Mr. Paul Gallagher:

It was made clear that the ECB were not going to address this at the meeting, that the ECB took the view - and, as I said, that was the legal position - that these were matters for the member states. The ECB not only took that position at that time, that continued to be its position right up to the bailout, where the ECB was again saying "You need to solve the problem with your banks, and this time do it through a bailout".