Pearse Doherty (Donegal, Sinn Fein)
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100. To ask the Minister for Finance if he believes Article 114 of the Treaty of the Functioning of the European Union is the appropriate basis for the EU Commission's proposal to establish a European deposit insurance scheme; and if he will make a statement on the matter. [17400/16]

Michael Noonan (Limerick City, Fine Gael)
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Negotiations on the European Deposit Insurance Scheme have been ongoing at European Council working group since January. During those negotiations a number of Member States have queried whether Article 114 is an appropriate basis for the proposal.

The European Commission, in its function as initiator of legislation in the European Union, proposes the legal basis for European legislation. Both the Commission and Council legal services have advised that Article 114 is an appropriate legal basis for EDIS and I would agree with this advice. Despite this advice certain member states continue to have concerns with relying on Article 114.

Taking account of these concerns it was agreed at the ECOFIN meeting of Finance Ministers on 17 June that Member States would have recourse to an Inter-Governmental Agreement when political negotiations on EDIS start.