Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his remarks on this motion and I wish to state for the record that Fianna Fáil will be supporting it. We are supportive overall of the banking union and we want to see the Single Resolution Mechanism come into force in January of next year. On the size of the resolution fund, which is estimated to be in the region of €55 billion, I made the point previously that, on the face of it, it appears to be very small given that the cost of the Irish banking bailout alone was in excess of that. I recognise that the fund will only be accessed after the various bail-ins have been executed. That is a new provision, and it is to be welcomed, which is being provided for on a pan-European basis.

I have one question for the Minister. Will he clarify the position regarding the Irish contribution? I take it that it will be made by three banks contributing €1.8 billion over the eight-year period, which is approximately €225 million a year. Presumably, that is AIB, Bank of Ireland and Ulster Bank or Permanent TSB.