For example, financial consolidation has concentrated payment and settlement flows among fewer parties. The risk implications of this consolidation deserve close monitoring. In addition, the study found that although consolidation has some potential to improve the operating efficiency of the combined financial institutions and has done so in some cases, the overall evidence in favor of efficiency gains is weak.
The study also found that the effects of consolidation on competition and credit flows are very case specific and depend on the nature of the markets for specific products and services.