Ms Selina Gilleece:

Perhaps I could make a brief comment on dormant accounts. A witness at the committee earlier spoke about changes to dormant accounts legislation.

It is important to point out with regard to dormant accounts in credit unions that there may be a member with €10,000, €5,000 or €2,000 in a credit union share account, for example. The person may have no need for the money but it is in the account for a specific purpose that in the event of the person's death, the money saved will be automatically doubled, and the person may want to leave the money to children, a spouse, etc. If we start fiddling with that and requiring credit unions to take out money that is considered dormant, that insurance is gone. There are many credit union members who save because the additional insurance exists at no cost to them. It is a very important point about dormant accounts.