Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It is difficult to estimate when this supervision will be in place. The 27 countries that are involved in this process fall into three groups. The first group consists of the 17 eurozone countries, which want this to proceed in one way or another with slight variations in policy opinion. The second group consists of EU member states that are outside the eurozone but want to take part in the banking union and share in the supervision. The third group consists of EU member states that are outside the eurozone and do not want to participate in this process. Sweden, which is in the second group, is outside the eurozone but is anxious to be involved in this process because it has a significant international banking sector. The UK, which is in the third group, wishes the eurozone well in its endeavours to put a banking union in place but has made it clear that it does not want to participate in that union. There is a great deal to be done in this process, which has many moving parts. I have mentioned three estimates of when this will be done. I would be fairly confident that it will not be done in the first half of 2013. I would be hopeful that we can maintain the pressure in a way that might lead to Chancellor Merkel's estimate of the second half of 2013 being met.

I do not want to be specific because it is the early stages of negotiation.

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