Professor Patrick Honohan:

Not necessarily. It depends on the exact terms of bond contracts. A fall of a bank below 8% will trigger a regulatory response. They will be required to, very promptly, set out a plan for getting back to that 8% very quickly, but they'd also be in a situation where they can't access the ECB, because ECB will say, "We only deal with solvent banks", so there are a number of triggers.