Mr. Tony Grimes:

Okay, let me answer that in two parts. The first part is we had a lot of information on the liquidity requirements of banks from interacting with them every week and every day, sometimes even hourly, on their requirements. So when I heard from other witnesses to the inquiry saying that we really didn't know the situation in terms of liquidity, in my view that's absolutely false. We did know. We had very precise information. But the second part of the question is: we had information on the liquidity requirements of banks. We did not have the information on how the funding they received from the ECB was part of their overall funding strategy.

In other words, we would not have known in terms of individual institutions what share of their funding was coming from ECB as opposed to from depositing institutions or from the markets, because that is a type of overview that came from the people who looked after the individual institutions and not from the point of view of the markets operations desk of the Central Bank.