Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I thank Mr. Mac Donncha for his answer. My point is that the State has to bail out the bank first, as long as it has the resources to do so, if the ESM is to be accessed. It is a far cry from separating sovereign debt and banking debt. If we are to access this €60 billion, if we have the wherewithal to do so, we will have to use our own resources - our hard-earned taxes, etc. - to make a contribution before the ESM can step in. I am taking account of the waterfall before that point.