Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Everybody in this House and the majority outside the House want to see the commitment given in June 2012 upheld and delivered. At the time I believed and said publicly that the Minister had oversold that commitment, because retrospectivity was not a part of the agreement. That said, it has been negotiated into some text recently. However, we must listen to the head of the Eurogroup, the German finance Minister, the troika and the head of the ESM. All of these, in one way or another, have told us that the chances of retroactive recapitalisation of our banks are slim, that it is impossible, not likely, or words to that effect. It seems the door is closing all the time. The Minister talks about separating sovereign debt from banking debt, but ECOFIN has agreed rules that state clearly that in the event that a comprehensive stress test reveals a capital shortfall, the established pecking order is as follows: first private sources, then national, and then euro and EU instruments-----

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