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

I would like to read something to the officials. I am sure they are involved in drawing up answers to parliamentary questions on behalf of the Minister. I tabled a question to ask the Minister for Finance to explain how an application under the direct recapitalisation instrument of the ESM would calculate the amount that would have to be required at a time of recapitalisation by the State to bring Bank of Ireland and AIB up to the level of the common equity tier 1 ratio of 4.5% as established under the Basel III framework. If these banks were to go bust today, we would need to know this. That is how the instrument would take effect. I was told that the Minister had no official responsibility to Dáil Éireann in the matter. I ask the officials not to tell me that the Minister has answered these questions. This is a very serious issue. I have been told it is up to the board of governors. If we are being asked to accept legislation that will allow this instrument to take effect - we have a veto on this - surely we are entitled as Members of the Parliament to have an understanding direct recapitalisation will be facilitated in a way that will not have to go through the waterfall system. If it does have to go through that system, it will not be very beneficial to the State.