Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We know that. Sure, I know the legislation. However, the Minister is making the point that taxpayers' money would not be used in terms of a contribution to the financial institutions. That is factually inaccurate. It will only happen after all of the other safeguards are used but that is exactly what the legislation is. The legislation is about that last safeguard to ensure a bank would not fail. When the SRF resources are depleted, there is an ability for the ESM to lend to the SRF which will make money available to the banks, and that has to be paid back. It is important for accuracy that this is not a difference between us on this issue. I am not arguing that it should not happen. I am saying, for the purposes of accuracy, that there is a point where taxpayers' money via the ESM would be made available to the SRF at the end of the line where all other options - the bail-in and the SRF - have been exhausted. That is when it kicks in. Therefore, as a result of the fact that there is taxpayers' money on the line - yes, with strong provisions in regard to safeguarding that money and getting it back from the SRF - there should be an ability to look at conditionality on the financial institutions just as you are imposing conditionality on member states for their credit lines.