Mr. Greg Dempsey:

In the absence of the directive being finalised and any amendments being superimposed by the directive on insolvency, we would have recourse to the Central Bank and Credit Institutions (Resolution) Act, which provides for partial transfers. Matters would be dealt with situation by situation. The Act allows for partial transfers, which means some deposits might be moved and others left behind. Ultimately, the no-creditor-worse-off protection for all creditors remains.