Mr. Cathal Sheridan:

There is depositor preference in the context of the bank recovery and resolution directive. All other senior debt will be bailed in first before deposits of more than €100,000 are reached. The directive and the single resolution mechanism also make provision for the exclusion of these eligible deposits for contagion or financial stability reasons. It is obvious that other liabilities would then have to pay on their behalf. There is scope for these deposits to be excluded, depending on the circumstances of the particular resolution and its implications for the broader economy, domestically and internationally.