Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I want to be clear that it is not that I have an issue with this. The actual tiered structure of how to deal with banking failure is appropriate. We are getting to the point where we should have been, which is what Sinn Féin had articulated. The Minister and his colleagues lambasted us and now they cheerlead the fact that bondholders should be burned in a scenario where a financial institution fails, that that should be the first line of defence and that there should be other tiered structures. The key point is that as we go down the waterfall of bail-in, there is a point where the ESM funds can be made available to the SRF. They have to be paid back within three years but they are being made available to the SRF for the purpose of providing that support for the banking sector. That is taxpayers' money.