Timmy Dooley (Clare, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

I welcome Professor Honohan and his team. I have a few questions for him. At the time of the Heads of Government and State agreement last June a statement was made on Ireland's legacy investment - or legacy debt in the first instance - in our pillar banks. What is Professor Honohan's understanding of that decision? Much of the talk since then has indicated that until a final agreement has been reached on banking union, Ireland will not be in a position to get an investment from the ESM in return for the investment that was made at that time. What is Professor Honohan's view on that?

On the bank recovery and resolution directive, obviously in the case of Cyprus depositors found themselves being bailed in. Professor Honohan said that a European supervisor of banks with responsibility for the resolution of bank failures remaining at the national level may not be a equilibrium in political and economic terms. How could the Irish State make direct guarantees, as it has done, that a bail-in situation for depositors would never be countenanced in Ireland if, as Professor Honohan has said, no agreement has been reached on banking resolution under the banking union programme that is under way? Could we still find ourselves at the end of this process agreeing to a set of measures on a banking resolution that would countenance depositors bailing-in in the event of a catastrophic failure of a financial institution in this State?