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

The article refers to the "retroactive application of direct recapitalisation". We know what such recapitalisation means or we at least have a very good sense of it in terms of the structure and the point at which people step into the breach. It is very clear that the waterfall system is laid out in the guidelines. My original question was related to whether the retroactive application of direct recapitalisation was related to the retroactive application of that instrument. If the latter is the case, it will be a case of states being obliged to negotiate their way through the waterfall system. While it will be the responsibility of the ESM to decide whether a member state's application should be approved - there will be leeway in this regard - the question which arises is whether we will be bound by the waterfall or tiered structure under discussion. I am interested in its retroactive application. In Ireland's case it would be-----