• Audit committee to asses collateral use
• ECB sees no signs of deflation
• Normal price adjustments are welcome
• Monetary policy already very accomodative; real interest rates negative in large parts of euro area
• Stand ready to act with standard monetary policy instruments
• Profits from Greek SMP go to local central banks; up to governments to decide; the ECB is by-and-large done with Greek debt
• Return of LTRO funding will shrink ECB balance sheet; not a matter of concern
• There has been no inflation from LTROs