Ann: Central Bank of Ireland Update, page-43

Fully agree. In addition I just want to point out Tom’s thinking.

He said, and I rephrase “increased compliance cost means we need to seek out more cost effective measures”.

Weeding out less margin businesses improves quality of customer over time. It also forces one to look for profitable accounts. This also gave a glimpse of what kind of restriction CBI gave. Probably on number of account sign ups etc.

Fact is - compliance for fintech or new payment tech is here to stay. EML is almost through that hurdle. New entrants will face the same issues, so that provides some competitive moat for EML.