Enda Kenny (Mayo, Fine Gael) | Oireachtas source

To break from that, the European Council decided that if issues like this arose in the future - it is hoped they will not – there would be a break between bank debt and sovereign debt. That was the effect of the decision. However, the consequence was that it allowed for potential recapitalisation where applications were merited and where applications would be received. As far as I can figure out, Ireland is the only country that could benefit from the clause in the decision about direct recapitalisation. What is that about? It is about getting money back for the taxpayer. It is a question of determining the best thing to do for the Irish taxpayer if one has to make a judgment. Is it to make that application and process it through the system that is in place, and have unanimity from the governors involved? Alternatively, is it better to consider the option of determining the value of AIB, for instance, and how best it might be determined? It is also a matter of the decision the Government might make in the most appropriate way and at the appropriate time in the best interest of the Irish taxpayer.

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