Timmy Dooley (Clare, Fianna Fail)

As Deputy Mathews knows, the ECB is still set against it. While the millions are relatively small in comparison with the requirement in November to settle €1 billion, I wish the Government well in its efforts. Hopefully it can find a resolution to the matter.

To remind Deputy Mathews, the Minister, Deputy Leo Varadkar, indicated in the course of the election campaign that not another cent would be provided to the main banks here until such time as senior bondholders took a share of the burden associated with the debt. Sadly, the Government has had to continue to deal in the same way as we did with the issue, because of the situation with the ECB. The point I am trying to make is that while this legislation is helpful and important and while it continues with the train of legislation we started, of itself it does not set a new direction because we still have the difficulty in terms of the ECB's position with regard to allowing the failure of a bank and, in particular, the sharing of the burden by senior bondholders.

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