Mr. John O'Connell:

The scale of job losses and the impact on communities and customers would be devastating. We would also see the effects of a reduction in competition. It is a pity the Central Bank did not take the opportunity to turn up to address the committee today and explain this. Its core purposes are to protect consumers and to ensure a stable banking system. I cannot understand why the Central Bank's officials would not come here today and demonstrate what they are doing to protect Irish consumers and thereby protect Irish jobs. Protecting consumers is the Central Bank's core purpose.