Ms Deirdre Aherne:

Perhaps I can clarify. CUAC made seven recommendations and the implementation group is examining implementing them in a logical fashion. Section 35 is one of the first recommendations being examined in detail. We are starting out from there because everything will stem from the results of the analysis and review of section 35. ReBo has been in existence for a number of years and has restructured 152 credit unions and 82 projects. We now have 286 active credit unions. In 2011, 7% of credit unions had assets in excess of €100 million. Now, 18% of credit unions have assets in excess of €100 million. They control 52% of the sector's assets. When restructuring is finished, we will see two tiers coming from the credit unions themselves. The regulator said that because of this they will be expected to take on a more sophisticated business model and, in that regard, that the regulations will be looked at then.