Mr. Ed Farrell:

Deputy Ó Broin spoke about the local authorities piloting a scheme. We would be shy about doing anything unless we had the regulatory permission. It would be a big step for us, an individual credit union or a group of credit unions if they provided the money, even on a pilot basis, against the rules. Even if the rules are changed, it would be a big step. If, however, we could get an indication of the change coming from the Central Bank, we could start discussions and be ready to go.

In terms of the barriers, if it had been feasible, the State-owned financial vehicle would have been the quickest route to market, to use that term, for us. The other one is a slightly more roundabout model but because, ultimately, the repayment of the loans is coming from arms of the State, we do not see it as being much more risky. It is slightly riskier because there are more parties involved in the equation but it is not high-risk and we would not be here if that was the case. The Government's policy was the approved housing bodies. That is our first preferred route. We will see how that goes and we can certainly move to a second one in terms of the local authority, a public private partnership or, as the Deputy said, in the way the leisure centres are leased back. That is not off the agenda. It is just that our first cut at it is to try to dovetail in with the current policy.