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

The first issue will be the scope of the application of the resolution fund, whether it would apply to the 6,000 or so banks in Europe or just to the very big banks in certain sovereigns. There is a strong view in some countries that there should not be a central fund but that there should be a series of sovereign funds which in the event of need would combine to resolve difficulties within banks. Either way, whether it is organised nationally or centrally, it is the industry that will pay the levies to build up the fund, not the taxpayer. If there is not enough money in the fund and a big international bank goes bust before the fund is built up over ten years, the backstop position that we want is the ESM. These are the decisions that need to be made on Friday.