Enda Kenny (Mayo, Fine Gael) | Oireachtas source

Obviously, it was an agreed figure. We will be happy if the banks stand up to the stress tests which will take place later this year. We hope the fund in place will be adequate. However, these are matters that will need to be reflected upon as time passes. What is important is to get agreement on a structural fund and to make it work.

The European Central Bank will be responsible for the SSM and will begin to supervise all of the major banks in the eurozone and those member states which choose to join the mechanism.

The ECB, as the common supervisor will take over the responsibility for the banks from national central banks from late 2014. Those national central banks will continue to play an important role, but the ECB will have the ultimate responsibility for the system. This provides for a differentiated approach to supervision, depending on the size and significance of the banks. It provides for equal treatment for the euro area and the non-euro area and member states so as to allow banking union to be attractive to all member states, thereby protecting the Single Market.

While there will be varied views about the adequacy of the fund -----

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