Michael Noonan (Limerick City, Fine Gael)
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What was envisaged on 29 June was that the ESM would be empowered to recapitalise banks directly and that it would commence with the recapitalisation of banks in Spain. The precedent would be applicable to Ireland. That was the thinking. If that model was followed through, the ESM would take a bank share. It would buy the entire shareholding in the case of AIB or take a share in Bank of Ireland.