A Labour motion has passed to postpone the sale of AIB shares.

The party is calling for the proceeds to be invested in developing homes, hospitals, schools and public transport.

Labour leader Brendan Howlin TD said 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.

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Mr Howlin said: "Michael Noonan must now confirm that his statement earlier today that the IPO will proceed is no longer valid.

"The Government should look on this as a real opportunity to boost the paltry amount available to Paschal Donohoe to ramp up spending on vital infrastructure, and should direct all of their focus on that rather than seeking to undermine the decision made by Dáil Éireann."

(CD/LM)