Michael Noonan (Limerick City, Fine Gael)
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I understand what the Deputy is saying but there is a context. In the interests of briefing the committee, I wish to give the context. The policy has changed dramatically in Europe. When the Irish, Portuguese and Greek banks got into trouble, the process was bail out, where taxpayers' money bailed out the banks. Now it is bail in, where the assets of the banks are systematically rolled in on a waterfall - on a hierarchy - starting with shareholders and ending up with certain kinds of corporate depositors. It is only beyond that that there is a resolution fund that gets rolled in, and it is beyond that again-----