Mr. Feargal Ó Brolcháin:

It will provide that the existing provisions of the Act can also incorporate direct recapitalisation in order that the Act will then be understood to provide for the direct recapitalisation instrument. Second, it will provide for the immunities and privileges currently extended to the ESM to clarify that they will also apply to ESM subsidiary bodies and sub-entities established for the purpose of direct recapitalisation.