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

I will review the technical note in case my memory fails me. In order for a resolution fund to be able to operate it has to be financed appropriately by the institutions which may potentially benefit from it. In this regard both the bank resolution and recovery directive, BRRD, and the single resolution mechanism, SRM, established target levels that must be reached within a prescribed period. In the case of the BRRD, member states are required to ensure that the available financial means of their funds should reach at least 1% of the amount of covered deposits in all the institutions authorised in their territories by 31 December 2024, with a start date of January 2015.