Mr. Ed Sibley:

That is certainly an area of significant concern for us. We have a broader concern about the functioning of the market for all. The retail banks in Ireland, certainly the domestically-owned ones, are currently largely deposit funded. There is a restriction on the banks' ability to raise funding from a Eurosystem perspective, as well as a potential restriction on being able to exit the market for new entrants. That is something to bear in mind. We have talked about that already but I wanted to make sure there was no misunderstanding.

We have concerns from a financial stability perspective as to what would happen in the event that a bank was to get into difficulty. How will this Bill interplay with a resolution and what would happen after a resolution event, or if we were dealing with a firm that was likely to fail? I appreciate there is some mention of that in the legislation. We have concerns as to how we would deal with a particular circumstance around financial distress. Mr. Madouros or Ms McEvoy might like to come in with specifics.