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

From the depositor point of view, we hope there will be no changes, because the €100,000 would be sacrosanct. It is sacrosanct here already, so this would mean no change. What would be organised in Europe is how this will be underpinned financially. We are talking about the size of the European fund underpinning the guarantee and the level of contribution from the financial institutions. The idea is that it would be financed by the industry. However, the mechanics of that have not yet been worked out. The next paper to come forward will deal with the mechanics of the fund underpinning the guarantee and how it will work and whether there will be some element of insurance in it or whether it will be a large fund contributed to by the industry. If there is a loss in a particular institution, it will have to be made good in full out of the fund for depositors with up to €100,000.