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

The policy has not changed since I spoke at the finance committee in June. I wanted to widen the debate and still want to do so. Many people think retroactive recapitalisation of the banks is simply a matter of sending a letter to the European Union and that the money will be returned.

The construct was always that there would be an exchange of shares in the Irish banks with the ESM in return for money.

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