Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I accept that. The extent of the look-back in those risk-weighted assets means there will not be any major change any time soon. New bank entrants would be bound by these rules but my point is that new non-bank entrants, such as retail credit firms, are not bound by these risk-weighted assets requirements. Do they offer the potential to shake up the market and, therefore, represent a real threat to Bank of Ireland and the other mainstream banks? Ms McDonagh and others state the risk-weighted asset requirement is a major factor in mortgage pricing. If that is the case and if the new entrants are not bound in the same way, they can then come into the Irish market and undercut Bank of Ireland.