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

The detail has not been worked out yet. We have dealt with the CRD IV, which concerns the capital requirements and the matter of bankers' bonuses, which is attached to that. All of the work regarding supervision is now completed and we have the detail of that. The resolution directive is completed and we have the detail on that. Then, in principle, there is an agreement that there will be a fund underpinning the guarantee on deposits, either to replace or to add to domestic funds. The full logistics of that have yet to be worked out. The bottom line currently is that the €300 million in the Central Bank is underpinned by a State guarantee. Therefore, the guarantee is not limited to the amount that is in the fund. As I understand, that will be transferred to European level. We will have a banking union regulated centrally and separate from the sovereign bank. Therefore, the underpinning of deposits will be separate from the sovereign banks also.