Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The Taoiseach is correct in terms of his quotations from the summit communiqué. Equally, I have read the statement of the three Ministers for finance. The euro area summit statement, which the Taoiseach did not quote, states "when an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could, following a regular decision, have the possibility to recapitalize banks directly". It continues, "This would rely on appropriate conditionality".

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