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

In November 2016, the Commission proposed a new package of banking reforms.They aimed to update and amend the capital requirement files and the Bank Recovery and Resolution Directive. The package is known as risk reduction measures. Negotiations are under way at Council with officials from the Department of Finance, assisted by colleagues from the Central Bank of Ireland attending the relevant working parties. We broadly welcome the risk reduction measures text as currently proposed by the Bulgarian Presidency and have been constructively engaging on the package at the Council working party. We have secured a commitment for a number of amendments to address specific Irish priorities. We anticipate this package will be agreed at Council during the Bulgarian Presidency.

I understand where the Senator is coming from and his concerns. If there is to be a bailout of an institution in future, it will come from moneys currently being collected via the reforms put in place since 2008. The bailing out of banks would occur with banks' own money, which is being collected from each sector. It will not come from the exchequer of any jurisdiction, including this one.