Mr. Ed Sibley:

I did not talk about demand per se. I think there clearly are still relatively high levels of rejection rates. Interest rates are clearly higher here than in other jurisdictions. If one considers this in the round, as I discussed it, there are studies that show Ireland is mid tier in terms of financing SMEs if one looks at it beyond just banks.

Looking at the report, it does call out that it is a concentrated market. It does touch on potential roles for credit unions and other bank finance. It articulates, I think, that there are potential areas for consideration. It also identifies the need for public investment in order to set up the model that is being proposed, and it is a decision for the political system whether that is warranted.