Micheál Martin (Cork South Central, Fianna Fail)
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To ask the Minister for Finance the timeframe he believes the process will take at EU level before a decision is taken on shared liability in relation to bank debt; and if he will make a statement on the matter. [33231/12]

Michael Noonan (Limerick City, Fine Gael)
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In their statement made following their meeting on 29th June 2012, the Euro Area Heads of State or Government said that "it is imperative to break the vicious circle between banks and sovereigns". Their statement also noted that this is conditional on the creation of a "single supervisory mechanism", and tasked Finance Ministers with establishing it. Work is continuing at a technical level with a view to putting in place both the single supervisory mechanism, and the European Stability Mechanism's direct banking recapitalisation facility, at the earliest possible date.