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

It is very hard to predict when we will reach that point, although a timeline was set out for the single supervisory mechanism, resolution and the empowerment of the ESM. The timeframe is more or less in line with what was planned last summer and we are moving along. It will be next year before the single supervisory mechanism is implemented. Regulations, protocols and a handbook must be drawn up and an institution must be established in Frankfurt to supervise the banking system. Thereafter, this institution will have to delegate to some of the domestic banks the power to regulate, albeit on the same mandate as that under which Frankfurt will regulate. A great deal of logistical work remains to be done once the legal work has been completed. It will be well into next year before we reach that point.