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

Our policy position runs from the meeting of Heads of State and Government that took place on 29 June 2012. We agreed to a banking union, to the separation of the sovereign from the banks, to the taxpayers' risk being taken out of the equation and to the ESM being the primary source of capital for banks that require capital. We agreed that it would apply retrospectively. That is our policy position. As there are so many pieces in the formation of the policy, it is difficult to predict with any degree of accuracy where they will land. I do not want to cause any confusion by describing the Irish policy position while also describing the process as we move towards a final policy on these matters.