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

I find it hard enough to assess risk in Ireland without assessing risk in Italy also. Certainly from newspaper reports on its banking system, it would be helpful to everyone in Europe if it were stronger. Since banking union has been put in place, there is a separation of the banking industry from the sovereign, so we get away from the too big to fail mandate that was there eight years ago. It is a matter for the European Central Bank in Frankfurt and the banking regulatory regime to deal with any inadequacies there are in the European banking system. They are doing so and moving towards full banking union with the establishment of a resolution fund which will be fully neutralised.

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