• Where bank’s capital is not adequate has to be government measures in place (aha is that a clue!!)
• No direct link between stress test results and option of extending ECB liquidity support
• Does not see double dip scenario in euro zone
• ECB not concerned about rise in money market rates
• Reduction in liquidity has not led to any imbalances
• I see no intention to change 3-month tenders
• Makes sense to keep bond buying option in place, but noot active at the moment
• I see no intention to change 3-month tenders
• Bond markets are functioning at moment
• Expect markets to react positively to stress test results