Adjustments to our instruments will remain predictable, and they will proceed at a gradual pace that is most appropriate for inflation convergence to consolidate, taking into account continued uncertainty in the economy. In short, monetary policy in the euro area will remain patient, persistent and prudent.
While I have noted that banking in Ireland has been subject to significant changes in recent years, it is also fair to say that the business of banking has not changed that materially. The domestic banking system is more concentrated both as a whole and with regard to the business models of individual banks.