Mr. Ed Sibley:

With a typical application process, there is a degree of engagement with, say, a bank seeking to enter the market. There would be a degree of engagement, discussion and ongoing fact finding, both from the bank perspective and from the regulatory perspective. That can take quite a long time. It depends how quickly the bank wants to move but from the point that the application is received in the Central Bank, the process is relatively quick. It is typically a matter of months. However, in terms of when one would start the clock running, it is difficult to say because there could be an initial discussion and quite a long time may elapse before an application is submitted.