Mr. Jean-Claude Trichet:

I think that, again, because we exchanged letters, you have exactly the situation. After Lehman Brothers, I have mentioned the fact that within two days, two working days, we had to devise at the global level, mechanism permitting to try to avoid the collapse of the system. And it was at the global level; things are going pretty fast in terms of dramatic crisis. It's clear seen from the letter that the situation on the 15th, was not the situation of the 19th, as you said, so, say four or five weeks afterwards. And I have to say that the letters, the exchange of letters, made clear that as lender of last resort, looking at a situation which was deteriorating by the day, we could not continue to be the lender of last resort to institutions which were clearly considered insolvent by all their environment, their financial environment.