Michael Noonan (Limerick City, Fine Gael)
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It is not clear yet. A number of policy papers are being discussed almost in parallel. Work is being done on what the functions of the ESM would be, in respect of the banks, and how the detail of that would be worked out. There has been a series of political discussions at a series of Eurogroup meetings. Those discussions are giving guidance to what is, in effect, a drafting committee. The committee is preparing a paper on the ESM and will bring it back in due course. It does not want to be totally out of kilter with the political views of Ministers. It has happened in the past that drafting committees have been set up, only to fail to get political support for the drafts they produced. A kind of political guidance is being provided in parallel with the ongoing discussions. That is one aspect of the matter.

Deputy Michael McGrath mentioned the BBR depositor preference, which is running as well. The logistics of setting up a single supervisory mechanism are being considered at the same time. There is also some talk of having a resolution fund as a European fund, rather than being the sum of the sovereign funds. That is purely at the concept stage. Very little work has been done on it so far. I cannot help the Deputy other than by giving him a description of what is going on. It is difficult to say where it will land.