Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I will move on to Greece and the ESM. Is the securities market programme the precursor to outright monetary transactions, OMT? Could Mr. Ó Brolcháin explain what happened here? Did the ECB intervene as part of one of the bailouts for Greece and buy bonds on the markets? Is it the interest income deriving from that which has been distributed to the constituent central banks of the eurozone we are dealing with here? Could Mr. Ó Brolcháin explain the background?