Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I hear what Mr. Dempsey is saying, but I find it very unsatisfactory that that is the position. I know he is just explaining the current status of the ongoing negotiations, but that is the nub of the issue. The prevention and recovery plans, which are absolutely necessary, are prepared; this should have been done a long time ago. However, if it does come down to a situation in which there is a hole in the bank's capital base and one has to resort to a bail-in tool because none of the other resolution tools are appropriate, is Mr. Dempsey saying that that matter has not yet been decided upon? After shareholders and subordinated creditors have been hit, has the distribution of losses between senior bondholders - ECB money in some cases - and depositors yet to be determined? Is that the position?