Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

I thank Mr. Carrigan for that but I prefaced my question by accepting that is the situation. However, if we are to be true to our mandate in terms of scrutinising legislation, we have to consider all eventualities. It is a given that regulation has improved and it is now clearer who will participate in the resolution process at a much earlier stage. However, it is possible in certain extreme circumstances, such as the catastrophic failure of a financial institution, that a provision will be made requiring the participation of depositors. It is coming from this framework and it will be done in a harmonised way. It seems to be an overstatement of the facts for any member state to say that can never happen given that the position has not yet been finalised.