Dáil debates
Thursday, 30 September 2010
Bank Guarantee Scheme
10:30 am
Brian Lenihan Jnr (Dublin West, Fianna Fail)
As the Deputy states, "pari passu" is the expression used by lawyers. That is the position.
The relevant EU directive on the reorganisation of financial institutions makes clear that in reorganising such institutions one cannot differentiate or create an inequality between creditors. There are serious European and constitutional obstacles in the context of using legislation to effect that purpose.
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