Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I do not agree with the Deputy. The domestic banking crisis that Deputy McGrath and I had the pleasure of sitting through cost everyone - the Irish Exchequer, the UK Exchequer and other governments with institutions based in Ireland that were regulated by other entities - €140 billion. It cost the Irish Exchequer in the territory of €33 billion or €34 billion. The entire architecture of banking has been changed, evolved, moved or whatever term the Deputy wants to use. This fund is not intended for that purpose. The structures under the bank recovery and resolution directive, BRRD, and the Single Supervisory Mechanism, SSM, are Europe-wide and regulate the 200 largest banks within the eurozone. This small pot of money is for an external shock, something that we have not considered and for which we are not prepared. We are putting something aside to be in a position to have money available to deal with a shock if required, for example, an enormous and unanticipated weather storm, something that would only be seen in a Hollywood movie. The objective-----