of euros have been realised from the sale of Government-held shares in State-supported banks AIB and Bank of Ireland since 2010 after the lenders were propped up with public money in the aftermath of the financial crash.

The bank shares are held by the National Pensions Reserve Fund (NPRF), which was established by former Fianna Fáil finance minister Charlie McCreevey in 2001 to provide for future pension needs.