Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

No. The way it works is that there is a regular agenda item. It goes through the programme countries and it may refer to other countries as well where there may be particular difficulties. The Commission reports, the European Central Bank and the IMF comment and then the particular member states reply to the comments made. This is a very brief process. In the case of Ireland the comments will be of the general nature that Ireland is doing fine and is preparing for exit. In the case of other countries there might be a longer period of discussion depending on the current state of play and any difficulties they have. These are well ordered, well chaired discussions which do not always give freedom for raising matters.

On the particular issue raised by the Deputy and by Deputy Pearse Doherty, as I said in the briefing note, it has been agreed by the Eurogroup that retroactive recapitalisation of banks on a case-by-case basis can be considered once the direct bank recapitalisation instrument comes into force. That makes it very clear that in the first place the direct bank recapitalisation instrument is brought into force and after that, the discussion is on how retrospection might apply.