Ms Deirdre Aherne:

The regulations were put in place on 21 January 2016, a little over a year ago. CUAC's report focuses on certain regulations, including section 35 and that will push forward change where appropriate for credit unions to try to deal with some of the problems the sector is experiencing. While CUAC made a fairly detailed analysis of the financial side, bringing in all the stakeholders from the Central Bank, individual credit unions, the representative bodies and the credit union restructuring board, ReBo and formed his opinions and recommendations on the matters discussed.