Or have low  - 12 interest rates meant that net interest rate margins are just too narrow? Understanding the lack of new bank formation is as important as understanding the extent of consolidation and competition. I am sure you have noticed that I have given you more questions than answers today.
That was one of my goals, because I am confident that as researchers you have the skills and creativity to focus on the best questions and find the most insightful answers. And when you do uncover new insights, my colleagues and I will always be eager to learn from and act on what you have found.