Michael Noonan (Limerick City, Fine Gael)

Since I first became Minister for Finance in March 2011, at all my meetings with the ECB the issue of medium-term funding for the banks has been raised. The bank's position is that it is not legally empowered to give funding beyond a short-term basis. Recently, however, there has been a change of policy because it is now willing to give medium-term funding of up to 12 months. We would like assurances beyond that term but it is an advance.

There is no suggestion that the bank will withdraw funding from us. It has assured us at all times that whatever the roll-over period will be, it will continue to roll it over.

See this speech in context