Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Yes. I think other committee members would like to hear that as well.

The bank recovery and resolution directive, or BRR directive, is still awaiting backing from the European Council and European Parliament. The Irish Government in particular has a role to play in moving it on. I would particularly like to hear from the Irish Central Bank in this regard. In his presentation, Mr. Carrigan referred to the implementation of the bail-in tool. Perhaps Mr. Carrigan could elaborate further, in layman's terms, on what the bail-in tool means. Does it mean that the banks themselves are covering losses in future? Is this a different way whereby, if banks misbehave or there is no proper governance or due care in terms of how they are managed, the banks themselves will pick up the tab in the first instance?