Mr. Aidan Carrigan:

Under the single supervisory mechanism, Irish banks will either be supervised directly by the ECB or day-to-day supervision will be carried out by the national authority under the guidelines the ECB sets. The ECB will have overall responsibility for supervision. Within the current proposal on resolution, resolution and recovery plans will be overseen by the Irish national resolution authority. The Commission has indicated that it will bring forward a proposal for a single resolution authority.