Michael Noonan (Limerick City, Fine Gael)
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The guideline provides a reasonable indication of how matters will proceed. I draw the Deputy's attention to Article 14 - retroactive application of direct recapitalisation - which states:

1. This guideline is established without prejudice to existing ESM and EFSF programmes in which financial assistance has been provided to ESM Members who recapitalised their institutions, which could be replaced in part or in full with a retroactive application of direct recapitalisation following a decision by the ESM Board of Governors, on a case-by-case basis, by mutual agreement.
2. The detailed modalities for such replacement shall be established in the relevant ESM Board of Governors decision.

This article is clearly designed for programme countries, particularly Ireland and possibly Portugal. I do not believe it is applicable to Greece which has different arrangements.