One of the things that’s often expressed by the Irish Central Bank is that more competition in banking would be good for consumers and particularly on costs and so on. We’ve seen this month the start of the Second Payment Services Directive. Is that going to do anything for competition in banking ? It will and we very much hope it will.
The PSD2 as it’s called – Second Directive on Payment services, PSD2 – it is a competitive shock for banks. That’s good because competition leads to innovation. So allowing access to payment services, to payment service providers is the same kind of shock that we had, say, in the telecom sector some 20 years ago.