Professor Patrick Honohan:

There have been no new entrants and a number of exits up to now because of the crisis, the lack of confidence, the backlog of unpaid mortgages and so forth. We are working through all of that and rebuilding confidence. That is what has ensured that Ulster Bank stayed here. We are now starting to hear noises that people are interested in entering the mortgage market. The Central Bank is not turning anybody away. The power to license banks is still retained by the Central Bank. We are certainly not discouraging anyone. On the contrary, whenever people look like they are interested in setting up here, we are telling them that we are open for business and that new entrants would be welcome. Tools for encouraging competition are not readily available but we are not creating barriers.