Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Obviously, the ESM has been in operation for some time. This is a new power it is being given to directly recapitalise banks in certain circumstances. The governors will decide the methodology and the conditions that will attach when applications are made. However, it is not set down in primary legislation. As the relevant legal power will only be attached to the ESM treaty in November, we are obliged to wait and see. In general terms, the Deputy's interpretation is correct.