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Journal of Banking & Finance 31 (2007) 2025–2042
/locate/jbf
Competitive conditions among the major
British banks
Kent Matthews a,*, Victor Murinde b, Tianshu Zhao c
a Cardiff Business School, Cardiff University, Aberconway Building, Colum Drive,
Cardiff CF10 3EU, United Kingdom
b Birmingham Business School, University of Birmingham, United Kingdom
c University of Reading and UCW Bangor, United Kingdom
Received 17 March 2006; accepted 23 November 2006
Available online 24 January 2007
Abstract
This paper reports an empirical assessment of competitive conditions among the major British
banks, during a period of major structural change. Specifically, estimates of the Rosse–Panzar H-sta-
tistic are reported for a panel of 12 banks for the period 1980–2004. The sample banks correspond
closely to the major British banking groups specified by the British Banking Association. The robust-
ness of the results of the Rosse–Panzar methodology is tested by estimating the ratio of Lerner indi-
ces obtained from interest rate setting equations. The results confirm the consensus finding that
competition in British banking is most accurately characterised by the theoretical model of monop-
olistic competition. There is evidence that the intensity of competition in the core market for bank
lending remained approximately unchanged throughout the 1980s and 1990s. However, competition
appears to have become less intense in the non-core (off-balance sheet) business of British banks.
2007 Elsevier B.V. All rights reserved.
JEL classification: G21; D43; C51
Keywords: Competitive conditions; Bri
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