For larger banks in particular, the evolution of the merger review framework should also factor in the evolution of markets, industry, and customer preferences. A merger can have a significant impact on local communities, in terms of the quality and availability of products and services.
They must remember the lessons of the past, assess the risks of today, and look forward to risks and issues that may emerge in the future. I am acutely aware that future problems will be different to past ones, but history also shows that there are often commonalities. There is a program on RTÉ (the Irish national broadcaster) called “Reeling in the Years”19.