Mr. Kevin Johnson:

We would like to address issues pertaining to the implementation of the proposed new regime. It will be a massive ask for credit unions and serious thought will have to be given to the question of how it is to be implemented and regulated and the timeframes within which it will be developed. We would like the Central Bank to set out transitional arrangements in order to help people to make plans. The committee got a good flavour of this problem from other representatives. There is a degree of confusion in terms of costs and prioritising what has to happen. Transitional arrangements and timelines would be very helpful.

We also need to have certainty and guidance in order to facilitate implementation of these measures. It is fair to say everyone involved in the credit union sector would operate much better in an environment of certainty.

One other Bill we hold dear to our hearts is the Personal Insolvency Bill 2012. We have made submissions to the Department of Justice and Equality on it, but we ask this committee to consider endorsing a particular suggestion in regard to it.