Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I, too, compliment the Minister; the Minister of State, Deputy Brian Hayes, and their officials on their work at ECOFIN. I am aware that it has required much personal commitment in the past six months and in the period leading up to the start of the Presidency. I acknowledge all of the hard work done and the progress made on a number of important fronts.

Deputy Stephen S. Donnelly raised the point on which I was about to start concerning the common resolution framework which the Minister has explained. In respect of deposits above €100,000, the Minister has explained that there are layers beyond this amount. Will he clarify the relationship between the different layers of deposits over €100,000 and senior bondholders? Is it the case that the senior bondholders would take a hit first in all cases and only after this has been exhausted that any depositor would be involved in burden sharing? An explanation would be helpful in that regard. Will the Minister clarify if senior bondholders would take the hit first before any deposit over €100,000 would be affected?