Mr. Ronan Hession:

The Deputy is correct. The resolution fund is a slightly different creature because it is a long-term fund. ReBo and the credit union fund are related to the time bound process. On the resolution fund, contributions are made from authorised credit institutions, a term that refers to credit unions, banks and building societies. We no longer have building societies.

On the level of levy, the Comptroller and Auditor General's figure is that it has amounted to approximately €12 million to date. The overall levy amount on an annual basis is approximately €7 million to the credit union sector and approximately €1 million to the IFSC banks, which will largely pay resolution funds overseas in any case. The domestic Irish banks were not due to contribute to the fund until the end of this year because they are covered by different legislation, namely, the Credit Institutions (Stabilisation) Act 2010, which expires at the end of the year. It is intended that the domestic banks will start to contribute to the resolution fund from next year. Since then, however, there have been developments at European level. As a result of the bank recovery and resolution directive and single resolution mechanism, these matters will no longer be resolved nationally and the banks will make much larger contributions at a European level.