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

Therefore, there will not be established modalities for the making of applications. A member state will be able to make an application and there will be no waiting period similar to that which obtains in the context of the direct recapitalisation instrument. The position is that the ESM board will receive an application and then decide the modalities it wishes to apply. Is that how the system will operate?