JOHN A. GODDARD is a Senior Lecturer at the Department of Economics, University of Wales Swansea. Prior to this he lectured at the University of Wales, Bangor, and was a researcher at the University of Leeds. He is the author of many articles in academic journals on topics including industrial economics and the economics of the professional football industry. John Goddard also has several years practitioner experience in the UK life insurance sector. PHILIP MOLYNEUX is Professor of Banking at the School of Accounting, Banking and Economics (SABE) at the University of Wales, Bangor and the Levob Special Chair of Financial Services and Financial Conglomerates at Erasmus University, Rotterdam, Netherlands. He is also co-director of the Institute of European Finance and a highly respected authority on European finance and banking. His many previous works include Financial Innovation and Efficiency in European Banking (both published by John Wiley Sons, Ltd). JOHN O.S. WILSON is a lecturer in the Department of Management at the University of St. Andrews, specialising in industrial organisation, banking and managerial economics. Prior to this he lectured in economics at London Guildhall University, and has also been a visiting lecturer at the University of Wales, Bangor. He has co-authored Essentials of Industrial Organization (Financial Times, Prentice Hall) and has also has written many papers on subjects ranging from the growth of European banks, to attendance patterns in the English Rugby Football League.