Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

In response to Deputy Paul Murphy, 100% certainty is not possible, but in the unlikely scenario that the funds need to be approved within four days because of the risk to depositors and small businesses, there is a greater degree of certainty in having the Minister as the final check. This is the approval by the Oireachtas. This is the Single Resolution Fund, which we have signed up to. This is a temporary loan facility until 2024, when the fund comes into effect and a backstop will be in place. Within that period, the waterfall of resolution will come into effect. The Minister will be the final check for 50% of the funds. That amount could not be increased without legislation from this Dáil and changes to the terms of the agreement could be annulled by the Dáil within 21 days.

Neither the Dáil nor the Seanad might be sitting. Article 16.4.2° of the Constitution calls for the Dáil to sit within 60 days of the calling of an election and the Seanad election must take place within 90 days of the dissolution of the Dáil, so it is possible that an overlap would exist. Therefore, the Government can accept neither amendment No. 3 nor amendment No. 4. I have already spoken on amendments Nos. 5 and 6.

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