Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

101. To ask the Minister for Finance when he intends to seek access to the European Stability Mechanism to retroactively recapitalise Ireland’s banking sector; and if he believes there is any potential in achieving recapitalisation through the ESM of anything more than the current value of the banks. [31869/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy is aware on the 20th June 2013 the Eurogroup of Euro-area Finance Ministers agreed a framework under which the European Stability Mechanism (ESM) will operate its direct recapitalisation instrument. It is expected that this facility will come into force towards the end of the first half of 2014. In addition the Eurogroup also agreed to consider retro-active recapitalisation of banks on a case-by-case basis once the instrument enters into force. This provides one potential avenue for Ireland to recoup some of the funds it put into the Banks in the wake of the banking crash. However, there is a long way to go in the negotiations and as each case will be considered on its merits it would not be appropriate for me to prejudge the outcome at this early stage.