Michael Noonan (Limerick City, Fine Gael)
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Actually, the door only opens on 8 December. While there are legal provisions being put in place this week, the actual opening of the ESM for business is on 8 December. It is only after that date that action can be taken. Of course we are doing evaluation work, as we always do in the Department, but it is a matter of judgment on when and how to proceed. As I have said to Deputy Doherty before, the situation is significantly different now from what it was in June of 2012. Banks in Ireland now have a value. After the stress tests, AIB is more valuable again and the shareholding the State has in Bank of Ireland is quite valuable. One issue is that of value and the second issue is who we want to run the banks in Ireland. Do we really want people who run a fund in Brussels-----