Mr. Simon Carswell:

It had no assets that it or any bank could use to go to the ECB and say, "Can you give us some money and we will do this swap that we would ordinarily do by exchanging assets?" The alarm at the European Central Bank was that the increases had happened so quickly. The alarm bells were Anglo Irish Bank's ELA rather than AIB or Bank of Ireland's, but it was a concern. It would have been a concern as well.