Pearse Doherty (Donegal South West, Sinn Fein)
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I thank the Minister for his presentation. I will pick up on a couple of aspects of it. I will begin by focusing on the banking recovery and resolution process. One of the proposals ECOFIN will be dealing with is the bail-in proposal mentioned by the Minister. It is to be welcomed that depositors will not be given the same ranking as senior bondholders. I would like to focus on the role of the ESM in recapitalising banks. Is it not the case that if the bail-in proposal is adopted by the EU, the ESM will hardly ever be used? The shareholders will be the first to take the hit, followed by the junior bondholders, the senior bondholders and the depositors. The ESM will not step in until the end of that process, when those options have been exhausted. Is that the Minister's reading of the bail-in proposal?