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

Yes, that's about it. We got ... we, we succeeded in ensuring that the legal power to retroactively recapitalise banks is in the regulations for the ESM. So, they can legally do it. I know from finance Ministers there is no disposition among some of them - naming Germany, Netherlands, Finland and a few more - to use this power. And the power must be used on the unanimous agreement of the governors of the ESM, and the governors of the ESM are the finance Ministers of the eurozone wearing a different hat. So, unless there's unanimity there, and then it must be on a case-by-case basis. So, what I'm telling you, from a policy point of view, is I'm not recommending to the Government in the near future to apply for retroactive recapitalisation, but neither am I saying that I won't do so in the future. And, secondly, I'm saying that there will be no recapitalisation of AIB before the election, regardless of whether or when the election takes place. And I have already told the people who are preparing AIB for market that I want to continue with the restructuring but we're not going to press the button on a flotation, an IPO, until late summer or early autumn, and then it will be a matter for the incoming Government and for whichever personnel make up that Cabinet and whoever is in Finance.