Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I understand what the Deputy means. There is certainly a discussion strictly on the bank recovery and resolution proposal to the effect that there should be flexibility and national discretion such that the Sovereigns would not be tied into every detail of the wider European policy and that they would have local discretion. Anders Borg, the Swedish Minister, telephoned me yesterday. Sweden had a banking crisis in the early 1990s. They found that the most effective approach was to take banks temporarily into state ownership. Then they were able to work it through and sell them profitably subsequently. He asked for time on Tuesday to make that point and whether we could give national discretion to provide for taking banks into state ownership on a temporary basis as a method of resolution, as well as what is on the sheet.