Mr. John A. Moran:

It happens on a number of different tracks. To the extent that the European Central Bank is involved, the primary interlocutor with the European Central Bank is our Central Bank. To the extent that requires very technical input, the team from our shareholder management unit, to which I referred, can be involved. It conducts analysis of the various options in terms of how they would work. It works with our sovereign debt people to see the impact of that on the debt sustainability issues, the repayment of debt and the deficit.

We then have Dr. Nicholas O'Brien and his team, which is our international relations team, which works with the individual treasuries. We ensure our European colleagues are aware, on a treasury by treasury basis, of where we are trying to go with the various solutions, but that is more by way of information than anything else. Ultimately, decisions such as those about the ESM investment in the banks will go to a committee in Europe which is effectively a precursor to the Minister's ECOFIN committee and a euro working group meeting.

The Deputy referred to papers. There are papers throughout the system but if we are talking about a direct investment by the ESM in the banking sector, for example, there will be a paper which will hit the euro working group at which the Minister will be represented.