Michael Noonan (Limerick City, Fine Gael)
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I thought it was quite clear. There are two different situations. The first of them involves an insolvent bank that has gone bust. Creditors have to be paid. There is a sequence of bail-ins. It happened in the Netherlands recently. It happened here with Anglo Irish Bank, only the wrong decisions were taken. In the second situation, the banks are stress tested and it is decided that they require some capital. I do not think the ESM would be the first option in such circumstances. I will mention Bank of Ireland as an example. I should say it does not require additional capital. It has 14.4% core tier 1 capital, as against a requirement of approximately 9% across the Union. I do not want to raise a hare in this regard.