Michael Creed (Cork North West, Fine Gael) | Oireachtas source

I have two further questions. I refer to accountability of the structures. For example, in the case of the banking inquiry the ECB has said it is not accountable to national parliaments. We are making financial contributions via our banks, some of which are State-owned. What is the accountability structure for the single resolution board or is that the appropriate vehicle to account to either the national or European Parliament or to ECOFIN? Where is the accountability structure? We are saying we were not up to the job in terms of our own financial regulation and in a way we are pooling our sovereignty in that regard with these new structures.

How can we be sure it will manage to do its job just because it is a European initiative? One of the ways of ensuring it will not fail is by making it accountable. What is the accountability structure?