Mr. Paul Gallagher:

I think that's an important question. I don't believe so for this reason: as you know, when the ECB subsequently introduced the outright monetary transactions, in ... I think it was 2013, which had a great effect on stabilising the markets, what saved them from legal challenge - and the European Court has pronounced on it recently - is the conditionality that is involved. So, in other words, the ECB said "We will continue to lend to you but you must put your house in order and you must agree to fiscal conditions to set the legal basis, otherwise it'll be monetary financing". And that has been the consistent position of the ECB and ... from day 1-----