My reason for going through it is to make the point that a trend towards increased competition in the deposit market, and an increased relative cost of deposits, is not something new. It has been an ongoing consequence of the way market forces have evolved in a deregulated environment.
Effects of the crisis on the deposit market Having made that point, it’s also clear that the trend has been amplified by factors flowing specifically from the financial crisis. Let me turn to that part of the story now.