By David T. Llewellyn

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A recent market research exercise indicates, however, that it is the simple and short-term products (such as current and savings accounts) which score highest in terms of willingness to buy from a supermarket. 6 percent of customers expressed a willingness to hold a current account with a supermarket bank, 16 percent would hold a savings account and 15 percent a credit card. At the other end of the spectrum, the figures for Peps, mortgages and personal pensions were all around 10 percent. A possible problem for supermarkets is that the more preferred (and simple) products are not very profitable.

41 7. New Entrants into Banking Several insurance companies have recently diversified into deposit-taking and banking. e. a limited range of profitable products. Thus, competition between banks and life assurance companies is operating in both directions: banks and building societies have diversified into the manufacture of life assurance products, and the response of life offices to the incursion of deposit-taking institutions into their traditional preserve has been to invade banking markets.

On the other hand, the same process of financial innovation has in several respects also eroded the distinction between banking and capital market facilities: many capital market instruments are based upon floating interest rates; banks have become holders of capital market instruments; many instruments (swaps being an obvious example) straddle banking and capital markets, and others (Note Issuance Facilities (NIFs) and Revolving Underwriting Facilities (RUFs)) combine banking and capital market instruments.

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