Ms Cathy Herbert:

Well, I think he was unhappy about the interest rate. He was very concerned about the fact that there was no clarity in what was going ... what the proposal was to deal with our banks. He was very concerned about that. He had been listening to the Central ... to the ECB since September talking about urging "greater fiscal appetite", as they called it, and he didn't see the connection between what ... he just didn't see how that was going to end up helping our banks. He realised that the ... you know, here they were saying that they were very unhappy about the extent of ELA, threatening to withdraw ELA and, at the same time, no plan to provide us with a way of dealing with our banks, and it was essential that we had. And "greater fiscal appetite" was not going to do that. He knew that.