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

Both. Often in the European Union, once a mechanism is put in place, it can be used informally. If bail-in becomes the new rule, it will be very hard for a Government to go back to a set of taxpayers and say it wants their money to bail out an institute. I do not think countries will have the legal arrangements in place and everything will be done until about 2016. There will be a gap between 2016 and 2018.