The importance of developing Ireland's payment systems infrastructure has been recognised at the highest level; as well as IPSO and its member banks, various Government departments, the Central Bank and the Financial Regulator have all been involved from an early stage. It is encouraging to note that there has been extensive consultation with many other groups.
In the services sector, stiffer competition is encouraging firms to increase their specialization and offer more value-added, customized services. Other adjustments are also taking place. A growing number of firms are looking to cut costs by importing more inputs. We've certainly seen this type of adjustment taking place among the manufacturers of telecommunications equipment.