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

The conclusions of the October 2013 European Council outlined the hierarchy of decision-making for bank recapitalisation, which continues to provide for ESM direct bank recapitalisation as part of the process. The conclusions called on the Eurogroup to finalise guidelines for ESM direct recapitalisation so the ESM would be able to recapitalise banks directly following the establishment and entry into operation of the single supervisory mechanism. Officials are preparing draft guidelines for consideration by the Eurogroup shortly. The time I mentioned is the end of 2014, with an operational start in 2015. The primary focus is on allowing the mechanism to directly recapitalise banks. If a bank goes insolvent-----