Up to 30 banks from the European Economic Area are now branching into Ireland. We cannot entirely dismiss the prospect that within a few years the Irish market could be dominated by foreign owned banks.
Competition is growing more intense; there is a price to be paid and this is perhaps reflected in the recent closures of local branches which can no longer be subsidised. The Irish banks must be cost efficient in order to maintain their position. This is the background against which the regulator must operate. A high level of professionalism is demanded.