Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

We will be out one way or another. My next point relates to the SSM, the ESRM and all the acronyms people will find it hard to get their head around.

In very simple terms, my understanding is the ECB will be taking over supervision of the larger banks, including five in Ireland, this time next year. Before it does so, it wants to ensure these banks are in a healthy condition. In that context, there is a two-part process. The asset quality review or the balance sheet review is ongoing and full stress tests will commence next year. I ask the Minister to put that matter in an Irish context for us. As I understand it, the asset review is ongoing. When is it expected to be completed and what will we find out from it? When is it expected that the full stress tests will happen here? Allied with this, if an issue arises in terms of a capital shortfall in any of the banks, one presumes the ECB will not want to take on responsibility for the banks until they have been fully repaired, not just in Ireland but also across Europe. I raise this issue in the context of the fact that the Minister has outlined that the Government's view is that the backstop should be the ESM.