Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I ask the Minister, who is involved in the detailed discussions on the roll-out of the banking union, to give his best estimate of the date when it will be up and running and deemed to be effective. It will open the door to the possible use of the ESM to provide a deal for Ireland on banking debt. Will the Minister give us his view on when the necessary conditions for that to happen are likely to be met? At a recent meeting of the Joint Committee on Finance, Public Expenditure and Reform, the Minister made some comments on the issue of whether it is a good idea for the European Stability Mechanism to own stakes in Irish banks. I think it is a legitimate question to ask. Is it still the Government's objective and stated policy to move to a position where the European Stability Mechanism can take direct equity stakes in AIB, Bank of Ireland and so forth?

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