Oireachtas Joint and Select Committees
Thursday, 7 November 2013
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Scrutiny of EU Legislative Proposals
6:50 pm
Mr. Aidan Carrigan:
There are general principles governing resolution set out within the proposal. They provide that the shareholder of the institution bears first losses. Creditors of the institution bear losses after that. Significant to what the Deputy raises then is that the management of the institution under resolution is replaced, excepting, where it is required, in whole or in part, to manage the resolution process.
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