Mr. Des Carville:

I will start by addressing the move back to the €60,000 deposit figure, we had light touch regulation in the period prior to the financial crisis, we had a very costly financial crisis although obviously it was not anywhere near the same extent in the credit union sector vis-à-visthe banking sector. Regulation has increased across the board, right across world in European and in Ireland. In the case of a smaller credit union, if it has the right calibre of board members from a fixed and probity perspective and if there is a cost in that, that is just a fact of life. As credit unions are taking in members' savings, an element of that is to be expected and perhaps welcomed. What the Senator is probably getting at is tiered regulation or proportionate regulation. I feel a little like the entréebefore the main course, but that is a matter for the Central Bank rather than the Department of Finance.