Mr. Kieron Brennan:

For credit unions, a bond or collective investment of that nature is attractive for a number of reasons. There is a large amount of credit union liquidity sitting in banks, which is only good for the banks' balance sheets. In reality, credit unions exist to support local community development activity. Credit unions would like their funds to be invested in communities, be that through SMEs or other initiatives. For credit unions, this is not wholly about financial return but about their mission, which is a social one. The idea of a bond has been advanced for some time. As mentioned earlier by Mr. Johnson, the benefit from the credit union point of view is that it is lending to the State. As such, the risk is eliminated. As the State has a difficulty in terms of its own balance sheet and so on so various options could be considered. We are more than open to a range of different forms.