Mr. Ed Sibley:

I said that the banking market here is somewhat more concentrated than in other jurisdictions. There are some challenges in that regard around, for instance, interest rate transmission from a monetary policy perspective. This issue has been subject to much discussion, including by this committee. As stated earlier, we are seeking for the financial system as a whole to serve the economy, businesses and consumers. There are a number of aspects to that, resilience being one, and governance mismanagement being another. We do not have a direct role in terms of competition.

We can see some positive developments, not necessarily linked to the banking system in terms of different types of competition coming into the market and different types of service provision. I think we will see technology and innovation accelerating and continuing to disrupt the sector somewhat.