Mr. Ed Sibley:

I am not sure one could say what should be the case. Clearly, that is a very high level, particularly from an SME sector perspective, it is higher than in the mortgage market, which is also relatively highly concentrated. There is much discussion from a European perspective about other parts of Europe being over-banked, that is having too many banks, and the impacting of this on the sustainability of the banking systems in other jurisdictions. This is not a like-for-like comparison.

I also noted in my opening remarks that there are other sources of funding for SME's and a lot of SME investment is driven through Internal Funds. There are studies that show that Ireland is mid-table on SME access to finance, if one looks at it in the round, and not just bank but other available finance.