Ms Isolde Goggin:

Absolutely, there is an incentive for the incumbents, but I refer to the people we were talking to who are not in the market now but might possibly come in. I accept Deputy Doherty's point that there are all kinds of different structures to mortgage markets, and if one was designing a market from scratch, one would certainly not end up with the one we have now. However, what I think people are perceiving is that it used to be that the banks were private operators and the State stepped in. The issue is whether that step will be reversed or if it is a trend that will lead to increasing State involvement. The thing that worries potential entrants is whether the State would favour its own arm over them. I will ask Dr. Keating to comment because we talked a lot with the banks that are not in the market now but might be potential entrants. The issue did arise a lot.