The key factor in determining the extent to which rate cuts are passed on to borrowers is the level of market competition. In that regard, Senators will be aware that the Competition Authority is engaged in a study of the banking market. I understand that its study will deal with competition in the provision of banking services generally in the State. The study covers the markets in which the clearing banks operate, including other participants in those markets such as the credit unions and An Post. The study will seek to identify both the degree of rivalry between existing participants and whether there are any barriers to the entry of new participants.