Dr. Constantin Gurdgiev:

No, €7.62 trillion is the actual paid up capital. That accounts for 70% of the total central bank capital itself. The other 30% comes from other sources and not from national central banks. One must re-weigh those capital key percentages in relation to the 70% total base and that gives that third column which is the capital share per country for the purposes of the quantitative easing, QE. This can then be converted into euro. This is making a lot of tall assumptions in terms of pricing of those bonds. The other problem is crucial and this is just the price in one which is marginal. Maybe it will be €15 billion for Ireland or maybe €12 billion. The really big issue is what happens with the money when it leaves the ECB. When the ECB takes on the bond and gives the money to the investor in the market, that investor does not have to be a European investor as such. Therefore, the money can be carried out of the European economy and invested somewhere else. It can be deposited in an ECB facility or in another central bank facility-----