Mr. Aidan Carrigan:

It is probably not a totally fair assessment. The fact is that the resolution proposal has been on the table for some time. It had been on the table and technically worked on throughout the Cyprus Presidency. The whole area of the bail-in, resolution funding and bank resolution has been on the European agenda. It goes back to the Heads of State statement which referred to banking union as an integral part of economic and monetary union. Resolution had been a key element of that banking union proposal. The reality is the situation in Cyprus, to which the Deputy referred, caused more attention to be focused on the elements of the bail-in and how they interact, but it was on the agenda for assessment by Ministers in any event. It was a live issue under examination at the time.