Mr. Gabriel Makhlouf:

I am not going to talk about a specific firm nor the incident that the Deputy mentioned. Perhaps Mr. Madouros or Mr. Kincaid will add to what I have to say but there are two issues at play here as I see it. First, on the question of physical presence, that is to a certain extent part of the retail banking review that the Department concluded last year. There was a specific focus on the use of cash, ATMs and so on and we will be working with the Department on that. The other point I would make in the context of the operation of the Single Market in Europe is that we need to be conscious of the fact that we cannot introduce rules that contravene EU law. The question is whether, at the EU level, we feel there is a public policy reason for banks to have a physical presence anywhere that they offer services. I do not know if that sort of discussion has taken place at the European Securities and Markets Authority, ESMA, or anywhere else. It is an interesting question.