Professor Philip Lane:

I will turn to Mr. Ed Sibley in a minute. Ultimately what the banking system should look like is not a question for the regulator.

The Central Bank is the regulator; we do not set the rules. It is in part a commercial decision, with the firm deciding if it wants to enter commercially. On top of that, it is a public policy decision where public policymakers make decisions on the types of entity they want to have. Essentially, we are neutral in the sense that if an entity meets the authorisation conditions laid out, it will be authorised. I ask Mr. Sibley to add to what I have said.