Professor Philip Lane:

It is clear and consistent with a lot of the concerns many members of the committee have that having this hyper-concentrated banking system is problematic. I will not disagree. As we move forward one way to have more competition is through the record of profitability in this country which may trigger commercial entry. Another way is if there is a starter bank with other objectives beyond just commercial values. That is where public policy comes in. It would be possible for an entity to decide its goal was not to satisfy some private shareholders but to have wider community objectives.