Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

This is a loan facility that will be paid by the banks. It may never be drawn down or only drawn down in part. This is not a question of the Oireachtas giving approval now to agree to the bailing out of an institution using sovereign funds. It is an assumption to say that we will definitely be able to debate the failure of a bank as it is happening. As we both know, such failures can happen quickly. The point of having the bail-in provision at the beginning point of the resolution waterfall is to allow for it to happen quickly, for example, in a day or over the course of a weekend. There would need to be movement and the Government could be called upon to make a part of the loan facility available. So as not to create doubt in the markets or risk for depositors, a decision on the 50%, which is what we have agreed to, would be made by the Minister within four days. The further amount would be provided in tranches in subsequent weeks. This is a layer of oversight that other countries do not have but for which we have decided to opt because we believe it to be important.