Ms Anne Marie McKiernan:

Yes. I read the comments made at this committee when the debate on credit unions started in November. I highlight that our engagement with credit union representative bodies and credit unions is constant. It is designed to ensure we prompt a focus on developing new products or services and that the way in which such products and services are developed be appropriately risk managed and prudent. Credit unions may see this as taking longer than they would prefer, but certainly it has all been designed to ensure the outcome will be the best possible from a risk-assessed and cost perspective and appropriate to meet the current challenges credit unions face. I could give the Deputy an example of where there was considerable engagement across the sector on the improvement on one particular proposal. Some of the parties involved failed to meaningfully address the concerns raised. We called a particular risk which materialised some months later and a proposal had to be put on hold because of it. We make no apologies for ensuring we are focused on the stability of the sector and our challenge is to make sure this is taken care of as much as possible. I dispute that it is foot-dragging; it is not. It is rooted in carrying out our strategic mandate to protect members' funds.