Mr. Ed Farrell:

We have speculated an interest rate of 3.5% in our proposal. I refer to the short-term deposits our credit unions are invested in. The banks are earning a rate of 1% and less, and that is getting lower by the week and month as the European Central Bank goes to zero and then goes negative. We believe the banks will be charging more than that. We are confident that we will be able to come to a middle-of-the-road position which would be better than what we are earning but which would not have to be as commercial as a profit-making bank. We are not profit-making, as it were.

Regarding the terms and conditions, we have not got there yet because we have not got the door sufficiently ajar to even go to the question of terms and conditions. This is being done for the social return and investment in the communities and parishes where the credit unions are located as much as earning a slightly better return.