Mr. Ronan Hession:

There are regulatory requirements that are not proposed directly by the Department of Finance. We have spoken to the credit union movement previously about whether there is potential for a smaller, simpler project. The average loan size of €6,000 has been creeping up over the years. A report was done by the Central Bank on the licensed moneylending sector and it showed the average loan in that context is about €500 to €600. There is a question about whether there is scope for credit unions to package something a bit simpler and smaller to mop up some of that business. Not everyone needs €6,000. Not everyone needs to get his or her house repaired or to buy a car. Often it is a case of borrowing money to get through Christmas, a communion or other small event. Perhaps there is scope for credit unions to be able to package something that is a bit simpler for people who do not have a need for €6,000 but who want €500 or €600 and they are intimidated by the prospect of having to produce six months’ worth of bank statements, pay slips and so on.