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Fine Gael MEP Brian Hayes explains the detail of the new pan-eurozone Single Supervisory Mechanism.
Frankfurt set for bigger role in regulating and punishing Irish banks.
The Minister for Finance met with the head of the eurozone’s permanent bailout fund, Klaus Regling, who reiterated his own view that any retrospective deal is not likely at the moment.
Eurogroup ministers met earlier this week on the topic, but only agreed on general principles.
With Ireland set to exit the Troika programme on 15 December, the question now is whether we’ll need a precautionary credit facility to ease it back into normal lending markets.
The deal with the parliament means that MEPs will now get the ability to pick the leaders of the supervisory board.
“It will not be a retroactive direct capitalisation. If recapitalisation is possible, it will come for the future.”
The German chancellor tells a news conference there “will not be any retroactive direct recapitalisation”. That’s us told.