Ms Jane Howard:

The purpose of the banking review is to determine what the structure should be. Three banks, because there will be three traditional banks, may be sufficient, supported by new banks that offer a different service. For any country, it is always about the balance. A country wants good competition which makes traditional banks improve. We saw that with the digital development in all of the banks. The development probably would not be where it was, if new entrants had not come in with those sorts of services.

At the same time, we all know from the crisis that a country wants strong, well-capitalised banks that can carry any debt in the event of an economic crisis, because crises happen and will always happen. There is always a balance between having good, healthy competition and making sure banks are strong enough, with enough business and well-capitalised. That capital comes from retained profits. There is always a balance, when one thinks about what is right for each individual market.