Oireachtas Joint and Select Committees

Tuesday, 4 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Pre-ECOFIN Briefing: Minister for Finance

8:40 pm

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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I appreciate that but that is not the question. I do not need another answer. The question was whether there are any changes to the mechanisms as per what Ireland signed up to in October.

If I could move on to the bank resolution contributions, the amount and the formula are under negotiations and it will be some formula that has a flat-rate contribution and then a risk-assessed contribution, which will be relative to the size of the banks. On the basis that Ireland's banks are probably small by eurozone standards is there a risk that Irish banks will have to pay relatively more than their European counterparts because of this combination of a flat rate and a marginal rate? Is there a risk that the Irish banks will pay more for no additional insurance by paying into the fund in the way this has been worked through?