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

On the ESM issue, the aspect the Deputy is highlighting was not actually the purpose of what I was saying. Everybody was saying that the ESM will have to directly recapitalise the Irish banks as part of the new deal. I was concerned lest people would think the Irish banks are not adequately recapitalised already, which they are. They have very high capital ratios, and that is why people are now prepared to invest in them. When people ask whether Irish banks will be recapitalised directly, they really mean will we get money to compensate us for the fact we recapitalised them and we did it on the back of our own taxpayers, not with European assistance. That is what I was getting at.

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