Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

It is there. I will explain why. It is there because the bondholders at this point will be bearing a cost that they have not borne before. That is the difference. The Deputy is wrong in what he says about the taxpayer funding the operation of the ESM. In these situations it will also be banks through lending to the ESM that will be contributing to the operation of the ESM in backing up the SRF, to be very clear. In this particular set of circumstances it is banks that are funding the operation of the SRF if it is dealing with a banking difficulty. The parity of treatment arises in this situation. It is banks funding the consequences of banking difficulty, not the taxpayer. That is the key difference. It is a massive and much-needed improvement on where we have been. It is a big step forward in how the costs of banking difficulty are borne by banks. I am not quite sure what other conditionality the Deputy would want apart from the key fact that it is banks which are now in the front line of paying for banking difficulty and not the taxpayer. That is why this is a step forward and that is why I am recommending this to the Dáil. That is the huge change in where we are. That is the contribution they are making.