Ms Anne Marie McKiernan:

We consulted the sector on tiered regulation in 2014. The feedback received from the majority of respondents in the sector at that time was that while they might wish for tiered regulation, it was not the time to proceed with it. The main reason for their stance was that there was a significant amount of change under way in the sector at the time, including restructuring, and that it might be more appropriate to revisit the issue when the future shape and development of the sector was clearer. We have always indicated to the sector that we are willing to engage further with it on both business model development and any future approaches to tiered regulation it wishes to take. At that time, part of the sector's submission suggested it's members had a wide range of views regarding the form or specific scope of tiered regulation they would like. Smaller credit unions had their views and larger credit unions had different views. We have engaged constantly with the sector and are willing to hear any united or firm views on how to take the issue forward and that remains the case.