Professor Patrick Honohan:

I'm not sure, I'm not sure whether they ... they may have just felt well, it's very good of him to keep us informed about these things but it seems to be nothing very serious. And, of course, then in the course of August a number of things happened to raise the temperature quite a lot. There was the third tranche of ... I can't remember when that was announced but I certainly became aware of the third tranche of NAMA losses and then there was downgrading of S&P, by S&P, so it wasn't surprising that at the beginning of September it wasn't just any communication from me that had the ECB starting to really get worried about the trend in ELA because it wasn't clear how this would be reduced. The money was flowing out and where ... how would it flow back in?