Ms Ann Nolan:

I know there is much talk about the new regulations and so on. Given that we are supposed to be looking at the history here, I do not want to go into what is current policy and what the current Minister might or might not do. I believe the regulation of credit unions was very necessary. People talk to me about what restrictions should or should not be put on credit unions. The fact is that many credit unions have put restrictions on the deposits they can take themselves and on the loans they make themselves. It is not just the regulator. The credit union movement is renewing itself and has a huge contribution to make. I would be delighted to see it well regulated but in business.