Mr. Dermot McCarthy:

Well, I think if the Governor was purporting to reflect the view of the ECB, then, clearly, that would have been the case and, certainly, in the course of the meeting on 29 September, he was very explicitly reflecting what he had heard from President Trichet. The Governor, obviously, is a member of the ECB council so would normally be expected to reflect the position of the ECB in any event in terms of ECB functions. But I think the Governor would always have made it clear if he was purporting to represent the view of the president, as such.