Mr. Aidan Carrigan:

The Acting Chairman is asking about the details of the backstop arrangement which would be there and the backstop arrangement is still a matter for discussion. In the Council conclusions in 2013, the Heads of State made it clear that this supervisory mechanism must be backed by an effective backstop. The details of that - whether it will be the ESM or some variation on it, and how it will apply because this provision only applies to the euro area members and there will have to be an equivalent backstop for non-euro area members - is still being worked out.