Mr. Aidan Carrigan:

The deposit guarantee stands. As I indicated, parallel negotiations are currently going on with Parliament to confirm the deposit guarantee of €100,000 will be protected at a harmonised level across Europe in a separate directive. The resolution directive recognises that and that protection. I believe the Minister stated here previously that this protection will stand.

What the bank resolution will change, and this was in the BRR deal rather than in this negotiation, is that all deposits, even those that are not guaranteed, will be given a depositor preference treatment in the event of resolution. Up until now in a resolution situation as soon as one moved into senior bond holders one had to treat depositors on a pari passu basis and they had to suffer equivalent losses whereas, under the bank resolution directive, they will be given a depositor preference, which makes it even less likely that they will ever be called on in a situation like that.