Mr. Bernard Sheridan:

That is a fair point. The committee does not need me to tell it that the market is very concentrated. Obviously, we are aware of this when we assess whether to approve bank charges. We are conscious that the banking market is not properly competitive. If it was, I am not sure section 149 would be needed. One of the benefits of that section is that it provides for an element of control over the extent of the charges that can be introduced by the bigger players. In the past couple of years the Competition Authority considered the section 149 issue as part of its examination of the level of competition in the market. My understanding is that it concluded there was no rationale for the removal of the section. The facts mentioned by the Chairman explain why it should remain in place. We would all like competitors to come in, compete and make the market more competitive. I think there are plans to try to encourage this. I am not sure that the rules governing bank charges prevent competitors from coming in. However, I understand it has been proposed that new entrants would not be subject to the section 149 provisions for a period of time. That might be done to encourage them to come into the market.