Pearse Doherty (Donegal, Sinn Fein)
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It might be highly unlikely but we have seen dramatic changes. We even see what is happening in Italy, where there would be an undermining of what we are discussing if the authorities in that country bail out their banks as opposed to bailing them in, which is now commonly accepted as what would happen in Europe. All of this is in flux. There have been amendments and changes as issues have developed. The Oireachtas is being asked to consent to making available €1.8 billion of funds on the basis European leaders have now accepted what Sinn Féin has been saying from the outset, namely, that there should be a bail-in of bondholders in a process where a bank goes bust. We are not sure what would happen if European leaders, in their wisdom, decide, because of other circumstances such as the ECB turning off the tap whereby we would have a problem in the bond markets, to change the structure and the waterfall. This can be done with the consent of all of the other member states or parties to the agreement without any recourse to the Parliament, but we are on hook through this legislation for paying out €1.8 billion in respect of something that may not occur. We may not have the type of bail-in envisaged now, as the legislation is going through the Parliament. My question is what are the safety mechanisms. What recourse will the Oireachtas have?