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

Two issues are running in parallel on the ECOFIN agenda. One is having a hierarchy of measures to resolve capital discrepancies that appear in banks across Europe as a result of the stress testing in the autumn. That is one distinct item of work and was agreed to. The papers are available and Members can see the agreement. The second piece is a more permanent bail-in resolution mechanism which will be a constituent part of banking union. It is separate and has not yet been agreed to, but the Lithuanian Presidency is ambitious that it will be agreed to before Christmas. What took place the last day was not a debate to reach agreement but a discussion to establish positions. We will be back in December and there are rumours of a special ECOFIN meeting in December, as well as a normal meeting. I will keep Members informed.

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