Mr. Gabriel Makhlouf:

It obviously played a role, but ultimately the cause of the financial crash was that regulation was inadequate and the system allowed - I have used this phrase before - a lot of reckless lending and reckless borrowing, not only in Ireland but also in the United States and everywhere else. The system was not good enough. The past decade has seen that system strengthened. Certainly in Ireland, but I also think it is the case globally, we are in a much stronger position. Competition was not the cause of the crash. Competition ultimately brings benefits to consumers. We see in other parts of our economy and economic lives that competition drives out benefits for citizens.