Ms Elaine Larke:

I wish to come in at this point. A major flaw in the CP88 paper was that the regulatory impact analysis attached to the document was based on the credit union as it is today. However, our regulatory authority has told us in numerous speeches that our business model needs to change. Really, we are calling for a regulatory impact analysis to see how CP88 would impact on credit unions in future, in other words, on how credit unions would look in five years time if the regulations from CP88 were imposed. There is a need to change our business model. We know that. The regulatory impact analysis did not take that into account. It did not take into account that we need to consider other means of savings and lending products. That was a serious flaw. Perhaps it is one of the justifications in suggesting that CP88 is appropriate, because it relies on the regulatory impact analysis.