Michael D'Arcy (Fine Gael)

Senator Norris should read the European directive document on the recovery and resolution of credit institutions because the very point he is making about credit rating agencies is being addressed in that, although it is only a draft document.

I took some time out to listen to the debate on Committee Stage with the Minister for Finance on section 5 and it was very informative. The taxation issue, from what I am told, is double taxation. If someone is working here and then goes to wherever the ESM will be based, he or she should not be taxed on the double, similar to those who work in the European Parliament and other areas.