Ms Deirdre Aherne:

To start with, the commission on credit unions produced a lengthy report and more than 60 of the recommendations within the report are in the Credit Union and Co-operation with Overseas Regulators Act 2012.

The report was agreed by all of the commission, which included representative bodies. One of the recommendations of the commission was to provide the regulator with more power than he or she already had. This was to provide flexibility in the regulations to enable the regulator review the regulations and ensure they are appropriate. That is one of the things the regulator is doing about the investments. She realised credit unions are having problems and she will consult with the sector.