Mr. Gabriel Makhlouf:

I am not entirely sure I agree with Deputy Durkan. Certainly, there is a bit of an iterative process here. I will try to generalise it. By and large, what we are seeing is a generation of people coming through who are very comfortable transacting electronically, digitally, with their finance service provider and with the business they want to buy some goods from. Then there is another generation of people who, as Deputy Durkan says, want to go and talk to their bank manager about their future financial needs. The system is in a state of transition and it is trying to work out what is the best equilibrium. We are seeing the exit of big financial institutions, but we are also seeing the entry of new players. They are different, and time will tell whether they are commercially as successful or not. We are seeing change. From the Central Bank's perspective, and going back to our strategy, the important thing is that we are ready to supervise and regulate whatever it is that the financial system ultimately develops into. The one thing we can probably be very confident on is that the status quo is not going to continue; change is absolutely coming. We have been seeing it and we can be relatively confident that we are going to continue to see it. Our job, which is what our new strategy is about, is to make sure that we are ready to meet the change.