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This work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted. The work and materials from this site should never be made available to students except by instructors using the accompanying text in their classes. All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials. Barbara Casu Philip Molyneux, Professor of Banking and Finance at the Essex Business School, University of Essex, UK Claudia Girardone, Director of the Centre for Banking Research at Cass Business School, City University London, where she is Associate Professor of Banking.