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

Yes, it won’t be fully in place for eight years and I'd have a ... I think it should have been done sooner, you know, because it goes in in instalments. The actual fund is €55 billion. And, on the cascade, you run down through shareholders, junior bondholders, senior bondholders of different categories, corporate depositors, personal depositors of over €100,000. If you still don’t have enough money to fill the hole in whatever institution you deem to be insolvent, you go on to the ESM and then you go to the resolution fund. So it's the last coach on the road in terms of putting money in to resolve banks. The basis of it was €55 billion is about 1% of the aggregate amount of money on deposits across the European ... the eurozone banks. So, it is a 1% figure. And, I suppose, because it's ...it's at the end of a cascade of other assets, it's probably sufficiently big. But if it was first up, 'twould be far too small.