Michael Noonan (Limerick East, Fine Gael)

The Minister has claimed he does not have legal authority to reduce the liability to senior bondholders. Last night, I asked him to give a commitment to introduce bank resolution legislation similar to that being drawn up all over Europe. There is a gap in the statutory policy instruments available to central banks and many countries in Europe, including Ireland, for dealing with the wind-down of a bank. I ask the Minister to legislate in order that the Governor of the Central Bank will have legal authority to act in the manner I have described.

See this speech in context