Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Herein lies my struggle. Other than the DRI, which is too small and will probably never be used, based on the technical note we have received, the ESM would decouple the link by lending directly to banks for recapitalisation so that the sovereign would play no part. Am I right in believing that, before such a recapitalisation, the ESM's money would come via the sovereign? By definition, this would maintain the sovereign-banking link through the sovereign lending on to the banks.