Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

And the proposal was obviously a tiered approach which the Registrar of Credit Unions has decided to scrap and go with the blanket approach across the credit union sector. Can I put it to Ms McKiernan that, basically what she is telling the committee is that some credit unions may go into resolution in the next number years and there may be losses to members' funds if they have deposits above €100,000 and she believes that risk is such that she has decided to come in with this instrument to cap funds at €100,000.

There can be no other logic to the blanket approach that the registrar has taken on this issue.