Mr. Aidan Carrigan:

The driving objective behind every measure that is being taken is to minimise the potential exposure to taxpayers in the future. The whole deposit guarantee framework, the resolution framework, the recapitalisation of the banks, the new supervisory arrangements and the ability of the European Central Bank and the national supervisory authorities to require additional capital buffers, as well as the capital requirements directive, are all intended as a package to ensure the chances of the taxpayer being called on in the future are minimised. That is why we have looked on the banking union as a package of measures.

In the context of the single resolution authority, Ireland's approach is that in return for single supervision, there needs to be some mutualisation of support or funding across Europe. In the negotiations, we will be looking to achieve an element of mutualisation of resolution and deposit guarantee funding in the context of the single supervisory authority.