Mr. Scott Rankin:

The €60 billion set aside for direct bank recapitalisation is in the context of an ESM fully invested given its share capital, which Mr. Sheridan outlined. The fully invested amount was envisaged at €500 billion. The current investment amount is nowhere near that figure. This, taken in conjunction with the changes in bail in conditions, mean that we are not comparing like with like. Not only would a bail-in apply up to senior debt and beyond in the future, but banks would also have far higher levels of capital than our banks did. There would be capital levels of 15% to 20%. We are in the realm of speculation, but if a bank in Europe had a serious problem next year which was envisaged as being systemic in the European context and the ESM had not invested all of the money it could, there is nothing to say the €60 billion figure might change.

Presumably, though, it would require a decision by the board of governors to do so.