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Written Answers — Department of Education and Skills: Schools Building Projects Status (10 Jun 2015)

Peadar Tóibín: 168. To ask the Minister for Education and Skills the progress that has been made by her Department on its commitment to the construction of a school (details supplied) in County Meath. [22595/15]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Tá brón orm go raibh mé déanach agus gur chaill mé an chéad chuid den chur i láthair. I would like to highlight a couple of things. All of the Irish banks are being supervised. Obviously, all of the authorised Irish banks are involved in this fund. Is that right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Is it not the case that at one stage, the Germans had difficulty with all of their banks being supervised?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Okay, but there is a kind of tiering of direct authority with regard to supervision.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Grand. In response to Deputy Boyd Barrett earlier, Mr. Sheridan spoke about the hierarchy and about the bail-in. Obviously, the whole process has certain elements after the bail-in. Could he talk me through the hierarchy that is followed when dealing with a resolution?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: What happens after the bail-in?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Therefore, the state is the second tier of the-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Can Mr. Sheridan explain that to me?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Does the compartment remain after mutualisation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Does that mean the involvement of the state as the second tier goes as well?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Okay. It then goes straight into the-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: The mutualised fund-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: What was the reason behind the eight-year provision?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: What happened to the European stability mechanism? Was it not supposed to be the bailout?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Has any analysis been carried out by the Department on the benefits of Ireland applying for retrospective recapitalisation of the pillar banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: From the ESM side?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: We are six months into that opportunity for application. Has there been any effort to apply for that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Is it the case that there has not been an application or preparation of an application?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Single Resolution Fund Bill: Discussion (10 Jun 2015)

Peadar Tóibín: Britain is not involved in this new process.

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