Willie Penrose (Longford-Westmeath, Labour)
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Question 112: To ask the Minister for Finance the progress made with preparations for the introduction of a permanent special resolution regime for Irish banks; when he expects to publish the relevant legislation; and if he will make a statement on the matter. [1371/11]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Credit Institutions (Stabilisation) Act 2010 provides the legislative basis for the reorganisation and restructuring of the banking system agreed in the EU-IMF Programme. It is the first step in putting in place an extensive Special Resolution Regime that will provide for a comprehensive framework to facilitate the orderly management and resolution of distressed credit institutions. In line with the commitment in the Programme agreed with the external authorities my Department is working in conjunction with the Central Bank of Ireland to publish legislation by end-February 2011 to strengthen the legal framework for dealing with distressed deposit-taking institutions. This draft legislation will broaden the available resolution tools with the aim of promoting financial stability.