Mr. Dermot Gleeson:

It's a statute ... I don't have it with me ... but it's the statute of the European Central Bank or something, and I'll certainly be able to find the reference, and what it says is, I think, is that national central banks must operate, and then there's this key phrase, "in accordance with the instructions of the ECB". All I was drawing the attention of the committee to was that it looked to me, and I might be wrong about this, is that they had power to say "Portugal has gone off the tracks, we want to tell the Portuguese Central Bank to do X, Y or Z".