Mr. Aidan Carrigan:

The assessment in Europe was that this €55 billion will be sufficient to deal with future resolution situations. I bring the Deputy back to the point I made earlier that while we are looking at what happened in a financial crisis over recent years, we now have a completely different architecture to deal with those crises than we did in 2008. The architecture we have introduced involves bail-ins and there will now be a substantial bail-in from bank shareholders and creditors that will minimise any call on a fund vis-à-vis what had to be paid out in previous years when there were no such bail-in arrangements.

While the fund is set at an amount that would have covered the euro area cost to date, the likelihood of a call on the fund has diminished substantially owing to the need to bail in creditors and shareholders before one moves to that situation.