RBS - We do not expect that the Governing Council will cut rates at this meeting, or announce another LTRO – although we ought to get some signal of the Governing Council's propensity to cut rates or go back to the LTRO in the Q&A. Once again, we think that an announcement of the necessary tweak to the Eurosystem's market operations is the signal that the Governing Council is considering rate cuts without pre-committing. We do not expect that announcement to be made at this meeting; the only reason to believe otherwise is the synchronicity with the publication of new weaker projections.