The acute market dysfunction at the start of the COVID crisis was short-lived, largely due to the actions of central banks around the world to address this. However, as the crisis progressed and lockdowns were announced globally, financial market functioning deteriorated again.
And, by number, our structure is still dominated, as it will continue to be, by the community banks that offer local services through local management, using specialized local information. The potential for new entrants, we should not forget, is always there and will keep the existing entities on this non-exhaustive list on their toes.