Mr. Kevin Johnson:

Yes. If the Chairman will forgive me, I would add a minor clarification. First, a table, on page 96 of the commission's report, sets out the three bands and it is clear that the table is illustrative. It was never set in stone that way. We simply acknowledge that the middle band, from €10 million to €100 million, is a broad band and another one can be put in there.

If I may expand a little on the idea of the tiered approach by way of clarification, our understanding and interpretation of it is that it is not trying to punish or restrict anybody, particularly smaller credit unions. What it is trying to do is ensure that there are appropriate levels of regulation. If one looks at it, the middle tier is very much the current position. The idea is that the smaller credit unions would have less onerous responsibility and regulation foisted upon them and other credit unions that wanted to grow and develop their services would have additional requirements to meet.

Another minor point probably worth noting is that there is nothing prohibiting a credit union in a lower level which wants to provide more services for its members from applying for that higher level but it would have to be willing and able to meet the higher levels of regulation. It is merely to clarify the logic and thinking, as we would interpret it, behind those tiers.