We at the Central Bank played our role alongside the rest of the Eurosystem in responding to the situation. Local market participants took part in both the fine tuning operations of September 12th and 13th and in the liquidity providing dollar foreign exchange swaps. The past four years have not been without difficulties however.
One such difficulty was the overbidding problem that arose under the fixed tender MRO system. As you know, this was particularly disadvantageous to institutions like those in Ireland without recourse to large amounts of collateral.