Dr. Mark Cassidy:

I fully agree with the Deputy's assessment regarding the interaction of fiscal and monetary policy. They are much more complementary this time than at the time of the previous crisis. Important lessons have been learned and they are having a favourable impact.

With regard to the banking system, there is only so much I can say, given the side of the Central Bank from which I am coming. It is clear we have a heavily concentrated banking system compared with those of some other European countries, with somewhat less competition. Legacy and other issues, too, contribute to making our retail interest rates higher than those of other countries. As the Deputy will probably be aware, they are the second highest in the EU. That relates partly to previous losses from the crisis and partly to issues with banks being able to access collateral. This leads to a requirement for more capital in banks, which can pass through to their ability to pass on lower rates to consumers.

The TLTRO, which the Deputy mentioned, are a potential option of which banks can avail if they wish to access that type of funding. Certain conditions are attached and some of the Irish banks access that type of funding. While I acknowledge there has been some commentary recently on the Central Bank's participation in the banking commission, I would rather not comment beyond what has been said in the past because of my area of responsibility.