Mr. Felix Regan:

I will try to answer that question. It is a bit like gazing into a crystal ball, but in simple terms, if it is as I understand it, the mechanics of CMU should, first, create a wider range of financing options, which in itself should bring a competitive dynamic to a marketplace and perhaps indirectly feed into the provision of finance across a range of channels. Second, it could lead to a lowering in the cost of funds, which should conceivably give rise to scope for lower retail-priced finance at the consumer or SME stage. That is the theory of it, but it remains to be seen if the process will deliver that way. As I understand it, that would be the theory that should conceivably deliver that sort of picture.