Michael McGrath (Cork South Central, Fianna Fail)
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I welcome the officials and thank them for the presentation. I will try to bring this back home and tease out the potential implications for Ireland. I know there are some transitional arrangements relating to the possibility of direct recapitalisation, but will the witnesses talk us through that? For example, if the ongoing stress tests by the European Central Bank reveal capital shortfalls in banks, this direct recapitalisation facility will not be available. Is that the case?