Mr. Jean-Claude Trichet:

Our problem again, was with that we had refinanced all the Irish banks for 85% of GDP at that time. And we had a general problem of banks' solvency, which was very easily expendable. The solvency of Ireland itself was at stake and that the global level, the correlation between the solvency of the state and the solvency of the banks was about 100%. And, not surprisingly, because all the states had said, more or less publicly, we are backing our banks. So we had a problem of solvency of the banks, which was coming from the problem of solvency also of the country.