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

I thank everybody for their contribution. Deputy Michael McGrath referred to an issue that has been mentioned before, that the resolution fund is quite small in comparison with the possible liabilities across Europe. The primary policy position is that there will be no more bailouts by taxpayers but rather bail-ins of bank assets. In terms of a cascade of interventions, by the time we get to the resolution fund being involved, we will have gone through shareholders, junior bondholders, several categories of senior bondholders, corporate depositors and probably personal depositors in excess of €100,000. The resolution fund only kicks in after we have gone far down a cascade of assets that can be bailed in. In that context, it is reasonably significant. This was debated very hotly when it was introduced in the first instance. I am inclined to agree with Deputy McGrath. It not only looks small, it is small, and I am open to increasing it in future.