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

When we were discussing this, various amounts of money were suggested. A series of countries are involved, with the AAA rated countries saying to keep the figure down. The countries that believed they might need to avail of it were trying to drive it up. It was settled on €60 billion, but with all the other initiatives that were taken, the big game-changer, to use that word, is that the European Central Bank under Mr. Trichet would not allow the bail-in of assets under any circumstances once shareholders and small bondholders were passed. The big game-changer is that there are now new resolution regulations on the basis of the waterfall Deputy Doherty described. The ESM fund is so far down the waterfall it is difficult to envisage circumstances in which money would be used for direct recapitalisation. If one's bank was banjaxed to the point where the shareholders, the junior bondholders, the senior bondholders, corporate depositors and personal depositors of €100,000 are totally burned-----