Professor Patrick Honohan:

-----are not being transferred to Greece by the Central Bank as that would be contrary to the Treaty of Rome, under which one cannot engage in monetary financing. However, national governments, which are receiving profit flows from the national central banks, are being told: "Here is an amount which you may pass on to Greece if you so wish." The passing on, therefore, is being done by national governments. The scheme the Deputy is outlining involves national governments using some of their resources, albeit resources provided by the national central banks, as part of the assistance to Greece. In the case of Greece, it has not been a question of the European Central Bank or national central banks deciding to provide a gift. If one wanted to pursue this matter, it would be a question of going around to all the European governments.