Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

There has been speculation that the fund could be used only for a future bank bailout. To clarify the fund and the drawdown, the latter can only be to the Exchequer. Direct payment to any other body or organisation is neither contemplated nor permitted. Drawdown is also subject to Dáil approval, and any onward payment from the Exchequer will be subject to the normal public financial procedures. I just wanted to clarify that for the Deputies in order that they accept it. For completeness, I wish to add that the use of the fund for a bank bailout is not forbidden. It, therefore, could potentially be used if there is a wild emergency at some stage in the future, but these measures could not take place without a further decision of the Dáil, so the Dáil will decide. The measures the Deputies are talking about at national and EU level are intended to protect against such an eventuality. I refer in particular to the banking union, which is an EU bank supervision and resolution system developed in the aftermath of the previous financial crisis and the subsequent crisis in the eurozone. The banking union is intended to place the European banking sector on a more sound footing and will restore confidence in the euro area. At its core, the banking union aims to ensure that banks are robust and able to withstand any financial crisis, to prevent situations in which taxpayers' money is used to save failing banks and to protect consumers. It is this break between the sovereign State and the funding banks that has been worked on for the past decade. However, the Deputies, in particular Deputies Martin Kenny and Buckley, said this is only for the banks. It is not. Do the gentlemen accept that?

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