Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I hope the officials can give us some insight on some of the big issues facing us. We are being told there is progress being made on the banking resolution regime. When did the big shift in policy take place? From my point of view it seems to have happened as a result of what occurred in Cyprus when the initial move to raid the savings of people with under €100,000, which had been put forward by the EU, was defeated because of popular protests. Then, there was a shift to a new approach whereby bondholders could be burned and depositors with over €100,000 hit. Now, a new policy has emerged on foot of that which proposes to deal with banking crises in a very different way. It is a progressive shift but it seems to date to that moment. Is that a fair assessment of the new shift in policy when it comes to dealing with banking crises?