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
Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source
The final point, I suppose, goes to the heart of the matter. The biggest issue in Ireland was the cost to the taxpayer, the ordinary person. The banks themselves did not have the capital to soak up the losses. The SRM proposal, which talks of eliminating taxpayers' exposure, appears to indicate that the state-aid procedures will run in parallel. The bottom-line question is, under the resolution mechanism, will the Irish taxpayer have an exposure in the future if an Irish bank fails or requires support?
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